AAM Weekly Market Wrap – June 6, 2022

Weekly Market Wrap: Stocks were lower of the eighth time in nine weeks as inflation and recession worries continue to rattle traders.

For The Week

  • The S&P 500 lost 1.20% to 4,108.54
  • Oil rose 3.30% to $118.87
  • Gold added 0.15% to $1,853.70
  • The US dollar gained 0.46% at $102.15 against other major world currencies.

2022 Year-To Date for the major indexes:

  • The S&P Index -13.80%
  • The Dow Jones Index -9.46%
  • The NASDAQ Index -23.22%
  • The Russell 2000 Small Cap Index -16.13%
  • EAFE International Index -11.41%
  • 10 Year Treasury Yield is 2.96%, higher for the week and higher for the year
  • 30 Year Treasury Yield is 3.11%, higher for the week and higher for the year
  • WTI Crude Oil Index +58.05%
  • Bloomberg Gold Index +1.23%
  • The Dollar Index +6.86% against other major world currencies

Monday the markets were closed.

Tuesday stocks fell 26 points on heavy volume as Midwest manufacturing rose and beat expectations, consumer confidence fell but beat, Shiller home prices rose more than expected while FHFA home prices rose as well.

Wednesday the S&P 500 lost another 31 points on moderate volume as mortgage applications fell, construction spending rose a little less than expected and ISM manufacturing rose and beat estimates.

Thursday stocks surged 76 points on moderate volume as jobless claims fell a little more than expected, continuing claims were lower, ADP jobs added fewer jobs than expected, factory orders rose but missed, worker productivity fell a little less than expected while unit labor costs rose more than expected.

Friday the S&P 500 dropped 68 points on light to moderate volume as the May jobs report showed a better than expected 390,000 jobs added, unemployment held steady at 3.6%, hourly earnings rose 0.3% which was a little less than expected and ISM non-manufacturing fell and missed estimates.

Mortgage rates were higher last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 4.69% and a 30-year rate of 5.46%. These rates are as of 6/06/2022 and may include points.

What to watch for on the economic calendar this week:

                                                                                                 
Monday – No major data

Tuesday – Consumer Credit Use

Wednesday – Mortgage Applications

Thursday – Jobless Claims

Friday – Consumer Prices / Consumer Sentiment

Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC

June 6, 2022

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