AAM Weekly Market Wrap – October 3, 2022

Weekly Market Wrap: Stocks fell for the sixth time in the last seven weeks and the S&P dropped to a new 2022 low as inflation concerns and Fed rate hikes continue to weigh on traders minds.

For The Week

  • The S&P 500 dropped 2.91% to 3,585.62
  • Oil gained 0.95% to $79.49
  • Gold rose 1.07% to $1,668.60
  • The US dollar fell 0.73% at $112.18 against other major world currencies.

2022 Year-To Date for the major indexes:

  • The S&P Index -24.77%
  • The Dow Jones Index -20.95%
  • The NASDAQ Index -32.40%
  • The Russell 2000 Small Cap Index -25.86%
  • EAFE International Index -28.81%
  • 10 Year Treasury Yield is 3.82%, higher for the week and higher for the year
  • 30 Year Treasury Yield is 3.77%, higher for the week and higher for the year
  • WTI Crude Oil Index +5.69%
  • Bloomberg Gold Index -8.88%
  • The Dollar Index +17.36% against other major world currencies

Monday the S&P 500 fell 38 points on moderate volume with no major data reported.

Tuesday stocks slipped 8 points on moderate volume as consumer confidence rose and beat, durable goods orders fell more than expected, new home sales rose and beat expectations, FHFA home prices fell, and Shiller home prices rose less than expected.

Wednesday the S&P 500 rallied 72 points on moderate volume as mortgage applications fell, pending home sales fell less than expected and the Bank of England surprised the markets by purchasing bonds to stabilize their currency.

Thursday stocks dropped 79 points on moderate volume as jobless claims fell more than expected while the 2nd Quarter GDP final estimate matched estimates at -0.6%.

Friday the S&P 500 lost another 55 points on moderate volume as Midwest manufacturing contracted and missed estimates, PCE prices rose a little more than expected, personal income rose and matched, personal spending rose and beat while consumer sentiment fell and missed estimates.

Mortgage rates continued higher last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 5.97% and a 30-year rate of 6.82%. These rates are as of 10/03/2022 and may include points.

What to watch for on the economic calendar this week:

                                                                                             
Monday – Construction Spending / ISM Manufacturing

Tuesday – Factory Orders

Wednesday – Mortgage Applications / ADP Employment / ISM Non-Manufacturing

Thursday – Jobless Claims

Friday – September Jobs / Consumer Credit

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

October 03, 2022

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