AAM Weekly Market Wrap – July 11, 2022

Weekly Market Wrap: Stocks rebounded to start the 2nd quarter as economic data was mostly positive, the US dollars hit a 20-year high and the yield curve flattened and inverted as bonds were trying to figure out where the economy goes next.

For The Week

  • The S&P 500 gained 1.94% to 3,899.38
  • Oil fell 3.36% to $104.79
  • Gold lost 3.69% to $1,740.90
  • The US dollar rose 1.73% at $106.97 against other major world currencies.

2022 Year-To Date for the major indexes:

  • The S&P Index -18.19%
  • The Dow Jones Index -13.76%
  • The NASDAQ Index -25.63%
  • The Russell 2000 Small Cap Index -21.20%
  • EAFE International Index -20.75%
  • 10 Year Treasury Yield is 3.09%, higher for the week and higher for the year
  • 30 Year Treasury Yield is 3.26%, higher for the week and higher for the year
  • WTI Crude Oil Index +39.33%
  • Bloomberg Gold Index -4.93%
  • The Dollar Index +11.91% against other major world currencies

Monday the markets were closed.

Tuesday stocks gained 6 points on moderate volume as factory orders rose and beat expectations.

Wednesday the S&P 500 added 14 points on moderate volume as mortgage applications fell, ISM non-manufacturing fell but beat expectations while the FOMC minutes indicated that additional rate hikes are likely.

Thursday stocks added 5 points on moderate volume as jobless claims rose a little more than expected and continuing claims were lower.

Friday the S&P 500 slipped 3 points on moderately light volume with the June payroll report adding a better than expected 372,000 jobs, unemployment remained at 3.6% and matched, average hourly earnings rose 0.3% and matched while consumer credit use fell.

Mortgage rates were lower last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 4.87% and a 30-year rate of 5.67%. These rates are as of 7/11/2022 and may include points.

What to watch for on the economic calendar this week:

Monday – No Data

Tuesday – Small Business Optimism

Wednesday – Mortgage Applications / Consumer Prices

Thursday – Jobless Claims / Producer Prices

Friday – Capacity Utilization and Industrial Production / NY Manufacturing / Import and Export Prices / Retail Sales / Consumer Sentiment

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

July 11, 2022

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