Weekly Market Recap – May 22, 2023

Despite slower economic growth, 1Q23 S&P 500 earnings have surprised to the upside, as economic momentum at
the beginning of the year supported an expansion in profit margins. With over 90% of the S&P 500’smarket cap having
reported, profit margins currently stand at 11.8%, a level of profitability that had only been eclipsed once in the pre pandemic period.

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