AAM Weekly Market Wrap – August 22, 2022

Weekly Market Wrap: Stocks pulled back this week on mixed earnings and economic data as the Fed indicated it may slow the pace of rate hikes.

For The Week

  • The S&P 500 fell 1.21% to 4,228.48
  • Oil lost 1.79% to $90.44
  • Gold fell 3.01% to $1,760.80
  • The US dollar gained 2.35% at $108.12 against other major world currencies.

2022 Year-To Date for the major indexes:

  • The S&P Index -11.28%
  • The Dow Jones Index -7.24%
  • The NASDAQ Index -18.79%
  • The Russell 2000 Small Cap Index -12.82%
  • EAFE International Index -17.78%
  • 10 Year Treasury Yield is 2.98%, higher for the week and higher for the year
  • 30 Year Treasury Yield is 3.22%, higher for the week and higher for the year
  • WTI Crude Oil Index +20.25%
  • Bloomberg Gold Index -3.84%
  • The Dollar Index +13.11% against other major world currencies

Monday the S&P 500 gained 17 points on moderate volume as NY manufacturing fell and missed while homebuilder sentiment fell and missed expectations.

Tuesday stocks gained 8 points on moderate volume as building permits fell but beat, housing starts fell and missed estimates and both capacity utilization and industrial production rose and beat expectations.

Wednesday the S&P 500 dropped 31 points on moderate volume as mortgage applications fell while retail sales were flat and missed.

Thursday stocks gained 10 points on moderate volume as jobless claims fell and beat, continuing claims were higher, existing home sales fell and missed while leading economic indicators fell for the fifth month in a row.

Friday the S&P 500 lost 55 points on moderate volume with no major data reported.

Mortgage rates were higher last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 4.89% and a 30-year rate of 5.60%. These rates are as of 8/22/2022 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 / Pending Home Sales / Durable Goods Orders

Thursday – Jobless Claims / GDP 2nd quarter 2nd estimate

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

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

August 22, 2022

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