AAM Weekly Market Wrap – November 28, 2022

Weekly Market Wrap: Stocks rose last week as the Fed notes indicated that they are remaining cautious but could begin to slow rate hikes in the coming months.

For The Week

  • The S&P 500 gained 1.53% to 4,026.12
  • Oil dropped 4.18% to $76.76
  • Gold rose 0.15% to $1,752.90
  • The US dollar lost 0.90% at $106.01 against other major world currencies.

2022 Year-To Date for the major indexes:

  • The S&P Index -15.53%
  • The Dow Jones Index -5.48%
  • The NASDAQ Index -28.24%
  • The Russell 2000 Small Cap Index -16.75%
  • EAFE International Index -15.33%
  • 10 Year Treasury Yield is 3.69%, lower for the week and higher for the year
  • 30 Year Treasury Yield is 3.76%, lower for the week and higher for the year
  • WTI Crude Oil Index +2.06%
  • Bloomberg Gold Index -4.28%
  • The Dollar Index +10.90% against other major world currencies

Monday the S&P 500 fell 15 points on light volume with no major data reported.

Tuesday stocks jumped 54 points on light volume with no major data reported.

Wednesday the S&P 500 lost 24 points on light volume as mortgage applications rose for the second straight week, jobless claims rose more than expected, continuing claims were higher, durable goods orders, new home sales and consumer sentiment all rose and beat expectations and the Fed notes indicated a possible slowing of rate hikes.

Thursday markets were closed.

Friday the S&P 500 slipped 1 point on light volume with no major data reported.

Mortgage rates were lower last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 6.11% and a 30-year rate of 6.79%. These rates are as of 11/28/2022 and may include points.

What to watch for on the economic calendar this week:

Monday – No Major Data

Tuesday – Consumer Confidence / FHFA and Shiller Home Prices

Wednesday – Mortgage Applications / ADP Employment / Midwest Manufacturing / Pending Home Sales / GDP 3rd Quarter 2nd Estimate

Thursday – Jobless Claims / Construction Spending / ISM Manufacturing / PCR Prices / Personal Income and Spending

Friday – November Jobs

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

November 28, 2022

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