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In the Know - End of Day Market Wrap - 4-29-2022 - Inflation Peak; Sentiment Bounce; Savings Drop

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Market indices were all substantially lower today after a similarly abrupt move higher yesterday. VIX rose above 30. NASDAQ was the worst performer. Crude oil also fell on the day and crucial economic data signaled... a lot.

Inflation may have peaked and now rolled over. The personal savings rate to disposable income fell to its lowest since 2013. Consumer sentiment marked the highest reading in three months and the first increase this year.

SPX 4,134.98 -152.52 (-3.56%)
NASD 12,344.48 -527.05 (-4.09%)
DJIA 33,007.72 -908.67 (-2.68)
R2K 1,870.19 -47.75 (-2.49%)
VIX 32.95 +2.96 (+9.87%)
Oil 104.25 -1.11 (-1.05%)

• The NYSE Advance Decline Ratio saw another extreme negative reading with decliners outpacing advances more than 5 to 1. The NASDAQ showed decliners outpacing decliners on a 3 to 1 ratio.

• Amazon saw its largest single day loss since July 2006.

• Inflation may have peaked and now rolled over... or did it?"

Headlines of the Day
Stocks Tank as Amazon Endures Worst Day Since 2007
S&P 500 declines Friday with every sector in the red

U.S. inflation rate surges to 6.6%, PCE index shows, but prices might also be peaking
The increases in the core rate of inflation in February and March were the smallest back-to-back readings since last summer. What’s more, the rate of core inflation in the past year slipped to 5.2% from 5.3%, marking the first month-to-month decline in more than a year.

Consumer sentiment jumps on lower gas prices and more optimism about the U.S. economy
The final survey of U.S. consumer sentiment in April slipped to 65.2, but it still marked the highest reading in three months and the first increase this year. Americans felt better about falling gasoline prices and were more optimistic about the future.

Euro Zone Barely Grows as Germany Dodges Recession: GDP Update
Economic expansion in the euro zone began 2022 on a weak footing -- underscoring the damage from soaring energy costs and worsening supply snarls following Russia’s invasion of Ukraine.

Europe Inches Closer to a Ban on Russian Oil. Here's What That Would Mean.
Europe will continue debating a ban on imports of Russian oil over the weekend. While such a deal is far from certain, the New York Times reported Friday that the European Union could approve a phased embargo on Russian oil as soon as next week.

Economic Data Results for 4-29-2022
Core PCE inflation 5.2% slightly below median economist forecasts for a reading of 5.3%.
February's reading was also downgraded from 5.4% to 5.3%.

U.S. Personal Savings Rate as % of Disposable Income
Confirmation that savings boom is over: personal savings rate fell to 6.2% in March, lowest since 2013

United States Michigan Consumer Sentiment
The University of Michigan consumer sentiment for the US was revised lower to 65.2 in April of 2022 from a preliminary of 65.7. The gauge for expectations was revised lower to 62.5 from 64.1 while the current conditions subindex was revised higher to 69.4 from 67.2.

U.S. inflation-adjusted consumer spending rose in March
U.S. inflation-adjusted consumer spending rose in March despite intense price pressures, indicating households still have solid appetites and wherewithal for shopping.

Economic Data Due Monday on 5-2-2022
ISM Manufacturing New Orders APR

ISM Manufacturing Prices APR

Construction Spending MoM MAR 


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