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Bob Carey
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  US Stock Markets Ended August 12, 2022
Posted Under: Weekly Market Commentary
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The S&P 500 Index returned 3.31% last week posting the fourth straight week of gains. The index has gained 13.27% since the mid-year mark, a stark contrast to the index’s -19.96% return for the first half of 2022. Equities have shown volatility and experienced headwinds due to the economic environment with increasing inflationary pressures and geopolitical concerns for most of 2022. However, last week brought positive news as the July year-over-year CPI and PPI numbers both came in lower than expected and were also lower than the previous month, increasing the chance that the Federal Reserve might lighten their future rate hike response in combating inflation. The release of preliminary August data by the University of Michigan Consumer Sentiment Index also gave stocks a boost after showing another increase in the consumer confidence after hitting a historic low in June. All sectors were in positive territory last week with energy posting the best performance in the S&P 500 Index returning 7.45%, followed by financials and materials. Top performing energy names included Devon Energy Corp, Occidental Petroleum Corp, ConocoPhillips, Hess Corp, and Marathon Oil Corp, all increasing over 10.00%. Energy is currently up 44.75% in 2022. Crude oil increased 3.46% last week, closing at $92.09 per barrel on Friday. Nielsen Holding PLC was the best performing stock in the S&P 500 Index last week returning 19.70%. The stock jumped on Tuesday after the company announced that its largest shareholder WindAcre Partnership LLC would support a $10 billion buyout by private equity firms. Bed Bath & Beyond Inc. gained 58.70% last week adding on to the previous week’s gain of 62.23% as a short squeeze appears to be in play. The stock is currently down 11.18% YTD, though it was down 65.50% in 2022 through July 29th. Earnings announcements expected this week include Walmart Inc., Target Corp, The TJX Companies Inc., The Home Depot Inc., Lowe’s Companies Inc., Deere & Company, Cisco Systems Inc., Applied Materials Inc., Analog Devices Inc., and many more.  

Posted on Monday, August 15, 2022 @ 8:53 AM • Post Link Share: 
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