AAM Weekly Market Wrap – September 5, 2022

Weekly Market Wrap: Stocks dropped for the third straight week despite some moderately positive economic data as worries continue over inflation and interest rate hikes.

For The Week

  • The S&P 500 lost 3.29% to 3,924.26
  • Oil fell 6.65% to $86.87
  • Gold slipped 1.68% to $1,720.30
  • The US dollar added 0.80% at $109.70 against other major world currencies.

2022 Year-To Date for the major indexes:

  • The S&P Index -17.66%
  • The Dow Jones Index -13.81%
  • The NASDAQ Index -25.66%
  • The Russell 2000 Small Cap Index -19.40%
  • EAFE International Index -23.14%
  • 10 Year Treasury Yield is 3.20%, higher for the week and higher for the year
  • 30 Year Treasury Yield is 3.35%, lower for the week and higher for the year
  • WTI Crude Oil Index +15.50%
  • Bloomberg Gold Index -6.06%
  • The Dollar Index +14.76% against other major world currencies

Monday the S&P 500 dropped 27 points on moderate volume with no major data reported.

Tuesday stocks fell 44 points on moderate volume as consumer confidence rose and beat expectations while both FHFA and Shiller home prices rose with Shiller rising a little less than expected.

Wednesday the S&P 500 fell another 31 points on moderate volume as mortgage applications fell, Midwest manufacturing rose but missed while ADP jobs added $300,000 jobs but missed expectations.

Thursday stocks gained 12 points on moderate volume as jobless claims fell more than expected, continuing claims were higher, construction spending fell more than expected, ISM manufacturing was flat, worker productivity fell less than expected while unity labor costs rose less than expected.

Friday the S&P 500 dropped 43 points on moderate volume as the August jobs report showed 315,000 new jobs which was higher than expected, unemployment rose to 3.7% and missed, average hourly earnings rose 0.3% which was lower than expected while factory orders fell and missed estimates.

Mortgage rates were higher last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 5.19% and a 30-year rate of 5.96%. These rates are as of 9/5/2022 and may include points.

What to watch for on the economic calendar this week:

Monday – No major data

Tuesday – ISM Non-manufacturing

Wednesday – Mortgage Applications

Thursday – Jobless Claims / Consumer Credit Use

Friday – No major data

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

September 5, 2022

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