Weekly Market Wrap: Stocks were very volatile and continued lower last week as markets continued to digest news on the Omicron variant, inflation and the Fed taper.
For The Week
- The S&P 500 lost 1.22% to 4,538.43
- Oil dropped 4.00% to $66.26
- Gold rose 0.01% to $1,785.80
- The US dollar was flat at $96.16 other major world currencies.
2021 Year-To Date for the major indexes:
- The S&P Index +20.83%
- The Dow Jones Index +12.98%
- The NASDAQ Index +17.05%
- The Russell 2000 Small cap Index +11.35%
- EAFE International Index +5.30%
- 10 Year Treasury Yield is 1.35%, lower for the week and higher for the year
- 30 Year Treasury Yield is 1.69%, lower for the week and higher for the year
- WTI Crude Oil Index +36.40%
- Bloomberg Gold Index -6.64%
- The Dollar Index +6.64% against other major world currencies
Monday the S&P 500 was higher on heavy volume as pending home sales rose and beat expectations.
Tuesday stocks dropped 88 points on very heavy volume as Midwest manufacturing fell and missed estimates, consumer confidence fell and missed, FHFA prices rose while Shiller home prices rose a little less than expected.
Wednesday the S&P 500 fell 54 points on very heavy volume as mortgage applications fell, ADP Employment fell but beat estimates, construction spending rose but missed while ISM manufacturing rose and beat expectations.
Thursday stocks rebounded 64 points on heavy volume as jobless claims rose but beat expectations while continuing claims were lower.
Friday the S&P 500 lost 39 points on heavy volume as factory orders rose and beat, ISM non-manufacturing rose and beat estimates, the November jobs report showed a smaller than expected 210,000 jobs added, unemployment fell to 4.2% and beat estimates while average hourly earnings rose a little less than expected at 0.3%.
Mortgage rates were higher last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.54% and a 30-year rate of 3.22%. These rates are as of 12/06/2021 and may include points.
What to watch for on the economic calendar this week:
Monday – No Data
Tuesday – Consumer Credit / Worker Productivity / Unit Labor Costs
Wednesday – Mortgage Applications
Thursday – Jobless Claims
Friday – Consumer Prices / Consumer Sentiment
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
December 06, 2021
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