Weekly Market Wrap: Stocks were lower for the sixth straight week despite signs of cooling inflation and as treasury yields pulled back from last week’s highs.
For The Week
- The S&P 500 dropped 2.41% to 4,023.89
- Oil added 0.66% to $110.49
- Gold lost 4.12% to $1,806.70
- The US dollar rose 0.98% at $104.58 against other major world currencies.
2022 Year-To Date for the major indexes:
- The S&P Index -15.57%
- The Dow Jones Index -11.40%
- The NASDAQ Index -24.54%
- The Russell 2000 Small Cap Index -20.16%
- EAFE International Index -14.86%
- 10 Year Treasury Yield is 2.94%, lower for the week and higher for the year
- 30 Year Treasury Yield is 3.10%, lower for the week and higher for the year
- WTI Crude Oil Index +46.91%
- Bloomberg Gold Index -1.34%
- The Dollar Index +9.40% against other major world currencies
Monday the S&P 500 dropped 132 points on heavy volume with no major data reported.
Tuesday stocks gained 10 points on heavy volume as small business optimism was flat.
Wednesday the S&P 500 fell 66 points on heavy volume as mortgage applications rose and consumer prices rose more than expected.
Thursday stocks slipped 5 points on heavy volume as jobless claims rose more than expected, continuing claims were lower and hit a 50-year low while producer prices rose and matched expectations.
Friday the S&P 500 rebounded 94 points on heavy volume as import prices were flat, export prices rose and consumer sentiment fell and missed estimates.
Mortgage rates continued higher last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 4.81% and a 30-year rate of 5.57%. These rates are as of 5/16/2022 and may include points.
What to watch for on the economic calendar this week:
Monday – NY Manufacturing
Tuesday – Retail Sales / Capacity Utilization / Industrial Production / Homebuilder Sentiment
Wednesday – Mortgage Applications / Housing Starts and Building Permits
Thursday – Jobless Claims / Existing Home Sales / Leading Indicators
Friday – No major data
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
May 16, 2022
economic indicators, economic news, Economy, Financial Adviser Grand Rapids, Financial Advisor Grand Rapids, Financial Planner Grand Rapids, Interest Rates, investments, mortgage rates, Personal Financial Planning, Stock Market