AAM Weekly Market Wrap – January 16, 2023

Weekly Market Wrap: Stocks continued higher the second week of 2023 as consumer prices fell and beat expectations and 4th quarter corporate earnings kicked off with mixed results.

For The Week

  • The S&P 500 rallied 2.67% to 3,999.09
  • Oil jumped 7.62% to $79.39
  • Gold added 2.82% to $1,924.30
  • The US dollar fell 1.69% at $102.15 against other major world currencies.

2023 Year-To Date for the major indexes:

  • The S&P Index +4.16%
  • The Dow Jones Index +3.49%
  • The NASDAQ Index +5.85%
  • The Russell 2000 Small Cap Index +7.14%
  • EAFE International Index +7.45%
  • 10 Year Treasury Yield is 3.50%, lower for the week and lower for the year
  • 30 Year Treasury Yield is 3.61%, lower for the week and lower for the year
  • WTI Crude Oil Index -1.08%
  • Bloomberg Gold Index +5.16
  • The Dollar Index -1.30% against other major world currencies

Monday the S&P 500 slipped 3 points on moderate volume as consumer credit use fell but beat expectations.

Tuesday stocks gained 27 points on moderate volume as small business optimism fell.

Wednesday the S&P 500 added 50 points on moderate volume as mortgage applications rose.

Thursday stocks rose 14 points on moderate volume as jobless claims fell more than expected, continuing claims were lower and consumer prices fell and beat expectations.

Friday the S&P 500 added 16 points on moderate volume as import prices rose, export prices fell and consumer sentiment rose and beat expectations.

Mortgage rates were lower last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 5.76% and a 30-year rate of 6.42%. These rates are as of 1/16/2023 and may include points.

What to watch for on the economic calendar this week:

Monday – No Data

Tuesday – NY Manufacturing

Wednesday – Mortgage Applications / Producer Prices / Capacity Utilization and Industrial Production / Homebuilder Sentiment / Retail Sales

Thursday – Jobless Claims / Building Permits & Housing Starts

Friday – Existing Home Sales

Ronald J. VanSurksum, CFP®
AAM Fee-Only Financial Planning and Investment Advisory, LLC

January 16, 2023

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