top of page

Weekly Market Update - 1/17/2023 (by Mariann Montagne, CFA)

All data is for the week ended January 13, 2023. Note the U.S. markets were closed yesterday in honor of Dr. Martin Luther King, Jr.


Stocks rose again last week on a good inflation report from the US. The S&P 500 rose 2.71%, the Russell 2000 added 5.27% and the Nasdaq gained 4.83%. Overseas, the developed market index (MSCI EAFE) increased 4.25% while the emerging markets added 4.18%. In the US, consumer discretionary and technology were the best performing sectors while staples and health care were the laggards. By style, growth outperformed value and smaller caps outperformed large caps.1

Fixed Income

Interest rates dropped last week following Wednesday’s inflation report (see Economic Data below). The benchmark 10-year treasury yield dropped 6 basis points to close the week at 3.49%. The yield curve spread (difference between 2-year and 10-year treasury yields) remains inverted, now at 73 basis points.2


Last week, oil prices booked their largest weekly increase since October as investors look to rising demand out of China in a post-Covid scenario. The price of West Texas crude oil ended the week at $79.86 per barrel, up 8.3% for the week and at the high end of its range over the past month of $72.84-80.26 per barrel.3