Mid-Week Market Minute 12.28.22

Market Updates

Market Winds Down the Year; Data on Home Sales, Jobs This Week

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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