AAM Weekly Market Wrap – November 22, 2021

Weekly Market Wrap: The S&P 500 gained for the 6th week out of the last 7 as positive earnings, retail sales and housing data offset concerns over inflation data and increasing covid cases overseas.

For The Week

  • The S&P 500 rose 0.32% to 4,697.96
  • Oil dropped 6.00% to $75.94
  • Gold slipped 0.99% to $1,848.60
  • The US dollar added 0.97% at $96.03 other major world currencies.

2021 Year-To Date for the major indexes:

  • The S&P Index +25.08%
  • The Dow Jones Index +16.32%
  • The NASDAQ Index +24.59%
  • The Russell 2000 Small cap Index +18.65%
  • EAFE International Index +10.10%
  • 10 Year Treasury Yield is 1.54%, flat for the week and higher for the year
  • 30 Year Treasury Yield is 1.91%, lower for the week and higher for the year
  • WTI Crude Oil Index +56.51%
  • Bloomberg Gold Index -2.73%
  • The Dollar Index +6.77% against other major world currencies

Monday the S&P 500 was flat on moderately light volume as NY manufacturing rose and beat expectations.

Tuesday stocks gained 18 points on moderate volume as both capacity utilization and industrial production both rose and beat estimates, both import and export prices rose, homebuilder sentiment rose and beat expectations and retail sales were higher and beat as well.

Wednesday the S&P 500 fell 12 points on moderate volume as mortgage applications fell, housing starts fell and missed while building permits rose and beat expectations.

Thursday stocks dropped 16 points on moderately heavy volume jobless claims fell less than expected, continuing claims were lower and leading indicators rose a little more than expected.

Friday the S&P 500 lost 7 points on moderately heavy 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 2.51% and a 30-year rate of 3.20%. These rates are as of 11/22/2021 and may include points.

What to watch for on the economic calendar this week:

Monday – Existing Home Sales

Tuesday – No major data

Wednesday – Mortgage Applications / Jobless Claims / Durable Goods Orders / FOMC Meeting Minutes / 3rd Quarter GDP 2nd Estimate / New Home Sales / PCE Prices / Personal Income and Spending / Consumer Sentiment

Thursday – No major data

Friday –No major data

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

November 22, 2021

economic indicatorseconomic newsEconomyFinancial Adviser Grand RapidsFinancial Advisor Grand RapidsFinancial Planner Grand RapidsInterest Ratesinvestmentsmortgage ratesPersonal Financial PlanningStock Market

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Grandville, MI 49418

Phone: (616) 531-5220