January 2024 Economic & Market Highlights

January displayed mixed performance across markets. The S&P 500 and Dow Jones both had six record closes by the end of the month, while small caps reversed course from the upward trajectory in 2023.
Emerging markets declined notably, with significant contribution from concerns about China's economic slowdown, particularly in its property sector.
Corporate earnings were lackluster to start the year. With around 25% of the companies reporting, 69% reported earnings above estimates, below the 5-year average of 77%.
The Q4 2023 GDP reading came in slightly above expectations, at an annual rate of 3.3%. While this did mark a slowdown from the previous quarter's annual rate of 4.9%, it is still considered strong.
Federal Reserve Chairman Jerome Powell's policy meeting press conference was closely followed for indications on future rate cuts. Powell expressed skepticism about March marking the beginning of the rate-cutting cycle, citing inflation coming down without a slow economy or material increases in unemployment.

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