AAM Weekly Market Wrap – July 5, 2022

Weekly Market Wrap: Stocks fell for the 11th time in 13 weeks this quarter as recession worries increased on mixed economic data and lower bond yields.

For The Week

  • The S&P 500 fell 2.21% to 3,825.33
  • Oil gained 0.75% to $108.43
  • Gold lost 1.24% to $1,807.60
  • The US dollar rose 0.95% at $105.15 against other major world currencies.

2022 Year-To Date for the major indexes:

  • The S&P Index -19.74%
  • The Dow Jones Index -14.42%
  • The NASDAQ Index -28.87%
  • The Russell 2000 Small Cap Index -23.05%
  • EAFE International Index -20.39%
  • 10 Year Treasury Yield is 3.00%, lower for the week and higher for the year
  • 30 Year Treasury Yield is 3.16%, lower for the week and higher for the year
  • WTI Crude Oil Index +44.17%
  • Bloomberg Gold Index -1.29%
  • The Dollar Index +10.00% against other major world currencies

Monday the S&P 500 lost 12 points on moderate volume as durable goods orders and pending home sales rose and beat expectations.

Tuesday stocks slumped 79 points on moderate volume as consumer confidence fell and missed, FHFA home prices rose while Shiller home prices rose and beat expectations.

Wednesday the S&P 500 slipped 3 points on moderate volume as mortgage applications rose and 1Q GDP final estimate lost 1.6% which was a little lower than expected.

Thursday stocks fell 33 points on moderate volume as jobless claims fell a little more than expected, continuing claims were lower, Midwest manufacturing fell and missed, PCE prices rose a little less than expected, personal income rose and matched while personal spending fell and missed estimates.

Friday the S&P 500 gained 40 points on moderate volume as both construction spending and ISM 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 5.06% and a 30-year rate of 5.83%. These rates are as of 7/5/2022 and may include points.

What to watch for on the economic calendar this week:

Monday – No Data

Tuesday – Factory Orders

Wednesday – Mortgage Applications / ISM Non-manufacturing / FOMC Minutes

Thursday – Jobless Claims / ADP Jobs

Friday – June Jobs / Consumer Credit Use

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

July 5, 2022

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