AAM Weekly Market Wrap – June 13, 2022

Weekly Market Wrap: Stocks were lower for the ninth time in ten weeks as inflation and recession worries continue to rattle traders.

For The Week

  • The S&P 500 dropped 5.05% to 3,900.86
  • Oil rose 1.51% to $120.67
  • Gold added 1.16% to $1,875.20
  • The US dollar gained 1.97% at $104.16 against other major world currencies.

2022 Year-To Date for the major indexes:

  • The S&P Index -18.16%
  • The Dow Jones Index -13.61%
  • The NASDAQ Index -27.52%
  • The Russell 2000 Small Cap Index -19.82%
  • EAFE International Index -17.78%
  • 10 Year Treasury Yield is 3.16%, higher for the week and higher for the year
  • 30 Year Treasury Yield is 3.20%, higher for the week and higher for the year
  • WTI Crude Oil Index +60.44%
  • Bloomberg Gold Index +2.40%
  • The Dollar Index +8.97% against other major world currencies

Monday the S&P 500 rose 13 points on moderate volume with no major data reported.

Tuesday stocks added 39 points on moderate volume as consumer credit use fell but beat expectations.

Wednesday the S&P 500 lost 45 points on moderate volume as mortgage applications fell.

Thursday stocks dropped 98 points on moderate volume as jobless claims rose more than expected but remain low.

Friday the S&P 500 fell another 117 points on moderate volume as consumer prices rose more than expected and showed no signs of slowing while consumer sentiment fell to a record low and missed expectations.

Mortgage rates were higher last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 4.75% and a 30-year rate of 5.54%. These rates are as of 6/13/2022 and may include points.

What to watch for on the economic calendar this week:

Monday – No major data

Tuesday – Producer Prices / Small Business Optimism

Wednesday – Mortgage Applications / Retail Sales / Homebuilder Sentiment / NY Manufacturing / Import & Export Prices / FOMC Rate Decision

Thursday – Jobless Claims / Housing Starts & Building Permits

Friday – Industrial Production & Capacity Utilization

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

June 13, 2022

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