Rover's Weekly Market Brief - 01/20/2023

January 20, 2023 Printer Friendly Printer Friendly


DJIA: 33,374.40 (-2.71%)

NASDAQ: 11,140.40 (+0.55%)

S&P 500: 3,972.35 (-0.67%)


Gold: 1,929.50 (+0.58%)

Copper: 427.15 (+1.52%)

Crude Oil: 81.75 (+2.37%)

New Portfolios – January 2023

We created a new set of portfolios containing the stocks that passed our most popular screeners on January 1st, 2023. We are going to use these portfolios to run a long-term test to see which screeners are performing best in the current market environment. You can download any of the portfolios into your Stock Rover account. Read more about the new portfolios in our latest blog post.


The Commerce Department reported advance U.S. retail and food services sales were down 1.1% to $677.1B in December. It was the second consecutive monthly decline and the fourth negative reading in the past 6 months. Retail sales which are adjusted for seasonal shifts but not inflation were up 6.0% year over year. Total sales for the October 2022 through December 2022 period were up 6.7% year over year. Sales declines were broad-based with home furnishings (-2.5%), auto dealers (-1.2%), electronics and appliance stores (-1.1%), internet retailers (-1.1%), and clothing stores (-0.3%) all dropping in December. Department stores were especially hard-hit plummeting (-6.6%), while gasoline stations fell (-4.6%). Restaurants, the only services category declined (-0.9%) for the month, and is up (+12.1%) year over year. Sales at garden centers rose (+0.3%), grocery (+0.1%), and sporting goods, hobby, musical instrument, and bookstores were up slightly (+0.1%). Core retail sales, a measurement that excludes spending on autos, gasoline, building materials, and food services decreased by (-0.7%) in December.

The Labor Department reported that the Producer Price Index for final demand declined by an adjusted 0.5% in December, this follows increases of (+0.2%) in November, and (+0.4%) in December. The PPI index was up 6.2% for 2022, after climbing 7.3% for the 12 months ending in November. The monthly decline was driven by a (-1.6%) drop in prices for final demand goods, with energy and food leading the way. Nearly half of the decrease in the index for final demand goods is attributable to a (-13.4%) decline in prices for gasoline, as the index for final demand energy dropped (-7.9%). The indexes for diesel fuel (-27.0%) and jet fuel (-17.7%) also dropped significantly. Food prices dropped (-1.2%), led by declines in fresh and dry vegetables (-9.4%), and fresh fruits (-7.8%), while prices for chicken eggs (+24.5%) skyrocketed. The index for final demand services edged up (+0.1%), the smallest increase since April. The services increase can be traced to increases in margins for final demand trade services (+0.3%). The index for final demand transportation and warehousing services declined (-0.2%), while prices for final demand services less trade, transportation, and warehousing were unchanged. Excluding food, energy, and trade services, the so-called core PPI increased (+0.1%) in December, up 4.6% from a year ago. The core PPI increased (+0.3%) in November.

The U.S. Census Bureau reported housing starts dropped 1.4% to a seasonally adjusted annual rate of 1.382M units in December. Single-family housing starts which account for the largest share of homebuilding slid (-1.4%) to a rate of 1.382M units, down (-21.8%) from a year ago. Starts of five units or more slumped (-18.9%) to a rate of 463K units, down (-16.3%) from a year ago. New residential building permits, a proxy for future construction, fell (-1.6%) to a seasonally adjusted rate of 1.330M units. New residential building permits are running (-29.9%) below their December 2021 level. Single-family permits were down (-6.5%) from November’s revised 781K, while multifamily permits increased (+7.1%) to 555K. Leading the decline in building permits was the Midwest (-15.6%), followed by the Northeast (-2.5%), and the South (-1.7%). Only the Midwest saw an increase (+9.3%). Single-family housing completions at 1.005M, were (-8.0%) below November’s revised reading, while multifamily completions were up (+12.1%) to 385K. The number of houses approved for construction but not yet started dropped (-3.7%) to 285K units, with the backlog for single-family housing dropping (-4.9%) to 137K.

Upcoming Economic Reports:

Thursday January 26 – GDP (QoQ) (Q4)

Friday January 27 – Pending Home Sales (MoM) (December)

Earnings Calendar:


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