AAM Weekly Market Wrap – November 14, 2022

Weekly Market Wrap: Stocks gained this week as consumer prices rose less than expected and gave hopes to traders that inflation may be cooling and the Fed may reduce the pace of rate hikes.

For The Week

  • The S&P 500 rallied 5.90% to 3,992.93
  • Oil lost 3.96% to $88.94
  • Gold jumped 5.13% to $1,770.90
  • The US dollar dropped 3.92% at $106.39 against other major world currencies.

2022 Year-To Date for the major indexes:

  • The S&P Index -16.22%
  • The Dow Jones Index -7.13%
  • The NASDAQ Index -27.62%
  • The Russell 2000 Small Cap Index -16.15%
  • EAFE International Index -16.80%
  • 10 Year Treasury Yield is 3.82%, lower for the week and higher for the year
  • 30 Year Treasury Yield is 4.06%, lower for the week and higher for the year
  • WTI Crude Oil Index +18.26%
  • Bloomberg Gold Index -3.29%
  • The Dollar Index +11.30% against other major world currencies

Monday the S&P 500 rose 36 points on moderate volume as consumer credit use fell.

Tuesday stocks added 21 points on moderate volume as small business optimism fell.

Wednesday the S&P 500 dropped 80 points on moderate volume as mortgage applications fell.

Thursday stocks jumped 208 points on heavy volume as jobless claims rose more than expected, continuing claims were higher and consumer prices rose a less than expected 0.4%.

Friday the S&P 500 gained another 37 points on moderately heavy volume as consumer sentiment fell and missed estimates.

Mortgage rates were lower last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 6.24% and a 30-year rate of 6.91%. These rates are as of 11/11/2022 and may include points.

What to watch for on the economic calendar this week:

                                                                                             
Monday – No Major Data

Tuesday – New York Manufacturing / Producer Prices

Wednesday – Mortgage Applications / Import & Export Prices / Capacity Utilization and Industrial Production / Homebuilder Sentiment / Retail Sales

Thursday – Jobless Claims / Housing Starts & Building Permits

Friday – Existing Home Sales / Leading Economic Indicators

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

November 14, 2022

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