AAM Weekly Market Wrap – December 12, 2022

Weekly Market Wrap: Stocks slumped last week as traders worried that mostly positive economic data and higher than expected producer prices may cause the Fed to raise rates higher than expected.

For The Week

  • The S&P 500 dropped 3.37% to 3,934.38
  • Oil plummeted 11.20% to $71.02
  • Gold slipped 0.25% to $1,807.10
  • The US dollar gained 0.38% at $104.96 against other major world currencies.

2022 Year-To Date for the major indexes:

  • The S&P Index -17.45%
  • The Dow Jones Index -7.88%
  • The NASDAQ Index -29.66%
  • The Russell 2000 Small Cap Index -19.98%
  • EAFE International Index -14.96%
  • 10 Year Treasury Yield is 3.57%, higher for the week and higher for the year
  • 30 Year Treasury Yield is 3.56%, lower for the week and higher for the year
  • WTI Crude Oil Index -5.57%
  • Bloomberg Gold Index -1.32%
  • The Dollar Index +9.80% against other major world currencies

Monday the S&P 500 dropped 73 points on moderate volume as both ISM non-manufacturing and factory orders rose and beat expectations.

Tuesday stocks lost another 58 points on moderate volume with no major data reported.

Wednesday the S&P 500 lost 7 points on moderate volume as mortgage applications fell, worker productivity rose and beat, unit labor costs were lower than expected while consumer credit use rose and beat estimates.

Thursday stocks rebounded 30 points on moderate volume as jobless claims rose slightly more than expected and continuing claims were higher.

Friday the S&P 500 lost 29 points on moderate volume as producer prices rose more than expected while consumer sentiment rose and beat expectations.

Mortgage rates were higher last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 6.04% and a 30-year rate of 6.64%. These rates are as of 12/12/2022 and may include points.

What to watch for on the economic calendar this week:

Monday – No major data

Tuesday – Consumer Prices / Small Business Optimism

Wednesday – Mortgage Applications / Import and Export Prices / FOMC Rate Decision

Thursday – Jobless Claims / Industrial Production / Capacity Utilization / NY Manufacturing / Retail Sales

Friday – No major data

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

December 12, 2022

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