AAM Weekly Market Wrap – October 24, 2022

Weekly Market Wrap: Stocks rallied last week as some Fed members indicated that they may be open to slowing down the rate hikes as the rate of inflation eases.

For The Week

  • The S&P 500 gained 4.74% to 3,752.75
  • Oil slipped 0.65% to $85.05
  • Gold rose 0.62% to $1,659.50
  • The US dollar fell 1.27% at $111.82 against other major world currencies.

2022 Year-To Date for the major indexes:

  • The S&P Index -21.26%
  • The Dow Jones Index -14.46%
  • The NASDAQ Index -30.59%
  • The Russell 2000 Small Cap Index -22.41%
  • EAFE International Index -26.30%
  • 10 Year Treasury Yield is 4.21%, higher for the week and higher for the year
  • 30 Year Treasury Yield is 4.31%, higher for the week and higher for the year
  • WTI Crude Oil Index +13.08%
  • Bloomberg Gold Index -9.38%
  • The Dollar Index +16.98% against other major world currencies

Monday the S&P 500 rose 95 points on moderate volume as NY manufacturing fell more than expected.

Tuesday stocks gained 42 points on moderate volume as homebuilder sentiment fell and missed expectations while both industrial production and capacity utilization rose and beat estimates.

Wednesday the S&P 500 lost 25 points on moderate volume as mortgage applications fell, housing starts fell and missed estimates while building permits rose and beat expectations.

Thursday stocks lost 29 points on moderate volume as jobless claims fell more than expected, continuing claims were higher, existing home sales fell but beat estimates and leading economic indicators fell more than expected and was lower for the sixth time in the last seven readings.

Friday the S&P 500 gained 87 points on moderately heavy volume with no major data reported

Mortgage rates continued higher last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 6.43% and a 30-year rate of 7.20%. These rates are as of 10/24/2022 and may include points.

What to watch for on the economic calendar this week:

Monday – No major data

Tuesday – Consumer Confidence / FHFA & Shiller home prices

Wednesday – Mortgage Applications / New Home Sales

Thursday – Jobless Claims / Durable Goods Orders / GDP 3rd Quarter 1st Estimate

Friday – PCE Prices / Employment Costs / Pending Home Sales / Personal Income and Spending / Consumer Sentiment

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

October 24, 2022

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