AAM Weekly Market Wrap – June 20, 2022

Weekly Market Wrap: Stocks were lower for the tenth time in eleven weeks as inflation and recession worries continue to rattle traders and investors alike.

For The Week

  • The S&P 500 dropped another 5.79% to 3,674.84
  • Oil fell 10.51% to $107.99
  • Gold slipped 1.87% to $1,840.10
  • The US dollar gained 0.50% at $104.68 against other major world currencies.

2022 Year-To Date for the major indexes:

  • The S&P Index -22.90%
  • The Dow Jones Index -17.75%
  • The NASDAQ Index -30.98%
  • The Russell 2000 Small Cap Index -25.81%
  • EAFE International Index -21.86%
  • 10 Year Treasury Yield is 3.25%, higher for the week and higher for the year
  • 30 Year Treasury Yield is 3.30%, higher for the week and higher for the year
  • WTI Crude Oil Index +43.58%
  • Bloomberg Gold Index +0.49%
  • The Dollar Index +9.51% against other major world currencies

Monday the S&P 500 plummeted 151 points on heavy volume with no major data reported.

Tuesday stocks fell another 14 points on moderately heavy volume as producer prices rose and matched expectations while small business optimism fell.

Wednesday the S&P 500 rebounded 54 points on heavy volume as mortgage applications rose, NY manufacturing contracted and missed, both import and export prices rose, the Federal Reserve raised rates 0.75% as expected (the largest increase since 1994), homebuilder sentiment fell and missed while retail sales also fell and missed expectations.

Thursday stocks dropped 123 points on heavy volume as jobless claims fell but not as much as expected, continuing claims were higher while building permits and housing starts fell and missed expectations.

Friday the S&P 500 gained 8 points on very heavy volume as industrial production rose less than expected, capacity utilization rose but missed while leading indicators fell.

Mortgage rates were significantly higher last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 5.11% and a 30-year rate of 5.91%. These rates are as of 6/20/2022 and may include points.

What to watch for on the economic calendar this week:

Monday – No major data

Tuesday – Existing Home Sales

Wednesday – Mortgage Applications

Thursday – Jobless Claims

Friday – New Home Sales / Consumer Sentiment

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

June 20, 2022

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