Weekly Market Wrap: Stocks rose for the first week of the 4th quarter as inflation concerns and Fed rate hikes continue to weigh on the markets.
For The Week
- The S&P 500 gained 1.51% to 3,639.66
- Oil jumped 16.54% to $92.64
- Gold added 2.06% to $1,703.00
- The US dollar rose 0.56% at $112.81 against other major world currencies.
2022 Year-To Date for the major indexes:
- The S&P Index -23.64%
- The Dow Jones Index -19.38%
- The NASDAQ Index -31.91%
- The Russell 2000 Small Cap Index -24.19%
- EAFE International Index -27.77%
- 10 Year Treasury Yield is 3.88%, higher for the week and higher for the year
- 30 Year Treasury Yield is 3.84%, higher for the week and higher for the year
- WTI Crude Oil Index +23.18%
- Bloomberg Gold Index -7.00%
- The Dollar Index +18.01% against other major world currencies
Monday the S&P 500 rallied 93 points on moderate volume as construction spending fell more than expected while ISM manufacturing fell and missed expectations.
Tuesday stocks added 113 points on moderately heavy volume as factory orders were flat and missed.
Wednesday the S&P 500 lost 8 points on moderate volume as mortgage applications fell sharply, ADP jobs were higher and beat while ISM non-manufacturing fell but beat estimates.
Thursday stocks dropped 39 points on moderate volume as jobless claims rose more than expected and continuing claims were higher.
Friday the S&P 500 lost another 105 points on moderate volume as the September jobs report added a higher than expected 263,000 jobs, unemployment fell to 3.5% and beat, average hourly earnings rose 0.3% and match expectations while consumer credit use fell.
Mortgage rates continued higher last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 6.07% and a 30-year rate of 6.89%. These rates are as of 10/10/2022 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 / Producer Prices / FOMC Minutes
Thursday – Jobless Claims / Consumer Prices
Friday – Import & Export Prices / Retail Sales / Consumer Sentiment
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
October 10, 2022
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