The large-cap S&P 500 Index and the tech-heavy Nasdaq Composite Index gained ground, breaking a string of seven consecutive weekly declines. Every sector in the S&P 500 advanced, with consumer discretionary and energy stocks performing especially well.
Wall Street continued its weekly losing streak as fears grew that inflation was causing consumers to pull back on discretionary spending, setting the stage for a coming recession.
Stocks recorded another week of losses, as investors appeared to grow increasingly skeptical that the Federal Reserve will be able to achieve a “soft landing” for the economy by raising rates enough to tame inflation without causing a recession.
Most of the major benchmarks endured a fifth consecutive week of losses as the interest rate and inflation worries continued to weigh on sentiment, especially toward growth stocks.
The major indexes endured a fourth consecutive week of losses, as growth fears were compounded by some disappointing earnings results from Amazon.com, which has a heavy weighting in many prominent indexes.
The major U.S. equity indexes ended the week lower. The Russell 1000 Growth Index stocks gave up more ground than its value counterpart, while the large-cap S&P 500 Index posted steeper losses than the S&P SmallCap 600 Index and the S&P MidCap 400 Index.
The major indexes ended up mixed over a holiday-shortened week, which saw the release of the first major corporate earnings reports of 2022. Value stocks continued to outperform their growth counterparts, but small-caps regained ground lost the previous week on large-caps.
The major indexes finished lower for the week, with small-caps and growth stocks lagging considerably.
The major indexes ended mixed for the week, with the S&P 500 Index closing out its best month since December but its worst quarter since early 2020.
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ClearWater Market Commentary as of June 10th, 2022
Stocks finished with steep losses despite some early-week strength. The equities market turned south on Thursday afternoon, and the selling accelerated on Friday following the release of hotter-than-expected consumer price index (CPI) data for May.