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Bob Carey
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  US Stock Markets Ended May 27, 2022
Posted Under: Weekly Market Commentary
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After the longest series of weekly drops during the past decade, the S&P 500 rose over 6% last week and 9% from the low last Friday. The index posted its best weekly return since 2020. Almost all other assets rose along with stocks, with only the dollar and cryptocurrencies lagging during the week. Volatility has been rampant during the year as investors cling to every economic release hoping to balance the observed inflation and growth indicators with potential interest rate moves by the Fed. Last week, The Federal Reserve; Bank of Atlanta President Raphael Bostic said policymakers could pause rate hikes in September if two half-point moves were made during the next two meetings. Chairman Jerome Powell added that the two moves in June and July could leave more room for rate increases if inflation data continues to show elevated levels. The Fed's inflation target of 2% has been eclipsed by almost three times as of the last reading. In consumer news, companies are showing a bifurcated consumer with good news coming out of luxury retailers Nordstrom and Williams-Sonoma Inc last week. The prior week, big box stores Target and Wal-Mart showed a slowdown on the lower end of the consumer spectrum as inventory builds and rising costs ate into margins as pricing power moved in favor of the consumer. The rebound in consumer names last week led to the Consumer Discretionary sector being the best performer in the S&P 500, returning over 9%. Looking ahead to next week, the Memorial Day holiday on Monday will close equity markets. Data on factory orders, durable goods, and payroll numbers are all set to be released during the back half of the week.
Posted on Tuesday, May 31, 2022 @ 8:49 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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