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Bob Carey
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  US Stock Markets Ended Jan. 14, 2022
Posted Under: Weekly Market Commentary

 
Equities ground down with the S&P 500 returning -0.29% last week. Inflation pressure and worries about how fast the Federal Reserve will tighten weighed on equities. CPI inflation was released at a 7.0% year-over-year rate, while the PPI (producer price index) year-over-year was 9.7%. The inflationary indicators signaled to investors that a rotation out of growth names and into value names aligned with higher costs for many companies. The S&P 500 Value index returned 0.10% last week and 1.20% this month, while the S&P 500 Growth Index returned -0.65% last week and -5.10% this month. This is one of the more pronounced rotations we have seen in the growth/value trade since November 2020 after the COVID vaccine was approved. The unofficial start to earnings season was Friday after a slew of banks reported their quarterly results. JPMorgan, one of the most respected banks on the street, led off with a surprise decrease in net income driven by higher employee compensation. The stock traded down over 6% and set off a warning to the rest of the market. Goldman Sachs, set to report on Tuesday, is paying its top brass with a one-time special payout worth millions to each of the company's roughly 400 executives. Oil crossed $80 a barrel, a level not seen since last October. The oil price recovery pushed energy stocks in the S&P 500 up to over 5% last week, a bright spot in an overall flat market. Looking ahead to next week, a slew of housing numbers are set to be released. Mortgage applications, housing starts, and existing home sales are on the calendar along with jobless claims coming in on Thursday.
Posted on Tuesday, January 18, 2022 @ 8:13 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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