AAM Weekly Market Wrap – August 8, 2022

Weekly Market Wrap: Stocks rose for the fourth time in five weeks with better-than-expected corporate profits and a positive July jobs report giving investors optimism.

For The Week

  • The S&P 500 added 0.36% to 4,145.19
  • Oil dropped 9.74% to $89.01
  • Gold gained 0.74% to $1,791.50
  • The US dollar rose 0.58% at $106.56 against other major world currencies.

2022 Year-To Date for the major indexes:

  • The S&P Index -13.03%
  • The Dow Jones Index -9.73%
  • The NASDAQ Index -19.10%
  • The Russell 2000 Small Cap Index -14.41%
  • EAFE International Index -17.37%
  • 10 Year Treasury Yield is 2.83%, higher for the week and higher for the year
  • 30 Year Treasury Yield is 3.06%, higher for the week and higher for the year
  • WTI Crude Oil Index +18.35%
  • Bloomberg Gold Index -2.17%
  • The Dollar Index +11.48% against other major world currencies

Monday the S&P 500 lost 12 points on moderate volume as construction spending fell and missed while ISM Manufacturing fell but beat expectations.

Tuesday stocks dropped 27 points on moderate volume with no major data reported.

Wednesday the S&P 500 rallied 64 points on moderate volume as mortgage applications rose, while both factory orders and ISM non-manufacturing rose and beat estimates.

Thursday stocks slipped 3 points on moderate volume as jobless claims rose and matched and continuing claims were higher.

Friday the S&P 500 fell 7 points on moderate volume as the July jobs report doubled estimates and added 528,000 jobs, unemployment fell to 3.5% beating estimates, average hourly earnings rose 0.5% which was higher than expected and consumer credit use rose and beat estimates.

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 5.52%. These rates are as of 8/08/2022 and may include points.

What to watch for on the economic calendar this week:

Monday – No major data

Tuesday – Worker Productivity and Unit Labor Costs

Wednesday – Mortgage Applications / Consumer Prices

Thursday – Jobless Claims / Producer Prices

Friday – Import & Export Prices / Consumer Sentiment

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

August 8, 2022

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