AAM Weekly Market Wrap – November 21, 2022

Weekly Market Wrap: Stocks were lower last week as lower inflation data did not offset mixed earnings and economic data as markets struggle with higher interest rate forecasts.

For The Week

  • The S&P 500 slipped 0.69% to 3,965.34
  • Oil dropped 9.93% to $80.11
  • Gold lost 1.16% to $1,750.30
  • The US dollar gained 0.55% at $106.97 against other major world currencies.

2022 Year-To Date for the major indexes:

  • The S&P Index -16.80%
  • The Dow Jones Index -7.13%
  • The NASDAQ Index -28.76%
  • The Russell 2000 Small Cap Index -16.80%
  • EAFE International Index -17.20%
  • 10 Year Treasury Yield is 3.82%, flat for the week and higher for the year
  • 30 Year Treasury Yield is 3.93%, lower for the week and higher for the year
  • WTI Crude Oil Index +6.52%
  • Bloomberg Gold Index -4.42%
  • The Dollar Index +11.91% against other major world currencies

Monday the S&P 500 fell 36 points on moderate volume with no major data reported.

Tuesday stocks rebounded 34 points on moderate volume as producer prices were lower than expected while NY manufacturing rose and beat expectations.

Wednesday the S&P 500 lost 33 points on moderate volume as mortgage applications rose for the first time in 8 weeks, both capacity utilization and industrial production fell and missed estimates, both import and export prices fell, homebuilder sentiment fell and missed while retail sales rose and beat expectations.

Thursday stocks slipped 12 points on moderate volume as jobless fell and missed, continuing claims were higher, while both building permits and housing starts fell but beat expectations.

Friday the S&P 500 gained 19 points on moderate volume as existing home sales fell and beat estimates while leading economic indicators fell more than expected and also fell for the 8th consecutive month.

Mortgage rates were mixed last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 6.24% and a 30-year rate of 6.87%. These rates are as of 11/21/2022 and may include points.

What to watch for on the economic calendar this week:

Monday – No Major Data

Tuesday – No Major Data

Wednesday – Mortgage Applications / Jobless Claims / Durable Goods Orders / New Home Sales / Consumer Sentiment / FOMC Minutes

Thursday – No Data – HAPPY THANKSGIVING!

Friday – No Data

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

November 21, 2022

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