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Bob Carey
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  US Stock Markets Ended April 8, 2022
Posted Under: Weekly Market Commentary

 
Stocks closed lower to start off the first week of the new quarter with the S&P 500 grinding down -1.24% for the week. On Friday, stocks moved between positive and negative territory as investors weighed the impact of the Federal Reserve's rate-hike policy and the continuing impact of the Ukraine war. Tuesday and Wednesday had sharp downward action due to hawkish signals from the Fed. The near-term outlook for an economic slowdown had investors taking a risk-off approach. The selloff snapped a three-week winning streak as the market will digest the start of earnings season, beginning next week. Elon Musk provided a jolt to the market participants on Monday, after disclosing a 9.2% in Twitter which sent the stock soaring more than 30%. The move is surrounded by controversy, as Musk risks scrutiny from the SEC with regard to the timeline of his disclosure. The company also announced on Tuesday that Musk will be joining the board as he is now the largest shareholder in the stock. Another large transaction, this time by Warren Buffet's Berkshire Hathaway, was disclosed in a filing on Wednesday. The company purchased more than $4.2 billion dollars of HP Inc, which caused the stock to rise 15% at the open on Thursday. Looking at the sector returns in the S&P 500, Information Technology was the laggard last week with a -4% return while Health Care names led the index with a 3.4% return. Energy names also held up through the selloff with over a 3% return. Crude oil traded slightly lower to close out the week at just over $98 a barrel. Looking ahead to next week, inflation will be in focus as CPI and PPI data are set to be released on Tuesday and Wednesday along with retail sales, and import and export prices on Thursday.
Posted on Monday, April 11, 2022 @ 8:14 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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