AAM Weekly Market Wrap – May 9, 2022

Weekly Market Wrap: Stocks were lower for the fifth straight week as Treasury yields pushed through 3% while the war in Ukraine and inflation fears continued to add to market volatility.

For The Week

  • The S&P 500 slipped 0.21% to 4,123.34
  • Oil gained 4.85% to $109.77
  • Gold lost 1.43% to $1,884.40
  • The US dollar rose 0.40% at $103.57 against other major world currencies.

2022 Year-To Date for the major indexes:

  • The S&P Index -13.49%
  • The Dow Jones Index -9.46%
  • The NASDAQ Index -22.37%
  • The Russell 2000 Small Cap Index -18.07%
  • EAFE International Index -14.50%
  • 10 Year Treasury Yield is 3.13%, higher for the week and higher for the year
  • 30 Year Treasury Yield is 3.22%, higher for the week and higher for the year
  • WTI Crude Oil Index +45.95%
  • Bloomberg Gold Index +2.91%
  • The Dollar Index +8.35% against other major world currencies

Monday the S&P 500 rose 23 points on heavy volume as construction spending rose but missed while ISM manufacturing fell and missed estimates.

Tuesday stocks added 20 points on heavy volume as factory orders rose and beat expectations.

Wednesday the S&P 500 jumped 125 points on heavy volume as mortgage applications rose for the first time in a while, ISM non-manufacturing fell and missed, ADP jobs rose less than expected while the FOMC raised short-term rates 0.50% as expected.

Thursday stocks dropped 153 points on heavy volume as jobless claims rose more than expected, continuing claims were lower, worker productivity fell more than expected while unit labor costs rose more than expected.

Friday the S&P 500 fell another 24 points on moderate volume as the April jobs report added a better than expected 428,000 jobs, unemployment was steady at 3.6%, average hourly earnings fell a little more than expected at 0.3% and consumer credit use rose and beat expectations.

Mortgage rates continued higher last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 4.73% and a 30-year rate of 5.48%. These rates are as of 5/9/2022 and may include points.

What to watch for on the economic calendar this week:

                                                                                                 
Monday – No major data

Tuesday – Small Business Optimism

Wednesday – Mortgage Applications / Consumer Prices

Thursday – Jobless Claims / Producer Prices

Friday – Import & Export Prices / Consumer Sentiment

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

May 9, 2022

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