AAM Weekly Market Wrap – May 31, 2022

Weekly Market Wrap: Stocks were higher for the first time in eight weeks as interest rates settled lower and inflation showed signs of slowing.

For The Week

  • The S&P 500 jumped 6.58% to 4,158.24
  • Oil rose 4.34% to $115.07
  • Gold gained 0.59% to $1,851.00
  • The US dollar lost 1.33% at $101.68 against other major world currencies.

2022 Year-To Date for the major indexes:

  • The S&P Index -12.76%
  • The Dow Jones Index -8.60%
  • The NASDAQ Index -22.46%
  • The Russell 2000 Small Cap Index -15.92%
  • EAFE International Index -10.49%
  • 10 Year Treasury Yield is 2.75%, lower for the week and higher for the year
  • 30 Year Treasury Yield is 2.98%, lower for the week and higher for the year
  • WTI Crude Oil Index +53.00%
  • Bloomberg Gold Index +1.08%
  • The Dollar Index +6.37% against other major world currencies

Monday the S&P 500 jumped 72 points on moderate volume with no major data reported.

Tuesday stocks fell 17 points on moderate volume as new home sales fell and missed estimates.

Wednesday the S&P 500 gained 37 points on moderate volume as mortgage applications fell while durable goods orders rose but missed expectations.

Thursday stocks surged 79 points on moderate volume as jobless claims were lower and matched, continuing were higher, pending home sales were lower than expected while 1st quarter GDP, 2nd estimate was revised lower and missed at -1.5%.

Friday the S&P 500 added 100 points on moderate volume as PCE prices rose a little less than expected, personal income rose a little less than expected, personal spending rose and beat while consumer sentiment fell and missed expectations reaching a 10-year low.

Mortgage rates were lower last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 4.59% and a 30-year rate of 5.28%. These rates are as of 5/31/2022 and may include points.

What to watch for on the economic calendar this week:

Monday – No major data / markets closed

Tuesday – Midwest Manufacturing / Consumer Confidence / Shiller Home Prices / FHFA Home Prices

Wednesday – Mortgage Applications / ADP Jobs / Construction Spending / ISM Manufacturing

Thursday – Jobless Claims / Factory Orders / Worker Productivity / Unit Labor Costs

Friday – May Jobs Report / ISM Non-Manufacturing

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

May 31, 2022

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