Goldman Sachs reported a drop in profit due to a lack of deal-making activity. US retail sales also fell 1.1%, and there have been signs of slowing growth in the economy. Despite this, jobless claims have decreased and the US government is taking measures to avoid default. Additionally, existing home sales have decreased and Netflix has reported its earnings.

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Headlines

• Goldman Sachs Profit Plummets From Deal-Making Drought

• U.S. Retail Sales Fell 1.1% in December

• Treasury Rally Intensifies After Signs of Slowing Growth

• Jobless Claims Fell by 15,000 Last Week

• Yellen says Treasury is taking extraordinary measures to avoid default as U.S. hits debt limit

• U.S. Existing-Home Sales Slid Last Year as Interest Rates Surged

On Twitter

CrowdStrike

George Kurtz (CEO of CrowdStrike) tweeted on 1/17/23 that Crowdstrike has poached two executives from SentinelOne - their primary competitor in the SMB space. https://twitter.com/George_Kurtz/status/1615384721957191680

 The two executives were the Chief Marketing Officer and Chief Product Officer for SentinelOne. Crowdstrike is currently up 4.8% on this news while S is down .75%

If SentinelOne executives are leaving to join their competitor, they are potentially seeing something in the space that says they think Crowdstrike's product or their place within the market are far superior to SentinelOne, this also could just be Crowdstrike utilizing their Balance Sheet to pay more to poach the executives. Read more here.

Bonds

Bonds are trading up this week off the backs of weaker than expected PPI data. What does this mean? The slowdown is fast, faster than the talking heads realize. As we've discussed in the livestreams the data often looked upon for clarity on market conditions is at time subpar at best. Lagging is a better word for it. I wish it were so easy to look at a number and draw a conclusion, it yet again shows that the nuances of the numbers are extremely important to draw our conclusions. Housing will show a lag, this is certain. Don't believe me? Hers is an Article from back in December (https://www.realtrends.com/articles/zillow-data-shows-highest-rent-decline-in-7-years/) and the trend is not slowing down. 

Sentiment is tied to the FED action, no question about that, regardless of actual affects. From the flow front, there is a more direct measure via non bank institutions. Read more here. 

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