AAM Weekly Market Wrap – June 27, 2022

Weekly Market Wrap: Stocks rebounded and broke a three-week losing streak as interest rates pulled back slightly and gas prices dropped slightly as well giving consumers a little to be happy for.

For The Week

  • The S&P 500 jumped 6.45% to 3,911.74
  • Oil slipped 0.34% to $107.62
  • Gold lost 0.53% to $1,830.30
  • The US dollar fell 0.50% at $104.16 against other major world currencies.

2022 Year-To Date for the major indexes:

  • The S&P Index -17.93%
  • The Dow Jones Index -13.31%
  • The NASDAQ Index -25.81%
  • The Russell 2000 Small Cap Index -21.36%
  • EAFE International Index -18.95%
  • 10 Year Treasury Yield is 3.13%, lower for the week and higher for the year
  • 30 Year Treasury Yield is 3.26%, lower for the week and higher for the year
  • WTI Crude Oil Index +43.09%
  • Bloomberg Gold Index -0.05%
  • The Dollar Index +8.97% against other major world currencies

Monday the markets were closed.

Tuesday stocks jumped 90 points on moderately heavy volume as existing home sales fell and beat expectations.

Wednesday the S&P 500 slipped 5 points on moderately heavy volume as mortgage applications rose.

Thursday stocks gained 36 points on moderate volume as jobless claims fell a little more than expected while continuing claims were higher.

Friday the S&P 500 rallied 116 points on heavy volume as new home sales rose and beat expectations while consumer sentiment fell and missed estimates.

Mortgage rates fell slightly last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 5.10% and a 30-year rate of 5.89%. These rates are as of 6/27/2022 and may include points.

What to watch for on the economic calendar this week:

                                                                                                 
Monday – Pending Homes Sales / Durable Goods Orders

Tuesday – FHFA and Shiller Home Prices / Consumer Confidence

Wednesday – Mortgage Applications / GDP 3rd estimate for 1st Quarter

Thursday – Jobless Claims / Midwest Manufacturing / PCE Prices / Personal Income and Spending

Friday – ISM Manufacturing / Construction Spending

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

June 27, 2022

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