AAM Weekly Market Wrap – December 5, 2022

Weekly Market Wrap: Stocks continued higher last week as positive Black Friday sales reports and the possibility of slowing Fed rate hikes helped offset social unrest in China with continued Covid lockdowns.

For The Week

  • The S&P 500 gained 1.13% to 4,071.70
  • Oil rose 4.19% to $79.98
  • Gold added 3.35% to $1,811.60
  • The US dollar lost 1.37% at $104.56 against other major world currencies.

2022 Year-To Date for the major indexes:

  • The S&P Index -14.57%
  • The Dow Jones Index -5.25%
  • The NASDAQ Index -26.74%
  • The Russell 2000 Small Cap Index -15.70%
  • EAFE International Index -13.93%
  • 10 Year Treasury Yield is 3.51%, lower for the week and higher for the year
  • 30 Year Treasury Yield is 3.57%, lower for the week and higher for the year
  • WTI Crude Oil Index +6.34%
  • Bloomberg Gold Index -1.07%
  • The Dollar Index +9.38% against other major world currencies

Monday the S&P 500 dropped 62 points on moderate volume with no major data reported.

Tuesday stocks lost 6 points on moderate volume as consumer confidence fell but beat, FHFA home prices rose while Shiller home prices rose a little less than expected.

Wednesday the S&P 500 jumped 122 points on heavy volume as mortgage applications fell, ADP jobs report added fewer jobs than expected, Midwest manufacturing fell and missed estimates, pending home sales fell a little less than expected while 3Q GDP, 2nd estimate was higher than expected at 2.9%.

Thursday stocks slipped 4 points on moderate volume as jobless claims fell more than expected, continuing claims were higher, construction spending fell more than expected, ISM manufacturing fell into contraction mode and missed estimates, PCE prices rose a little less than expected while personal income rose and beat expectations and personal spending rose and matched.

Friday the S&P 500 lost 5 points on moderate volume as the November payroll report added a better and expected 263,000 jobs, unemployment remained at 3.7% and matched while average hourly earnings rose 0.6% which was higher than expected.

Mortgage rates continued lower last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 5.92% and a 30-year rate of 6.61%. These rates are as of 12/05/2022 and may include points.

What to watch for on the economic calendar this week:

Monday – Factory Orders / ISM non-manufacturing

Tuesday – No major data

Wednesday – Mortgage Applications / Consumer Credit / Worker Productivity and Labor Costs

Thursday – Jobless Claims

Friday – Consumer Sentiment / Producer Prices

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

December 5, 2022

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