AAM Weekly Market Wrap – December 19, 2022

Weekly Market Wrap: Stocks were lower for the second straight week as the Fed indicated that rates still have a ways to go higher to fight inflation despite consumer prices rising less than expected.

For The Week

  • The S&P 500 lost 2.08% to 3,852.36
  • Oil rose 4.60% to $74.29
  • Gold slipped 0.28% to $1,802.10
  • The US dollar shed 0.26% at $104.69 against other major world currencies.

2022 Year-To Date for the major indexes:

  • The S&P Index -19.17%
  • The Dow Jones Index -9.41%
  • The NASDAQ Index -31.57%
  • The Russell 2000 Small Cap Index -21.46%
  • EAFE International Index -16.85%
  • 10 Year Treasury Yield is 3.48%, lower for the week and higher for the year
  • 30 Year Treasury Yield is 3.54%, lower for the week and higher for the year
  • WTI Crude Oil Index -1.22%
  • Bloomberg Gold Index -1.59%
  • The Dollar Index +9.52% against other major world currencies

Monday the S&P 500 rose 56 points on moderate volume with no major data reported.

Tuesday stocks added 29 points on moderately heavy volume as consumer prices rose less than expected while small business optimism rose.

Wednesday the S&P 500 lost 24 points on moderate volume as mortgage applications rose, import and export prices both fell while the FOMC raised rates another 0.50% as expected.

Thursday stocks plummeted 100 points on moderate volume as jobless claims fell more than expected and continuing claims were slightly higher and capacity utilization, industrial production, NY manufacturing and retail sales all fell and were lower than estimates.

Friday the S&P 500 lost another 43 points on heavy volume with no major data reported.

Mortgage rates were lower last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 6.00% and a 30-year rate of 6.56%. These rates are as of 12/19/2022 and may include points.

What to watch for on the economic calendar this week:

Monday – Homebuilder Sentiment

Tuesday – Housing Starts and Building Permits

Wednesday – Mortgage Applications / Existing Home Sales

Thursday – Jobless Claims / GDP 3rd Quarter Final Estimate

Friday – Durable Goods Orders / New Home Sales / PCE Prices / Personal Income & Spending / Consumer Sentiment

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

December 19, 2022

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