AAM Weekly Market Wrap – August 1, 2022

Weekly Market Wrap: Stocks rose for the third time in 4 weeks as the Fed raised rates another 0.75% to fight inflation while 2nd quarter corporate earnings were mixed but leaned better than expected.

For The Week

  • The S&P 500 gained 4.26% to 4,130.29
  • Oil surged 4.14% to $98.62
  • Gold rose 2.95% to $1,778.40
  • The US dollar slipped 0.64% at $105.95 against other major world currencies.

2022 Year-To Date for the major indexes:

  • The S&P Index -13.34%
  • The Dow Jones Index -9.61%
  • The NASDAQ Index -20.80%
  • The Russell 2000 Small Cap Index -16.04%
  • EAFE International Index -16.47%
  • 10 Year Treasury Yield is 2.66%, lower for the week and higher for the year
  • 30 Year Treasury Yield is 3.00%, flat for the week and higher for the year
  • WTI Crude Oil Index +31.13%
  • Bloomberg Gold Index -2.88%
  • The Dollar Index +10.84% against other major world currencies

Monday the S&P 500 gained 5 points on moderate volume with no major data reported.

Tuesday stocks lost 46 points on moderate volume as consumer confidence fell and missed estimates, new home sales fell and missed, FHFA home prices rose and Shiller home prices rose less than expected.

Wednesday the S&P 500 rallied 103 points on moderate volume as mortgage applications fell, pending home sales fell more than expected, durable goods orders rose and beat expectations while the FOMC raised rates 0.75% as expected to 2.375%.

Thursday stocks added another 49 points on moderate volume as jobless claims fell but were a little higher than expected, continuing claims were lower and 2nd quarter GDP 1st estimate fell and missed at -0.9%.

Friday the S&P 500 gained 58 points on moderate volume as Midwest manufacturing fell and missed, employment costs rose a little more than expected, PCE prices rose and matched, personal income rose a little less than expected, personal spending rose and beat while consumer sentiment rose a little more than expected.

Mortgage rates were lower last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 5.82% and a 30-year rate of 5.57%. These rates are as of 8/01/2022 and may include points.

What to watch for on the economic calendar this week:

                                                                                                 
Monday – ISM Manufacturing / Construction Spending

Tuesday – No major data

Wednesday – Mortgage Applications / Factory Orders / ISM Non-Manufacturing

Thursday – Jobless Claims

Friday – July Jobs / Consumer Credit Use

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

August 1, 2022

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