Last week, the S&P500 reached a new weekly closing low for 2022. U.S. equities finished a roller coaster week lower after a hotter-than-expected inflation report. This week, earnings season heats up. Earnings calls should discuss how corporations and consumers are holding up and if inflation is starting to relent. The Dow up 1.17%, S&P down 1.5%, and Nasdaq down 3.1%.
In an up and down week, the gains were short lived, as September’s retail sales came in flat. The S&P 500 Index returned -1.53% last week. The previous weeks gain was eliminated. Which was only the second positive week out of the last nine weeks of trading. The index has trended down in 2022 and marked a closing low last Wednesday of 3,577.03. The last time the S&P 500 was in this range was late November 2020. Inflation expectations rose in the consumer sentiment report released on Friday.
This week, earnings calls ramp up and how companies and consumers are dealing with inflation will largely be in focus. Goldman Sachs, Netflix, Tesla, Proctor & Gamble, and American Express are some of the key companies scheduled to report. Housing starts and existing home sales for September will be released as mortgage rates have surged to 20-year highs.
Year-to-date index performance; Dow down 18.45%, S&P down 24.82%, and Nasdaq up 34.03% through the close on Friday.
Financial Advisor Erie CO focus on investment and wealth management, retirement planning; Boulder, Louisville, Niwot, Lafayette, Windsor, Berthoud, CO
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