AAM Weekly Market Wrap – October 17, 2022

Weekly Market Wrap: Stocks slumped to a new low for the S&P 500 as inflation continued hot while other data was mixed, and corporate profits were a little better than expected.

For The Week

  • The S&P 500 fell 1.55% to 3,583.07
  • Oil dropped 7.59% to $85.61
  • Gold lost 3.16% to $1,649.20
  • The US dollar rose 0.40% at $113.26 against other major world currencies.

2022 Year-To Date for the major indexes:

  • The S&P Index -24.82%
  • The Dow Jones Index -18.45%
  • The NASDAQ Index -34.03%
  • The Russell 2000 Small Cap Index -25.07%
  • EAFE International Index -28.81%
  • 10 Year Treasury Yield is 4.00%, higher for the week and higher for the year
  • 30 Year Treasury Yield is 3.97%, higher for the week and higher for the year
  • WTI Crude Oil Index +13.83%
  • Bloomberg Gold Index -9.94%
  • The Dollar Index +18.49% against other major world currencies

Monday the S&P 500 lost 27 points with no major data.

Tuesday stocks fell another 23 points on moderate volume as small business optimism rose and beat expectations.

Wednesday the S&P 500 lost 12 points on moderate volume as mortgage applications fell, producer prices rose more than expected and the FOMC remained intent on continuing rate hikes until inflation cools.

Thursday stocks rallied 92 points on moderately heavy volume as jobless claims rose more than expected, continuing claims were higher and consumer prices rose more than expected.

Friday the S&P 500 dropped 87 points on moderate volume as both import and export prices fell, retailed sales were flat and missed while consumer sentiment rose and beat expectations.

Mortgage rates continued higher last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 6.28% and a 30-year rate of 7.08%. These rates are as of 10/17/2022 and may include points.

What to watch for on the economic calendar this week:

Monday – NY Manufacturing

Tuesday – Homebuilder Sentiment / Industrial Production and Capacity Utilization

Wednesday – Mortgage Applications / Housing Starts and Building Permits

Thursday – Jobless Claims / Leading Indicators / Existing Home Sales

Friday – No major data

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

October 17, 2022

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