AAM Weekly Market Wrap – July 25, 2022

Weekly Market Wrap: Stocks rallied last week despite some disappointing housing data and a 4th straight monthly drop in leading economic indicators.

For The Week

  • The S&P 500 gained 2.55% to 3,961.63
  • Oil dropped 2.95% to $94.70
  • Gold rose 1.42% to $1,727.40
  • The US dollar lost 1.36% at $106.63 against other major world currencies.

2022 Year-To Date for the major indexes:

  • The S&P Index -16.88%
  • The Dow Jones Index -12.22%
  • The NASDAQ Index -24.36%
  • The Russell 2000 Small Cap Index -19.53%
  • EAFE International Index -19.42%
  • 10 Year Treasury Yield is 2.80%, lower for the week and higher for the year
  • 30 Year Treasury Yield is 3.00%, lower for the week and higher for the year
  • WTI Crude Oil Index +25.91%
  • Bloomberg Gold Index -5.67%
  • The Dollar Index +11.55% against other major world currencies

Monday the S&P 500 fell 32 points on moderate volume as homebuilder sentiment fell and missed expectations.

Tuesday stocks rallied 106 points on moderate volume as building permits fell but beat while housing starts fell and missed estimates.

Wednesday the S&P 500 gained 23 points on moderate volume as mortgage applications fell and existing home sales fell and missed.

Thursday stocks added another 39 points on moderate volume as jobless claims rose a little more than expected, continuing claims were higher and leading economic indicators fell more than expected.

Friday the S&P 500 fell 37 points on moderate volume with no major data reported.

Mortgage rates were higher last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 5.00% and a 30-year rate of 5.84%. These rates are as of 7/25/2022 and may include points.

What to watch for on the economic calendar this week:

Monday – No major data

Tuesday – FHA & Shiller Home Prices / New Home Sales / Consumer Confidence

Wednesday – Mortgage Applications / Pending Home Sales / Durable Goods Orders / FOMC Rate Decision

Thursday – Jobless Claims / GDP 1st estimate 2nd quarter

Friday – Midwest Manufacturing / PCE Prices / Personal Income & Spending / Consumer Sentiment / Employment Costs

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

July 25, 2022

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