May 8, 2023 | Investment Review

Investment Review - May 2023

  1. The major U.S. stock indices grew modestly in April to begin the second quarter of 2023. The Dow Jones Industrial Average increased +2.5% and the S&P 500 increased +1.5%. The Nasdaq Composite was little changed throughout the month, but continues to lead the way on a year-to-date basis.

  2. With ~50% of S&P 500 companies reporting results for the first quarter of 2023, 79% have reported a positive earnings surprise and 74% of companies have reported a positive revenue surprise. However, the blended earnings decline for the S&P 500 is -1.9%, while the blended revenue growth remains positive at +2.6%. The continued presence of sales growth exceeding earnings growth reflects the impact of inflation on both prices and input costs.

Key Investment Statisticskey investment statistics may 2023Disclosure: This commentary reflects the opinions of Welch & Forbes based on information that we believe to be reliable. It is intended for informational purposes only, and not to suggest any specific performance or results, nor should it be considered investment, financial, tax or other professional advice. It is not an offer or solicitation.

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