US Inflation Reaches 40 Year High of 8.5%
The U.S. Market finished 1.85% lower last week, as tech and telecom stocks took the brunt of the fall while energy stocks extended their gains by 1.1% for a total of 63% return from a year ago. While tech stocks have lost 3.5% over the last 12 months, the telecom and consumer discretionary stocks are the worst performers with both industries falling about 18% for the period.
US stocks traded lower last week (down 2.1%) after three weeks of gains. Growth stocks were the major losers as attention once again turned to rising interest rates.
After a turbulent 3 months, the 1st quarter of 2022 is finally behind us. The major U.S indices posted negative results for the period.
This past week marks 2 years since the S&P 500 dropped some 35% to reach its lows of 2,237 on March 23rd, 2020. Since then, the S&P 500 Index has risen 106%, closing at 4,602 on Wednesday.
The US market has climbed 7.3% in the last 7 days, with every sector up and the Consumer Discretionary sector leading the way with a gain of 14.8%.
Over the last week, the US market is up 1.2%, with the Federal Reserve raising rates by 0.25% which seemed to be less than what investors were expecting.
Russian stocks have plummeted both on the Moscow exchange and other exchanges they’re listed on.
The US market ended up closing flat last week, with a bounce towards the end of the week after sanctions on Russian companies were less harsh than expected.
