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Bob Carey
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  US Stock Markets Ended Feb. 18, 2022
Posted Under: Weekly Market Commentary

The S&P 500 Index finished lower for the week as markets reacted to several economic releases, the ongoing uncertainty in Eastern Europe, and the release of minutes from the most recent Fed meeting. The January PPI Index growth of 9.7% year over year confirmed that inflationary pressures exacerbated by supply chain bottlenecks are continuing to inflict damage on producers. Retail sales numbers on Wednesday surprised to the upside as consumer behavior was driven mostly by online retail, automobiles, and building materials. Also on Wednesday, minutes from the recent Fed meeting were released which indicated that market expectations for multiple rate hikes in 2022 are well founded. Consumer Staples was the only GICS sector to finish the week positively, followed by Materials and Consumer Discretionary. The worst performing sector for the week was Energy which remains by far the best performing sector year to date but has been whipsawed recently by the geopolitical interest at the Russia/Ukraine border. The top contributor to the return of the S&P 500 was Cisco Systems, Inc. (CSCO, +6.1%). The worst performing company in the S&P 500 was ViacomCBS Inc. (PARA, -21.2%) which changed its name to Paramount Global to promote the streaming service that the company owns. This week marked two years since the pre-COVID-19 market high and the stay-at-home trade may have finally run its course as many pandemic favorites indicated slowing growth including Shopify Inc. (SHOP, -23.7%), Etsy Inc. (ETSY, -10.2%), and Roblox Inc. (RBLX, -25.8%). In a strange turn of events, Hilton Worldwide Holdings is now outperforming Zoom Video Communications Inc. since the pre-pandemic market peak in February 2020. In the week ahead, investors will be tuning in to quarterly results from Alibaba (BABA), Home Depot (HD), Lowe's (LOW), and Macy's (M).
Posted on Tuesday, February 22, 2022 @ 8:33 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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