AAM Weekly Market Wrap – May 23, 2022

Weekly Market Wrap: Stocks were lower for the seventh straight week as retail earnings disappoint and economic indicators showed signs of slowing.

For The Week

  • The S&P 500 dropped 3.05% to 3,901.36
  • Oil slipped 0.19% to $110.28
  • Gold gained 1.95% to $1,842.00
  • The US dollar lost 1.46% at $103.05 against other major world currencies.

2022 Year-ToDate for the major indexes:

  • The S&P Index -18.14%
  • The Dow Jones Index -13.97%
  • The NASDAQ Index -27.42%
  • The Russell 2000 Small Cap Index -21.02%
  • EAFE International Index -13.87%
  • 10 Year Treasury Yield is 2.78%, lower for the week and higher for the year
  • 30 Year Treasury Yield is 2.99%, lower for the week and higher for the year
  • WTI Crude Oil Index +46.63%
  • Bloomberg Gold Index +0.59%
  • The Dollar Index +7.80% against other major world currencies

Monday the S&P 500 lost 16 points on moderate volume as NY manufacturing contracted and missed estimates.

Tuesday stocks rallied 81 points on moderate volume as retail sales rose and matched expectations, homebuilder sentiment fell and missed while both capacity utilization and industrial production rose and beat estimates.

Wednesday the S&P 500 dropped 165 points on heavy volume as mortgage applications fell while housing starts and building permits fell and missed expectations.

Thursday stocks lost another 23 points on heavy volume as jobless claims rose more than expected, continuing claims were lower, existing home sales fell and missed while leading indicators fell and missed estimates.

Friday the S&P 500 gained 1 point on heavy volume with no major data reported.

Mortgage rates were lower last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 4.74% and a 30-year rate of 5.48%. These rates are as of 5/23/2022 and may include points.

What to watch for on the economic calendar this week:

                                                                                                 
Monday – No major data

Tuesday – New Home Sales

Wednesday – Mortgage Applications / Durable Goods Orders / FOMC Minutes

Thursday – Jobless Claims / Pending Home Sales / GDP 1Q 2nd Estimate

Friday – PCE Prices / Personal Income and Spending / Consumer Sentiment

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

May 23, 2022

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