AAM Weekly Market Wrap – December 26, 2022

Weekly Market Wrap: Stocks were mixed last week as economic data leaned positive but markets continued to worry about how high the Fed will need to raise rates to beat inflation.

For The Week

  • The S&P 500 slipped 0.20% to 3,844.82
  • Oil jumped 7.09% to $79.56
  • Gold added 0.16% to $1,804.90
  • The US dollar shed 0.34% at $104.33 against other major world currencies.

2022 Year-To Date for the major indexes:

  • The S&P Index -19.33%
  • The Dow Jones Index -8.63%
  • The NASDAQ Index -32.90%
  • The Russell 2000 Small Cap Index -21.57%
  • EAFE International Index -16.26%
  • 10 Year Treasury Yield is 3.75%, higher for the week and higher for the year
  • 30 Year Treasury Yield is 3.82%, higher for the week and higher for the year
  • WTI Crude Oil Index +5.78%
  • Bloomberg Gold Index -1.44%
  • The Dollar Index +9.14% against other major world currencies

Monday the S&P 500 fell 35 points on moderate volume as homebuilder sentiment fell and missed estimates.

Tuesday stocks gained 4 points on moderate volume as housing starts fell but beat while building permits fell and missed expectations.

Wednesday the S&P 500 jumped 57 points on moderate volume as mortgage applications rose, existing home sales fell and missed while consumer confidence rose and handily beat estimates reaching an 8-month high.

Thursday stocks dropped 56 points on moderate volume as jobless claims rose but beat, continuing claims were lower, 3rd quarter GDP final estimate was higher than expected at 3.2% and leading indicators fell more than expected, falling for the ninth straight month.

Friday the S&P 500 rose 22 points on low volume as durable goods orders fell more than expected, new home sales rose and beat, PCE prices rose less than expected, personal income rose a little more than expected, personal spending rose and matched 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 5.92% and a 30-year rate of 6.58%. These rates are as of 12/26/2022 and may include points.

What to watch for on the economic calendar this week:

                                                                                             
Monday – Markets Closed – Merry Christmas!

Tuesday – FHFA & Shiller Home Prices

Wednesday – Mortgage Applications / Pending Home Sales

Thursday – Jobless Claims /

Friday – Midwest Manufacturing

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

December 26, 2022

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