October 31st 2023 Weekly Economic Update

All three major US Averages showed declines last week as we saw a stronger than expected GDP print that shows our economy is being surprisingly resilient and is taking longer than expected to slow down. Disappointing earnings from Ford & Chevron drove the market down as well as mixed earnings and forward-looking guidance from major tech stocks like Meta and Alphabet. Surprisingly enough, through this environment of inflation and high interest rates, Consumer spending increased above estimates adding onto the question of when will the economy slow down.