Week of 02/20-02/24 President's Day gives the stock market "no breaks"

Wrapping up the worst week of 2023, major averages seem to not find a bottom as the SPY breaks the 400point level downward. The DOW marked a four week straight loss similar to the NASDAQ third week in a row. PCE (Personal Consumption expenditures) report came in today with hotter than expected results, which means that inflation is climbing again. Investor concerns increase regarding the actions the FED has taken since inflation does not have any indication of being tamed. This most likely means that higher interest rate hikes will come soon and remain for longer than expected. One stock that seemed to not be affected by the market downward price action was NVDA. Nvidia had earnings earlier this week with the stock surging close to 15% after hours. The chip maker announced future growth opportunities related to artificial intelligence. Stocks in the similar category also surged in the speculation that they would not be far behind on making similar investments in technology. We can expect more volatility on the market in the upcoming week as earnings season ends and more economic reports come out before the FED meeting in mid-March.