AAM Weekly Market Wrap January 17, 2021

Weekly Market Wrap: Stocks continued lower this week as Omicron concerns and inflation continued to pressure stocks.

For The Week
• The S&P 500 slipped 0.30% to 4,662.85
• Oil surged 6.24% to $83.82
• Gold gained 1.25% to $1,816.80
• The US dollar fell 0.62% at $95.16 other major world currencies.

2022 Year-To Date for the major indexes:
• The S&P Index -2.17%
• The Dow Jones Index -1.17%
• The NASDAQ Index -4.80%
• The Russell 2000 Small cap Index -3.69%
• EAFE International Index +0.51%
• 10 Year Treasury Yield is 1.78%, higher for the week and higher for the year
• 30 Year Treasury Yield is 2.12%, higher for the week and higher for the year
• WTI Crude Oil Index +11.45%
• Bloomberg Gold Index -0.79%
• The Dollar Index +0.45% against other major world currencies

Monday the S&P 500 lost 7 points on heavy volume with no major data reported.

Tuesday stocks surged 43 points on heavy volume as small business optimism rose.

Wednesday the S&P 500 added 13 points as mortgage applications rose and consumer prices rose a little more than expected.

Thursday stocks dropped 67 points on heavy volume as jobless claims rose a little more than expected, continuing claims were lower and producer prices rose a little less than expected.

Friday the S&P 500 rebounded 4 points on heavy volume as both capacity utilization and industrial production fell and missed, import and export prices both fell, retail sales fell and missed expectations while consumer sentiment fell but beat estimates.

Mortgage rates were higher last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.82% and a 30-year rate of 3.50%. These rates are as of 1/17/2022 and may include points.

What to watch for on the economic calendar this week:

Monday – Markets Closed – No major data

Tuesday – NY Manufacturing / Homebuilder Sentiment

Wednesday – Mortgage Applications / Housing Starts and Building Permits

Thursday – Jobless Claims / Existing Home Sales

Friday – Leading Economic Indicators

 

Ronald J. VanSurksum, CFP® Advanced Asset Management, LLC
January 17, 2022