AAM Weekly Market Wrap – January 23, 2023

Weekly Market Wrap: Stocks were mixed last week as traders continued to try and figure out how high and how long the Fed will continue to raise rates to fight off inflation.

For The Week

  • The S&P 500 slipped 0.66% to 3,972.61
  • Oil added 2.83% to $81.64
  • Gold gained 0.25% to $1,929.10
  • The US dollar fell 0.17% at $101.98 against other major world currencies.

2023 Year-To Date for the major indexes:

  • The S&P Index +3.47%
  • The Dow Jones Index +0.69%
  • The NASDAQ Index +6.44%
  • The Russell 2000 Small Cap Index +6.02%
  • EAFE International Index +8.18%
  • 10 Year Treasury Yield is 3.48%, lower for the week and lower for the year
  • 30 Year Treasury Yield is 3.66%, higher for the week and lower for the year
  • WTI Crude Oil Index +1.72%
  • Bloomberg Gold Index +5.43
  • The Dollar Index -1.47% against other major world currencies

Monday markets were closed.

Tuesday stocks slipped 8 points on moderate volume as NY manufacturing fell more than expected.

Wednesday the S&P 500 dropped 62 points on moderate volume as mortgage applications surged, both capacity utilization and industrial production fell and missed, producer prices fell more than expected, homebuilder sentiment rose and beat while retail sales fell more than expected.

Thursday stocks fell another 30 points on moderate volume as jobless claims fell but beat, continuing claims were higher, building permits fell and missed while housing starts fell but beat.

Friday the S&P 500 rebounded 74 points on moderate volume as existing home sales fell but beat expectations.

Mortgage rates were mixed last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 5.66% and a 30-year rate of 6.48%. These rates are as of 1/23/2023 and may include points.

What to watch for on the economic calendar this week:

Monday – Leading economic indicators

Tuesday – No major data

Wednesday – Mortgage Applications

Thursday – Jobless Claims / Durable Goods Orders / GDP 4th Quarter 1st estimate / New Home Sales

Friday – Pending Home Sales / Personal Income and Spending / PCE Prices / Consumer Sentiment

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

January 23, 2023

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