{"id":187009,"date":"2023-03-20T10:15:00","date_gmt":"2023-03-20T14:15:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=187009"},"modified":"2023-03-27T08:37:41","modified_gmt":"2023-03-27T12:37:41","slug":"weekly-market-recap-march-20-2023","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/weekly-market-recap-march-20-2023\/","title":{"rendered":"Weekly Market Recap: March 20, 2023"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">The week in review<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Headline CPI grew 0.4% m\/m and 6% y\/y, in-line with exp.<\/li>\n\n\n\n<li>Retail sales fell -0.4% m\/m, below exp.<\/li>\n\n\n\n<li>Industrial production was flat m\/m<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">The week ahead<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>FOMC meeting<\/li>\n\n\n\n<li>Prelim. March PMIs<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-thought-of-the-week\">Thought of the Week<\/h2>\n\n\n\n<p>Last week was a volatile ride, as markets digested news of Silicon Valley Bank\u2019s failure, the government\u2019s response and concerns regarding several other banks. Investors are now questioning what this means for their equity portfolios. Last week, the focus shifted toward quality and safety, leading large cap stocks to outperform small cap, with the S&amp;P 500 and Russell 2000 indexes finishing 1.5% higher and 2.6% lower, respectively. This can be explained by small cap\u2019s larger exposure to financials at 18.5%, compared to large cap at 10.5%. Moreover, within financials, banks account for the majority of small cap\u2019s weighting compared to just 31% of large cap\u2019s weighting. While small cap underperformed large cap by 86% over the past 15 years, leaving valuations at very discounted levels, large cap continues to look favorable in the current environment given its greater exposure to defensive sectors. Additionally, the current net profit margin for the Russell 2000 is 4.6%, starkly lower than the S&amp;P 500\u2019s 12.3%, reflecting small cap\u2019s increased vulnerability to elevated costs.<\/p>\n\n\n\n<p>When it comes to style, growth outperformed value last week by 5.8% due to its lower weighting to financials and a pivot back to tech as Fed tightening expectations softened. Value will most likely face further headwinds in the near term due to its exposure to bank stocks. However, investors should look past short-term volatility and focus less on which style to overweight and more on prudent company selection as valuation gaps have narrowed significantly in the past year. While macroeconomic uncertainty and higher interest rates pose challenges for all companies, investors can best weather the storm by emphasizing quality within different market caps and styles.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"438\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/image-23-1100x438.png\" alt=\"Financials and banking exposure by index\" class=\"wp-image-187011 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/image-23-1100x438.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/image-23-700x279.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/image-23-300x119.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/image-23-768x306.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/image-23.png 1256w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/438;\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"611\" height=\"80\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/Screenshot-2023-03-20-090645.jpg\" alt=\"Chart of the week and thought of the week sources\" class=\"wp-image-187013 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/Screenshot-2023-03-20-090645.jpg 611w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/03\/Screenshot-2023-03-20-090645-300x39.jpg 300w\" data-sizes=\"(max-width: 611px) 100vw, 611px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 611px; aspect-ratio: 611\/80;\" \/><\/figure>\n\n\n\n<p>\u2014<\/p>\n\n\n\n<p>Originally Posted March 20, 2023 \u2013&nbsp;<a href=\"https:\/\/am.jpmorgan.com\/us\/en\/asset-management\/adv\/insights\/market-insights\/market-updates\/weekly-market-recap\/\">Weekly Market Recap<\/a><\/p>\n\n\n\n<p><strong>Past performance does not guarantee future results.<\/strong><\/p>\n\n\n\n<p><strong>Diversification does not guarantee investment returns and does not eliminate the risk of loss.<\/strong><\/p>\n\n\n\n<p>Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be appropriate for all investors. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. References to future returns are not promises or even estimates of actual returns a client portfolio may achieve. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.<\/p>\n\n\n\n<p>The Market Insights program provides comprehensive data and commentary on global markets without reference to products. Designed as a tool to help clients understand the markets and support investment decision-making, the program explores the implications of current economic data and changing market conditions.<\/p>\n\n\n\n<p>The J.P. Morgan Asset Management Market Insights and Portfolio Insights programs, as non-independent research, have not been prepared in accordance with legal requirements designed to promote the independence of investment research, nor are they subject to any prohibition on dealing ahead of the dissemination of investment research.<\/p>\n\n\n\n<p>This document is a general communication being provided for informational purposes only. It is educational in nature and not designed to be taken as advice or a recommendation for any specific investment product, strategy, plan feature<br>or other purpose in any jurisdiction, nor is it a commitment from J.P. Morgan Asset Management or any of its subsidiaries to participate in any of the transactions mentioned herein. Any examples used are generic, hypothetical and for illustration purposes only. This material does not contain sufficient information to support an investment decision and it should not be relied upon by you in evaluating the merits of investing in any securities or products. In addition, users should make an independent assessment of the legal, regulatory, tax, credit, and accounting implications and determine, together with their own financial professional, if any investment mentioned herein is believed to be appropriate to their personal goals. Investors should ensure that they obtain all available relevant information before making any investment.<\/p>\n\n\n\n<p>Any forecasts, figures, opinions or investment techniques and strategies set out are for information purposes only, based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.<\/p>\n\n\n\n<p>J.P. Morgan Asset Management is the brand for the asset management business of JPMorgan Chase &amp; Co. and its affiliates worldwide.<\/p>\n\n\n\n<p>Telephone calls and electronic communications may be monitored and\/or recorded.<\/p>\n\n\n\n<p>Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our privacy policies at https:\/\/www.jpmorgan.com\/privacy.<\/p>\n\n\n\n<p>This communication is issued in the United States, by J.P. Morgan Investment Management Inc. or J.P. Morgan Alternative Asset Management, Inc., both regulated by the Securities and Exchange Commission.<\/p>\n\n\n\n<p>If you are a person with a disability and need additional support in viewing the material, please call us at 1-800-343-1113 for assistance.<\/p>\n\n\n\n<p>Copyright 2022 JPMorgan Chase &amp; Co. All rights reserved.<\/p>\n\n\n\n<p><sup>\u00a9<\/sup>JPMorgan Chase &amp; Co., March 2023.<\/p>\n\n\n\n<p>Unless otherwise stated, all data is as of March 20, 2023 or as of most recently available<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Investors should look past short-term volatility and focus less on which style to overweight and more on prudent company selection as valuation gaps have narrowed significantly in the past year.<\/p>\n","protected":false},"author":186,"featured_media":187011,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[18,6,8,9,26,3],"tags":[3216,1685,2298,12555],"contributors-categories":[13608],"class_list":{"0":"post-187009","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-macro","8":"category-north-america","9":"category-region","10":"category-securities","11":"category-text-articles","12":"category-traders-insight","13":"tag-bank-stocks","14":"tag-macro","15":"tag-market-recap","16":"tag-weekly-market-recap","17":"contributors-categories-j-p-morgan-asset-management"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.8) - 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