The Stock Market Bear in Week 20 of 2022 gets his seventh week in a row of outright 3-0 victories, despite another failed attempt by The Stock Market Bull.
By Larry C. Paxton
The US Stock Market Week 20 Summary:
Monday of Week 20 was a 2-1 mixed result day for The Stock Market Bear, with the NASDAQ continuing its downward spiral, while the other exchanges had a moderate trend up or down. But Tuesday was all about The Stock Market Bull as he assertively made his presence well known and finished the day as King of the Hill with an outright 3-0 win and a significant lead for the week. Then Wednesday happened. The Stock Market Bear counterpunched aggressively, taking the DJIA to a nearly 1,200 point and over 3.50% loss in value, one of its worst days in history. The attack continued into Thursday, not as dramatic, but nevertheless another 3-0 result for The Stock Market Bear. On Friday The Stock Market Bear had another good start and decided to celebrate early by taking a Happy Hour break with his buddies. The Stock Market Bull took advantage, and had a mild 2-1 mixed result, not nearly enough to overcome The Stock Market Bear, who took the 3-0 Week 20 large margin victory, his seventh outright 3-0 week in a row in 2022. What happens next? Will The Stock Market Bull start his comeback or is The Stock Market Bear strong enough to continue his assault on Wall Street?
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Open in new tab Influences/News:
- Russia‘s continued attack on the key Ukraine port city of Mariupol, which started on March 2, comes to an end as the Ukraine defenders holed up in the sprawling bunkers complex of the Azovstal steel plant, built to withstand a nuclear war, are told by their commanders that their mission has been completed. The nearly 2,500 fighters have apparently been taken to Russian controlled territories and their fate is not certain. Russian military attempts to take Kharkiv, the second largest city in Ukraine, have been countered by Ukraine forces who have pushed them back nearly to the Russian border. Russian troops are digging in and continue to be threat to the area. Russia continues to attack the Donbas region in eastern Ukraine.
- In response to Russia’s attack on Ukraine previously neutral countries Finland and Sweden apply to become members of the NATO defense alliance, made up of 40 countries. Admission requires consensus agreement from all 40 nations. Only Turkey’s President Erdogan has indicated he will vote “no” because of Finland and Sweden’s support for Kurdish units that Turkey considers to be terrorist organizations.
- The US Senate passes a bill to provide an additional $40 billion in aid to Ukraine, which President Biden is expected to sign. The G7 countries are providing $19.8 billion in aid to Ukraine as well.
- N Korea says it now has cases of COVID, and it appears to be spreading rapidly throughout the population.
- China continues to press its Zero-COVID program with lockdowns in Shanghai, Beijing, and Hong Kong, but cases continue to increase.
- The US passes 1 million deaths from COVID as new cases continue to increase, particularly in the northeastern part of the US.
- US President Biden invokes the Defense Production Act to increase baby formula manufacturing as shortages continue to mount because of plant shutdowns related to COVID and recent deaths of some infants from tainted supplies. The US House in a partisan vote and the US Senate by a voice vote passes a $28 million bill to provide the FDA with resources to combat the baby formula shortage.
- Concerns continue about inflation, recession, and stagflation as more recent economic data is released. Quarterly corporate reports show that higher materials and labor costs are eroding profits and that supply chain issues remain.
- US President Biden starts his trip to visit Asian countries with discussions on global issues and technology on the agenda.
- A US federal judge rules that the Title 42 public health order issued by the Trump administration during the COVID crisis, can continue at the border. It allows the Border Patrol to turn back immigrants entering the US illegally. The judge says the CDC‘s termination order, scheduled for Monday, May 23, did not meet all regulatory requirements. The US Dept of Justice plans to appeal.
US Economic News:
- The Federal Reserve Bank of New York says the May 2022 Empire State Manufacturing Survey Index is at -11.6, April was at +24.6, March -11.8, December 2021 +31.9, December 2020 +4.9, December 2019 +3.3. “Looking ahead, optimism about the six-month outlook remained subdued.”
- The National Assn of Home Builders/Wells Fargo Preliminary May 2022 Housing Market Index is at 69, April was at 77, March 79, December 2021 84, December 2020 86, December 2019 76. “Building material costs are up 19% from a year ago, in less than three months mortgage rates have surged to a 12-year high and based on current affordability conditions, less than 50% of new and existing home sales are affordable for a typical family. Entry-level and first-time home buyers are especially bearing the brunt of this rapid rise in mortgage rates.”
- The Federal Reserve says the Preliminary April 2022 Total Manufacturing % of Capacity is at 79.0%, March was at 78.2%, February 77.6%, December 2021 76.4%, December 2020 74.1%, December 2019 77.2%.
- The Dept of Commerce/Census says the Preliminary March 2022 Sales-Manufacturers is at $556.4 billion, Retailers $589.6 billion, Merchant Wholesalers $686.2, making March 2022 Sales Total at $1,832.1 billion, February was at $1,800.4 billion, January $1,787.4 billion, December 2021 $1,721.9 billion, December 2020 $1,481.9 billion, December 2019 $1,458.0 billion.
- The Dept of Commerce/Census says the Advance April 2022 Retail Sales-Retailers is at $594.0 billion, Food Services & Drinking Places $83.7 billion, making April 2022 Retail Sales Total at $677.7 billion, March was at $671.6 billion, February $662.3 billion, December 2021 $625.5 billion, December 2020 $536.6 billion, December 2019 $526.4 billion.
- The Dept of Commerce/HUD says the Preliminary April 2022 New Residential Building Permits Issued Annual Rate-Single Family is at 1,110,000, 2-4 Units 53,000, 5 or more Units 656,000, making April 2022 New Residential Building Permits Issued Annual Rate Total at 1,819,000, March was at 1,879,000, February 1,857,000, April 2021 1,765,000, April 2020 1,094,000, April 2019 1,330,000.
- The Natl Assn of Realtors says the Preliminary April 2022 Existing Homes Sales Annual Rate is at 5,610,000, March was at 5,750,000, February 5,930,000, April 2021 5,960,000, April 2020 4,370,000, April 2019 5,230,000; the April 2022 Median Home Price is at $391,700, March was at 375,300, April 2021 $340,700, April 2020 $286,600, April 2019 $267,000.
- The Federal Reserve Bank of Philadelphia says the May 2022 US 3rd District General Activity Indicator is at +2.6, April was at +17.6, March +27.4, May 2021 +31.5, May 2020 -32.9, May 2019 +25.2. “… The survey’s future indexes remained positive but reflect muted optimism for growth over the next six months.”
- The Conference Board says the Preliminary April 2022 Leading Economic Index(2016=100) is at 119.2, March was at 119.5, February 119.4, October 2021 118.3. “… A range of downside risks—including inflation, rising interest rates, supply chain disruptions, and pandemic-related shutdowns, particularly in China—continue to weigh on the outlook. Nevertheless, we project the US economy should resume expanding in Q2 following Q1’s contraction in real GDP. Despite downgrades to previous forecasts, The Conference Board still projects 2.3 percent year-over-year US GDP growth in 2022.”
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