AAM Weekly Market Wrap – August 15, 2022

Weekly Market Wrap: Stocks gained for the Fifth time in Six weeks as inflation data cooled and consumer sentiment rose.

For The Week

  • The S&P 500 added 3.26% to 4,280.15
  • Oil rose 3.46% to $92.09
  • Gold gained 1.34% to $1,815.50
  • The US dollar fell 0.86% at $105.64 against other major world currencies.

2022 Year-To Date for the major indexes:

  • The S&P Index -10.20%
  • The Dow Jones Index -7.09%
  • The NASDAQ Index -16.60%
  • The Russell 2000 Small Cap Index -10.19%
  • EAFE International Index -15.15%
  • 10 Year Treasury Yield is 2.84%, 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 +22.44%
  • Bloomberg Gold Index -0.86%
  • The Dollar Index +10.51% against other major world currencies

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

Tuesday stocks dropped 18 points on moderate volume as small business optimism rose and beat expectations, worker productivity fell more than expected and until labor costs rose more than expected.

Wednesday the S&P 500 rallied 88 points on moderate volume as mortgage applications rose and consumer prices were flat and beat expectations.

Thursday stocks slipped 3 points on moderate volume as jobless claims rose a little less than expected, continuing claims were higher and producer prices fell and beat estimates.

Friday the S&P 500 gained 73 points on moderate volume as both import and export prices fell more than expected while consumer sentiment rose and beat expectations.

Mortgage rates were mixed last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 4.86% and a 30-year rate of 5.46%. These rates are as of 8/15/2022 and may include points.

What to watch for on the economic calendar this week:

Monday – NY Manufacturing / Homebuilder Sentiment

Tuesday – Industrial Production & Capacity Utilization / Building Permits & Housing Starts

Wednesday – Mortgage Applications / Retail Sales / FOMC Meeting Minutes

Thursday – Jobless Claims / Existing Home Sales / Leading Indicators

Friday – No major data

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

August 15, 2022

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