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Bob Carey
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  US Stock Markets Ended May 20, 2022
Posted Under: Weekly Market Commentary
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The S&P 500 Index declined 3.00% last week marking the third worst week in 2022. The index has dropped -13.99% over the last seven straight weeks of losses, a losing streak not seen since March 2001 when the index declined eight consecutive weeks. The index is currently down 17.67% for the year. Equities have been under pressure as markets digest concerns over Fed monetary policy, future rate hikes, war in Ukraine, COVID in China, and increasing fears of recession as the Fed battles inflation. Volatile trading swings continued last week after stocks climbed 2.02% Tuesday on positive economic data. Retail sales for April increased month-over-month along with a strong upward revision for March, and industrial production increased more than expected for the month of April. However, equities showed their worst day of the year on Wednesday with a -4.02% return. Market laggards were the consumer discretionary and the consumer staples sectors, returning -6.60% and -6.38% respectively, though all sectors were in negative territory with utilities' -1.00% taking the best performance of the day. Retail names were under pressure as earnings misses were reported by Walmart Inc. and Target Corp. who also cut guidance. After Target reported quarterly results the name dropped an astonishing 24.93% and was the worst performing stock in the index last week with a -29.00% return. Other poor performing retail names declining more than 15.00% last week included Costco Wholesale Corp., Dollar General Corp., Dollar Tree Inc., Ross Stores Inc., Best Buy Company Inc., and Bath & Body Works Inc. Energy was the best performing sector last week, helped by crude oil's rise of 2.48%, which closed at $113.23 per barrel on Friday. Earnings announcements expected this week include NVIDIA Corp., Intuit Inc., Agilent Technologies Inc., Autodesk Inc., along with retail names Costco Wholesale Corp., Dollar General Corp., AutoZone Inc., Dollar Tree Inc., Best Buy Company Inc., and many more.
Posted on Monday, May 23, 2022 @ 8:18 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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