Market Recap: February 2023

March 02, 2023

Market commentary

  • 4th quarter U.S. GDP was revised downward to 2.7% from a preliminary reading of 2.9%; lower growth is expected in 2023
  • Unemployment rate declined further to 3.4%
  • Consumer confidence declined to a 3-month low, as worries about inflation and the economy abound


Select economic and market data

Statistic (monthly unless noted)



U.S. GDP (quarterly) 2.7% 3.2%
Consumer Confidence 102.9 106.0
Consumer Price Index Y/Y 6.4% 6.5%
Core PCE (x food & energy) 4.7% 4.6%
ISM Manufacturing Index 47.7 47.4
Unemployment Rate 3.4% 3.5%
2-Year Treasury Yield 4.82% 4.20%
10-Year Treasury Yield 3.92% 3.51%



  • Stocks sold off in February as inflation readings came in higher than expected and bond yields rose
  • Information technology was the only sector in the S&P 500 to post a gain in the month, while the energy sector declined more than 7%
  • Q4 earnings season is almost over, with revenues coming in above forecasts but earnings coming in lower than expected
Equities Indices February 2023


Fixed income

  • Bond indices declined as rates increased once again
  • The Fed raised rates by 25 basis points in early February and indicated that further increases are anticipated, tempering hopes for a cut by the end of the year
Fixed Income Indices February 2023


Strategic outlook

  • Above-average volatility is likely to persist given inflation debate and heightened central bank involvement
  • Some caution is warranted on equities in the near-term; currently favoring small-cap and mid-cap domestic stocks
  • Incrementally extending duration in the fixed income portfolio as the intermediate part of the curve is becoming more attractive
  • Personal
  • Investing
  • Online Investing

Investment products: Not FDIC Insured — No Bank Guarantee — May Lose Value.


Learning Center articles, guides, blogs, podcasts, and videos are for informational purposes only and are not an advertisement for a product or service. The accuracy and completeness is not guaranteed and does not constitute legal or tax advice. Please consult with your own tax, legal, and financial advisors.