David Darst’s February 2023 Market Recap

David Darst, CFA, Senior Advisor and Investment Strategist at The Family Office shares his market recap for the month of February. Below are the highlights.

Mar 5, 2023|Market Recap- 3 min

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Highlights:

  • In February, S&P500 increased by 4.5%, no significant change was recorded for Nasdaq, and Russell 2000 Index for Small and Mid-Cap Stocks was down by 1.4%.

  • Gold and oil prices registered a slight decrease.

  • In terms of interest rates, the 2-Year Treasury closed the month at 4.66%, a 57-basis point increase since the beginning of the month, while the 10-Year Treasure closed at 3.88%, up by 47 basis points since the 1st of February.

  • David detailed factors that point to a possible recession which include: the invested yield curve, a drop in economic indicators for the past 11 months, negative money supply, and lagged effect of the Federal Reserve “Fed” tightening.

  • Other factors point to mild recession including good financial conditions, unemployment rates at 53-year low, strong retail sales, a projected GDP growth of 2.7% for Q1, and an 8.4% increase in Social Security checks.
     

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