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Market Update

Making Sense: In Brief

Phillip Neuhart, Director of Market and Economic Research, brings you a brief overview of what's coming in the week ahead for markets and the economy.

Making Sense: In Brief video

Making Sense: In Brief

The week ahead for markets and the economy

Phil: Last week, markets digested a litany of economic data, a better-than-expected employment report and comments from Fed Chairman Powell.

Looking to the week ahead, the October factory orders report comes out on Monday. As the ISM Manufacturing Survey reminded us last week, manufacturing activity is moderating in the US as the global economy slows. That said, factory orders are expected to increase modestly in nominal terms. The ISM Services Index is also released on Monday. The survey gives a good indication of underlying activity in the services sector. It is expected to moderate but remain above the important 50 break-even level, indicating continued expansionary activity.

On Friday, we get the Producer Price Index. While not as closely watched as consumer inflation, the PPI does provide data on inflation at the producer level. Much like consumer inflation, the PPI is expected to remain elevated but moderate on a year-over-year basis.

Also on Friday, we get the University of Michigan Consumer Sentiment survey. While sentiment has improved since the summer when gasoline prices peaked, consumers remain in a lousy mood, thanks in large part to inflation. That is unlikely to change in this report.

So, items to watch. One, factory orders. Two, ISM Services. Three, PPI. Four, consumer sentiment.

Making Sense In Brief Outro Slide

Brent Ciliano

CFA | SVP, Chief Investment Officer

Capital Management Group | First Citizens Bank

8510 Colonnade Center Drive | Raleigh, NC 27615

brent.ciliano@firstcitizens.com | 919-716-2650

Phillip Neuhart SVP, Director of Market and Economic Research

Capital Management Group | First Citizens Bank

8510 Colonnade Center Drive | Raleigh, NC 27615

phillip.neuhart@firstcitizens.com | 919-716-2403

Disclosures

The views expressed are those of the author(s) at the time of writing and are subject to change without notice. First Citizens does not assume any liability for losses that may result from the information in this piece. This is intended for general educational and informational purposes only and should not be viewed as investment advice or recommendation for a security, investment product or personal investment advice.

Your investments in securities, annuities and insurance are not insured by the FDIC or any other federal government agency and may lose value. They are not a deposit or other obligation of, or guaranteed by any bank or bank affiliate and are subject to investment risks, including possible loss of the principal amount invested. Past performance does not guarantee future results.

First Citizens Wealth Management is a registered trademark of First Citizens BancShares, Inc. First Citizens Wealth Management products and services are offered by First-Citizens Bank & Trust Company, Member FDIC; First Citizens Investor Services, Inc., Member FINRA and SIPC an SEC-registered broker-dealer and investment advisor; and First Citizens Asset Management, Inc., an SEC-registered investment advisor.

Brokerage and investment advisory services are offered through First Citizens Investor Services, Inc., Member FINRA and SIPC. First Citizens Asset Management, Inc. provides investment advisory services.

Bank deposit products are offered by First Citizens Bank, Member FDIC.

See more about First Citizens Investor Services, Inc. and our investment professionals at FINRA BrokerCheck.

Webinar Series

Making Sense: A Market Update

Join Brent Ciliano, First Citizens Chief Investment Officer, and Phillip Neuhart, First Citizens Director of Market and Economic Research, as they discuss what's going on in the markets and the economy.

2023 Market Outlook

In mid-December we'll share our thoughts on potential market and economic influences in 2023.

November Highlights Replay

View a replay of the November 17 webinar.

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Market Commentary

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Your investments in securities, annuities and insurance are not insured by the FDIC or any other federal government agency and may lose value. They are not a deposit or other obligation of, or guaranteed by any bank or bank affiliate and are subject to investment risks, including possible loss of the principal amount invested. Past performance does not guarantee future results.

First Citizens Wealth Management is a registered trademark of First Citizens BancShares, Inc. First Citizens Wealth Management products and services are offered by First-Citizens Bank & Trust Company, Member FDIC; First Citizens Investor Services, Inc., Member FINRA and SIPC, an SEC-registered broker-dealer and investment advisor; and First Citizens Asset Management, Inc., an SEC-registered investment advisor.

Brokerage and investment advisory services are offered through First Citizens Investor Services, Inc., Member FINRA and SIPC. First Citizens Asset Management, Inc. provides investment advisory services.

Bank deposit products are offered by First Citizens Bank, Member FDIC.

See more about First Citizens Investor Services, Inc. and our investment professionals at FINRA BrokerCheck.