AAM Weekly Market Wrap – July 18, 2022

Weekly Market Wrap: Stocks fell on mixed economic data and earnings reports as consumer prices hit a 41-year high.

For The Week

  • The S&P 500 fell 0.93% to 3,863.16
  • Oil dropped 6.88% to $97.58
  • Gold lost 2.17% to $1,703.20
  • The US dollar rose 1.06% at $108.10 against other major world currencies.

2022 Year-To Date for the major indexes:

  • The S&P Index -18.95%
  • The Dow Jones Index -13.90%
  • The NASDAQ Index -26.80%
  • The Russell 2000 Small Cap Index -22.31%
  • EAFE International Index -21.96%
  • 10 Year Treasury Yield is 2.93%, lower for the week and higher for the year
  • 30 Year Treasury Yield is 3.09%, lower for the week and higher for the year
  • WTI Crude Oil Index +29.74%
  • Bloomberg Gold Index -6.99%
  • The Dollar Index +13.09% against other major world currencies

Monday the S&P 500 fell 45 points on moderately light volume with no major data reported.

Tuesday stocks dropped 36 points on moderately light volume as small business optimism fell to its lowest level since 2013.

Wednesday the S&P 500 lost 17 points on moderate volume as mortgage applications fell and consumer prices rose more than expected to 9.1% over the last year which was a 41-year high.

Thursday stocks fell another 11 points on moderate volume as jobless claims rose a little more than expected, continuing claims were lower and producer prices rose 11.3% over the last year beating estimates.

Friday the S&P 500 rallied 73 points on moderate volume as NY manufacturing rose and beat expectations, both capacity utilization and industrial production fell and missed expectations, import and export prices both rose, retail sales rose and beat while consumer sentiment also rose and beat expectations.

Mortgage rates were higher last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 4.89% and a 30-year rate of 5.73%. These rates are as of 7/18/2022 and may include points.

What to watch for on the economic calendar this week:

Monday – Homebuilder Sentiment

Tuesday – Housing Starts and Building Permits

Wednesday – Mortgage Applications / Existing Home Sales

Thursday – Jobless Claims / Leading Economic Indicators

Friday – No major data

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

July 18, 2022

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