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
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