AAM Weekly Market Wrap – September 26, 2022

Weekly Market Wrap: Stocks fell for the fifth time in the last six weeks as the Fed raised rates 0.75% as most expected and indicated it will continue to raise rates until inflation is subdued.

For The Week

  • The S&P 500 dropped 4.65% to 3,693.23
  • Oil lost 7.48% to $78.74
  • Gold fell 1.94% to $1,650.90
  • The US dollar rallied 3.05% at $113.01 against other major world currencies.

2022 Year-To Date for the major indexes:

  • The S&P Index -22.51%
  • The Dow Jones Index -18.57%
  • The NASDAQ Index -30.53%
  • The Russell 2000 Small Cap Index -25.20%
  • EAFE International Index -27.86%
  • 10 Year Treasury Yield is 3.68%, higher for the week and higher for the year
  • 30 Year Treasury Yield is 3.60%, higher for the week and higher for the year
  • WTI Crude Oil Index +4.69%
  • Bloomberg Gold Index -9.85%
  • The Dollar Index +18.22% against other major world currencies

Monday the S&P 500 gained 27 points on moderate volume as homebuilder sentiment fell for the 9th straight month and missed estimates.

Tuesday stocks fell 44 points on moderate volume as housing starts rose and beat while building permits fell and missed expectations.

Wednesday the S&P 500 dropped 66 points on moderate volume as mortgage applications rose, existing home sales fell but beath estimates and the FOMC raised rates 0.75% as most expected.

Thursday stocks fell 32 points on moderate volume as jobless claims rose a little less than expected, continuing claims were lower and leading indicators fell for the 6th straight month and missed.

Friday the S&P 500 lost another 65 points on moderate volume with no major data reported.

Mortgage rates were higher last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 5.66% and a 30-year rate of 6.43%. These rates are as of 9/25/2022 and may include points.

What to watch for on the economic calendar this week:

Monday – No major data

Tuesday – Consumer Confidence / New Home Sales / Durable Goods Orders / FHFA and Shiller home prices

Wednesday – Mortgage Applications / Pending Home Sales

Thursday – Jobless Claims / GDP 2nd Quarter 3rd Estimate

Friday – Midwest Manufacturing / PCE Prices / Personal Income & spending / Consumer Sentiment

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

September 25, 2022

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