Taking stock: How the S&P 500 is faring so far

3/26/23 8:00PM

Taking stock

‍We thought we’d first reflect on the stock market which — despite having to reckon with banking blow-ups, geopolitical tensions, and interest rate hikes over the last 3 months — has had a pretty solid start to the year.

The S&P 500 Index is currently up ~4% in 2023 as investors continue to muddle through the uncertainty of rising interest rates and their impact on the economy. Energy stocks have failed to replicate their 2022 performance and pharmaceutical stocks are no longer boosted by Covid vaccine rollouts. Shares in Moderna, for example, are down 16%, while Pfizer has dropped 21%. Casino operators and the entire travel industry are currently on the other end of the spectrum in the post-Covid world, with Wynn Resorts, United Airlines and Royal Caribbean all up 29%, 23% and 10%, respectively.

‍Tech stocks strike back

‍The biggest comeback story, however, has been tech.

Tech stocks account for 4 of the 5 best-performing stocks in the S&P 500 this year, a strong turnaround for the sector after a particularly brutal 2022. Perhaps investors felt last year’s hammering was overdone, or maybe they’re responding to the sector’s new penchant for ruthless efficiency and focus, with many companies cutting back and reversing their recent rampant hiring sprees. For example, Meta is the second-best-performing company in the S&P 500, after really pushing 2023 as its “Year of Efficiency”. An approach that — so far — seems to be working.

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JetBlue is raising its bag fees as fuel costs squeeze airlines

JetBlue will reportedly hike its bag fees, as the cost of jet fuel continues to climb amid the war in Iran. It’s the latest example of carriers finding ways to push rising costs onto travelers.

Last week, United Airlines CEO Scott Kirby said that if fuel prices remain elevated, fares would need to rise another 20% for his airline to break even this year.

As CNBC reported, when one airline raises fees, others tend to follow.

Earlier this month, JetBlue hiked its first-quarter outlook for operating revenue per seat mile to between 5% and 7%, saying that strong Q1 demand helped “partially offset additional expenses realized from operational disruptions and rising fuel costs.” Now, the carrier appears to be making moves to further boost revenue to offset those costs.

Earlier on Monday, JetBlue rival Alaska Air lowered its Q1 profit forecast. The refining margins for the carrier’s cheapest fuel option — sourced from Singapore and representing about 20% of Alaska’s overall supply — have spiked 400% since February.

JetBlue did not immediately respond to a request for comment.