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Bob Carey
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  US Stock Markets Ended April 29, 2022
Posted Under: Weekly Market Commentary
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The S&P 500 Index posted a -3.26% return last week marking the fourth straight week of declines. While the index recovered strongly in March after hitting its 2022 closing low earlier that month, April told a story of decline as each week accelerated from bad to worse, posting a new 2022 closing low last Friday. The index returned -8.72% in April, making it the worst month since March 2020 when the pandemic began and has a -12.92% YTD return. Volatility was evidenced last week as the index posted its second-best day of 2022 on Thursday (+2.48%) and its worst day of the year on Friday (-3.62%). Inflation, Fed monetary policy, future rate hikes, and war in Ukraine are causing concern for investors as some decrease their risk to the uncertain equity markets. All sectors were in negative territory last week with the materials sector showing the best performance returning -0.82%. Top materials names included paint manufacturer The Sherwin-Williams Company and labeling materials producer Avery Dennison Corp, returning 12.27% and 7.87% respectively. Both companies reported earnings last week that beat expectations. Software company PTC Inc. posted the strongest performance last week with a 15.22% return on better-than-expected earnings and revenue results, while health care stock Align Technology Inc. missed earnings estimates and posted the worst performance last week with a -19.60% return. Crude oil closed at $104.69 per barrel on Friday, rising 2.57% for the week, helping energy land the second-best sector of the week. Energy company Valero Energy Corp posted an 8.18% return. The company reported earnings results last week that beat expectations and several analysts raised their price targets on the stock. Other companies beating earnings expectations last week included mega-cap names Apple Inc., Microsoft Corp, and Meta Platforms Inc., while Alphabet Inc. and Amazon.com Inc. both missed expectations. First quarter earnings announcements expected this week include Pfizer Inc., Advanced Micro Devices Inc., S&P Global Inc., CVS Health Corp, ConocoPhillips, Starbucks Corp, Cigna Corp, Vertex Pharmaceutical Inc., EOG Resources Inc., Marriott International Corp, Moderna Inc., and many more.
Posted on Monday, May 2, 2022 @ 8:07 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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