AAM Weekly Market Wrap – September 19, 2022

Weekly Market Wrap: Stocks fell for the fourth time in the last five weeks as inflation data remained stubbornly high keeping pressure on the Fed to stay aggressive raising interest rates.

For The Week

  • The S&P 500 dropped 4.77% to 3,873.33
  • Oil lost 1.94% to $85.11
  • Gold fell 2.52% to $1,683.60
  • The US dollar rallied 0.64% at $109.67 against other major world currencies.

2022 Year-To Date for the major indexes:

  • The S&P Index -18.73%
  • The Dow Jones Index -15.18%
  • The NASDAQ Index -26.82%
  • The Russell 2000 Small Cap Index -19.91%
  • EAFE International Index -23.23%
  • 10 Year Treasury Yield is 3.45%, higher for the week and higher for the year
  • 30 Year Treasury Yield is 3.52%, lower for the week and higher for the year
  • WTI Crude Oil Index +13.16%
  • Bloomberg Gold Index -8.06%
  • The Dollar Index +14.73% against other major world currencies

Monday the S&P 500 rebounded 43 points on moderate volume with no major data reported.

Tuesday stocks plummeted 178 points on moderate volume as consumer prices rose more than expected while small business optimism rose.

Wednesday the S&P 500 gained 13 points on moderate volume as mortgage applications fell and producer prices fell and matched expectations.

Thursday stocks fell 45 points on moderate volume as jobless claims fell but beat, continuing claims were higher, capacity utilization fell and missed, industrial production fell more than expected, NY manufacturing fell less than expected, both import and export prices fell while retail sales rose and beat expectations.

Friday the S&P 500 lost another 28 points on heavy volume as consumer sentiment rose but missed estimates.

Mortgage rates were flat last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 5.33% and a 30-year rate of 6.08%. These rates are as of 9/19/2022 and may include points.

What to watch for on the economic calendar this week:

Monday – Homebuilder Sentiment

Tuesday – Housing Starts & Building Permits

Wednesday – Mortgage Applications / Existing Home Sales / FOMC Rate Decision

Thursday – Jobless Claims / Leading Economic Indicators

Friday – No major data

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

September 19, 2022

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