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Bob Carey
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  US Stock Markets Ended March 25, 2022
Posted Under: Weekly Market Commentary
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The S&P 500 Index returned 1.81% last week marking a second straight week of gains and is currently showing March in positive territory with a 3.98% return. The index has gained 9.02% since hitting its 2022 closing low on March 8, though it is still down -4.35% for the year. The energy sector once again was the best performing sector of the week returning 7.42% as crude oil closed at $113.90 per barrel on Friday, rising 8.79% for the week and is now up 51.44% YTD. The ban on Russian oil, liquefied natural gas, and coal imports by the U.S. and other countries over the war in Ukraine has impacted global energy markets. Though crude oil prices had gained over 20% prior to the Russian invasion, prices are up a similar amount since the February 24th invasion, boosting energy stocks and helping the sector post a 43.63% YTD return. Energy stock Coterra Energy Inc. posted the best performance in the S&P 500 Index last week, returning 16.34%. Other top performing energy names last week included Marathon Oil Corp, Hess Corp, Diamondback Energy Inc., Schlumberger NV, Kinder Morgan Inc., and Baker Hughes Company, all gaining over 9.50%. The materials sector also showed strength last week gaining 4.12%, with steel producer Nucor Corp posting a 15.76% return. The war in Ukraine has pushed steel prices up, benefitting the already profitable company. Other strong performing materials companies included CF Industries Holdings Inc. and The Mosaic Company, returning 14.98% and 14.92% respectively last week. The fertilizer companies have seen their stocks jump dramatically since the invasion as Russia and Belarus produce a significant amount of the global supply of potash which is used in the production of fertilizer. Lennar Corp, PulteGroup Inc., D.R. Horton Inc., and NVR Inc. were some of the poor performing homebuilders last week as new home sales declined in February more than expected while mortgage rates continue to rise. Earnings announcements expected this week include Micron Technology Inc., Paychex Inc., Walgreens Boots Alliance Inc., McCormick & Company Inc., PVH Corp, among others.
Posted on Monday, March 28, 2022 @ 8:22 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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