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John Hancock: Weekly Market Recap Week Ended August 4

August 8, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings season

84% of the companies in the S&P 500 have reported Q2 2023 earnings to date. Among those companies that released second-quarter results as of Friday, 79% exceeded net income expectations, topping the five-year average of 77%, according to FactSet. Overall, earnings are expected to decline about 5.7% relative to a year ago, which will mark the largest earnings decline reported by the index since Q3 2020.

 

Credit downgrade

Ratings agency Fitch unexpectedly downgraded the U.S. credit rating on Tuesday from AAA to AA+. The agency cited the recent debt ceiling standoff and concern over rising federal debt as factors leading to an “erosion of governance.”

 

Oil prices rally

Oil prices rose on Thursday after news that Saudi Arabia’s voluntary production cuts would extend to September and possibly beyond. Oil prices had declined earlier in the week but rebounded on supply concerns, ending the week at over $80 per barrel.

 

Price check ahead

A Consumer Price Index report scheduled to be released on Thursday will show whether the recent moderation in inflation extended into July. The most recent CPI report for June showed that annual inflation decelerated to 3.0%—the lowest level since March 2021 and down sharply from a four-decade high of 9.1% recorded in June 2022.

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RISK: There are risks involved with investing, including loss of principal. Current and future portfolio holdings are subject to risks as well. Diversification may not protect against market risk. There is no assurance the goals of the strategies discussed will be met. International investments may involve risk of capital loss from unfavorable fluctuation in currency values, from difference in generally accepted accounting in principles or from economic or political instability in other nations. Emerging markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Bonds and bond funds will decrease in value as interest rates rise. These and other risks are described more fully in the fund’s prospectus. CREDIT RISK: The issuer of a fixed income security may not be able to make interest and principal payments when due. The lower the credit rating of a security, the greater the risk of default on its obligation.

Investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. This and other information is contained in the Fund’s prospectus and summary prospectus, which may be obtained online or by calling 1-888-507-2798.

Please read the prospectus carefully before investing.