AAM Weekly Market Wrap – April 11, 2022

Weekly Market Wrap: Stocks fell last week as the yield curve inversion spooked investors and the Fed Meeting notes indicated a hawkish stance moving forward with increasing balance sheet reductions and possible 0.50 rate hikes.

For The Week

  • The S&P 500 fell 1.27% to 4,488.28
  • Oil lost 1.02% to $98.26
  • Gold gained 0.97% to $1,945.60
  • The US dollar rose 1.28% at $99.84 against other major world currencies.

2022 Year-To Date for the major indexes:

  • The S&P Index -5.83%
  • The Dow Jones Index -4.45%
  • The NASDAQ Index -12.36%
  • The Russell 2000 Small Cap Index -11.17%
  • EAFE International Index -7.36%
  • 10 Year Treasury Yield is 2.72%, higher for the week and higher for the year
  • 30 Year Treasury Yield is 2.75%, higher for the week and higher for the year
  • WTI Crude Oil Index +30.65%
  • Bloomberg Gold Index +6.25%
  • The Dollar Index +4.45% against other major world currencies

Monday the S&P 500 gained 37 points on moderate volume as factory orders fell but beat expectations.

Tuesday stocks dropped 58 points on moderate volume as ISM non-manufacturing rose but missed estimates.

Wednesday the S&P 500 fell 44 points on moderate volume as mortgage applications fell and the FOMC minutes showed possible 0.50 rate hikes in the coming months and significant balance sheet reductions (bond sales).

Thursday stocks gained 12 points on moderate volume as jobless claims fell more than expected, continuing claims were higher and consumer credit use rose more than expected.

Friday the S&P 500 slipped 12 points on moderate volume with no major data reported.

Mortgage rates were mixed last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 4.06% and a 30-year rate of 4.88%. These rates are as of 4/11/2022 and may include points.

What to watch for on the economic calendar this week:

                                                                                                 
Monday – No Major Data

Tuesday – Consumer Prices

Wednesday – Mortgage Applications / Producer Prices

Thursday – Jobless Claims / Retail Sales / Import & Export Prices / Consumer Sentiment

Friday – NY Manufacturing / Capacity Utilization and Industrial Production

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

April 11, 2022

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