AAM Weekly Market Wrap – October 31, 2022

Weekly Market Wrap: Stocks rallied for the second straight week as corporate earnings, economic data and easing interest rates all helped build investor enthusiasm.

For The Week

  • The S&P 500 rallied 3.95% to 3,901.06
  • Oil gained 3.35% to $87.90
  • Gold slipped 0.70% to $1,647.90
  • The US dollar fell 1.02% at $110.68 against other major world currencies.

2022 Year-To Date for the major indexes:

  • The S&P Index -18.15%
  • The Dow Jones Index -9.57%
  • The NASDAQ Index -29.04%
  • The Russell 2000 Small Cap Index -17.74%
  • EAFE International Index -23.91%
  • 10 Year Treasury Yield is 4.01%, lower for the week and higher for the year
  • 30 Year Treasury Yield is 4.14%, lower for the week and higher for the year
  • WTI Crude Oil Index +16.87%
  • Bloomberg Gold Index -10.01%
  • The Dollar Index +15.79% against other major world currencies

Monday the S&P 500 rose 45 points on moderate volume with no major data reported.

Tuesday stocks gained 62 points on moderate volume as consumer confidence fell more than expected, FHFA home prices fell and matched while Shiller home prices were higher but less than expected.

Wednesday the S&P 500 lost 29 points on moderate volume as mortgage applications fell and new home sales fell but beat estimates.

Thursday stocks fell 23 points on moderate volume as jobless claims fell more than expected, continuing claims were higher, durable goods orders rose but missed while 3rd Quarter GDP 1st estimate was higher than expected at +2.6%.

Friday the S&P 500 gained 94 points on moderate volume as employment costs rose and matched, PCE prices rose and matched expectations, pending home sales fell more than expected while personal income, personal spending and consumer sentiment all rose a little more than expected.

Mortgage rates were flat 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 10/31/2022 and may include points.

What to watch for on the economic calendar this week:

                                                                                             
Monday – Midwest Manufacturing

Tuesday – ISM Manufacturing / Construction Spending

Wednesday – Mortgage Applications / ADP Employment / FOMC Rate Decision

Thursday – Jobless Claims / Factory Orders / ISM Non-manufacturing / Worker Productivity and Unit Labor Costs

Friday – October Jobs Report

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

October 31, 2022

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