Stocks were little changed this week as investors looked to close the door on 2022. With less than three full trading days left for the year, hopes of a year-end rally are waning as the S&P 500 sits about 20% lower for the year and on track for its worst year since 2008. Overseas in Asia, Hong Kong announced a further easing of COVID-19 restrictions this week, helping bolster sentiment in China. In bonds, interest rates were mostly flat for the week with the yield on the 2-year and 10-year Treasury notes trading around 4.34% and 3.84%, respectively, mid-week.
On the data front, Tuesday’s U.S. Census Bureau report showed wholesale inventories climbed 1% month over month in November, beating expectations of a 0.3% monthly gain. Meanwhile, retail inventories climbed 0.1% versus October’s 0.2% monthly decline. For the rest of the week, investors will keep an eye on pending home sales data for November. New sales are expected to drop around 1.2% for the month on the heels of higher interest rates. On Thursday, the focus will be on weekly jobless claims data for a pulse on the labor market.
Source: GSAM, CNBC, JPMorgan
This communication is for informational purposes only. It is not intended as investment advice or an offer or solicitation for the purchase or sale of any financial instrument.
Indices are unmanaged, represent past performance, do not incur fees or expenses, and cannot be invested into directly. Past performance is no guarantee of future results.
Taking steps to further your client's financial goals is easy. Simply complete the short form below and we will contact you about becoming an Avantax financial professional.