AAM Weekly Market Wrap – January 9, 2023

Weekly Market Wrap: Stocks were higher the first week of 2023 as economic data was mixed with lower wage inflation building hopes that the economy could avoid a recession as inflation slows.

For The Week

  • The S&P 500 rallied 1.45% to 3,895.08
  • Oil dropped 8.09% to $73.77
  • Gold gained 2.28% to $1,871.50
  • The US dollar rose 0.40% at $103.91 against other major world currencies.

2023 Year-To Date for the major indexes:

  • The S&P Index +1.45%
  • The Dow Jones Index +1.46%
  • The NASDAQ Index +0.98%
  • The Russell 2000 Small Cap Index +1.79%
  • EAFE International Index +3.79%
  • 10 Year Treasury Yield is 3.55%, lower for the week and lower for the year
  • 30 Year Treasury Yield is 3.67%, lower for the week and lower for the year
  • WTI Crude Oil Index -8.09%
  • Bloomberg Gold Index +2.28%
  • The Dollar Index +0.40% against other major world currencies

Monday the markets were closed.

Tuesday stocks fell 15 points on moderate volume as construction spending rose and beat expectations.

Wednesday the S&P 500 gained 29 points on moderate volume as mortgage applications plummeted and ISM manufacturing fell and missed estimates.

Thursday stocks fell 45 points on moderate volume as jobless claims fell more than expected, continuing claims were lower and ADP jobs rose and beat expectations.

Friday the S&P 500 rallied 87 points on moderate volume as December added 223,000 jobs which was more than expected, unemployment fell more than expected to 3.5%, average hourly earnings rose less than expected @ 0.3%, while both factory orders and ISM non-manufacturing fell and missed expectations.

Mortgage rates were lower last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 6.02% and a 30-year rate of 6.49%. These rates are as of 1/09/2023 and may include points.

What to watch for on the economic calendar this week:

                                                                                             
Monday – Consumer Credit Use

Tuesday – Small Business Optimism

Wednesday – Mortgage Applications

Thursday – Jobless Claims / Consumer Prices

Friday – Import & Export Prices / Consumer Sentiment

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

January 9, 2023

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