{"id":195414,"date":"2023-08-28T10:00:00","date_gmt":"2023-08-28T14:00:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=195414"},"modified":"2023-08-28T10:52:12","modified_gmt":"2023-08-28T14:52:12","slug":"weekly-market-recap-august-28-2023","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/weekly-market-recap-august-28-2023\/","title":{"rendered":"Weekly Market Recap: August 28, 2023"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-the-week-in-review\">The week in review<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>August flash mfg. PMI fell to 47 from 49<\/li>\n\n\n\n<li>August flash svcs. PMI fell to 51 from 52.3<\/li>\n\n\n\n<li>Durable goods orders fell 5.2% m\/m<\/li>\n\n\n\n<li>Consumer sentiment fell to 69.5<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-theweekahead\">Theweekahead<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>JOLTS<\/li>\n\n\n\n<li>Consumer confidence<\/li>\n\n\n\n<li>PCE<\/li>\n\n\n\n<li>Employment<\/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>Earlier this year, investors largely anticipated that U.S. economic activity, specifically capital spending, would slow due to the lagged impact of tighter monetary policy. Instead, however, the economy has remained resilient and real nonresidential fixed investment grew 4.6% y\/y in 2Q, largely driven by spending on structures and intellectual property. Capital spending is being challenged by high vacancies in the office sector, softening manufacturing activity and the Hollywood writers\u2019 strike. Nevertheless, the AI boom, recent fiscal policy incentives and solid demand for warehouses and green buildings remain areas of opportunity for intellectual property and structures investment. As shown in this week\u2019s chart, capital spending appears to be entering a new era focused more on intellectual property spending, which is currently benefiting from the AI boom and is also less sensitive to interest rates than physical investment spending. Since 2020 this type of investment has been the largest percentage share of GDP for all nonresidential fixed investment components and currently accounts for 5.5% of GDP.<\/p>\n\n\n\n<p>Clearly brains are becoming more favored relative to brawn when it comes to investment spending, so what does this mean for investors today? While last week\u2019s August flash mfg. and svcs. PMIs both showed a decline and durable goods orders fell 5.2% in July, the economy still appears to have momentum. Provided businesses continue to boost investments in intellectual property, the economy should become less sensitive to rates, which, in turn, should benefit equity markets.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1015\" height=\"406\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/08\/Screenshot-2023-08-28-093753.png\" alt=\"Share of capital spending as a percent of GDP, annual\" class=\"wp-image-195415 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/08\/Screenshot-2023-08-28-093753.png 1015w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/08\/Screenshot-2023-08-28-093753-700x280.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/08\/Screenshot-2023-08-28-093753-300x120.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/08\/Screenshot-2023-08-28-093753-768x307.png 768w\" data-sizes=\"(max-width: 1015px) 100vw, 1015px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1015px; aspect-ratio: 1015\/406;\" \/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"502\" height=\"82\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/08\/Screenshot-2023-08-28-093813.png\" alt=\"chart and thought of the week sources\" class=\"wp-image-195416 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/08\/Screenshot-2023-08-28-093813.png 502w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/08\/Screenshot-2023-08-28-093813-300x49.png 300w\" data-sizes=\"(max-width: 502px) 100vw, 502px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 502px; aspect-ratio: 502\/82;\" \/><\/figure>\n\n\n\n<p>\u2014<\/p>\n\n\n\n<p>Originally Posted August 28, 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 2023 JPMorgan Chase &amp; Co. All rights reserved.<\/p>\n\n\n\n<p><sup>\u00a9<\/sup>JPMorgan Chase &amp; Co., August 2023.<\/p>\n\n\n\n<p>Unless otherwise stated, all data is as of August 28, 2023 or as of most recently available<\/p>\n","protected":false},"excerpt":{"rendered":"<p>While last week\u2019s August flash mfg. and svcs. PMIs both showed a decline and durable goods orders fell 5.2% in July, the economy still appears to have momentum.<\/p>\n","protected":false},"author":186,"featured_media":195415,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[18,6,8,9,26,3],"tags":[527,1685,2298],"contributors-categories":[13608],"class_list":{"0":"post-195414","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-gdp","14":"tag-macro","15":"tag-market-recap","16":"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 v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Weekly Market Recap: August 28, 2023 | Traders&#039; Insight<\/title>\n<meta name=\"description\" content=\"While last week\u2019s August flash mfg. and svcs. 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