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The CML Close - US equity markets catch inflows while the rest of the world sees outflows - 05-20-2022

Date Published:

Stocks were down... and then up, and then nearly unchanged, and then mixed. The S&P 500 dipped into bear market territory, but closed above, for now. VIX rose, as did crude oil prices while market indices kind of did nothing. 

Economic data was sparse but options expiration added all the volatility needed. 

SPX 3,901.36 +0.57 (+0.01%)
NASD 11,345.62 -33.88 (-0.30%)
DJIA 31,261.90 +8.77 (+0.03%)
R2K 1,773.27 -2.96 (-0.17%)
VIX 29.43 +0.08 (+0.27%)
Oil 112.70 +0.49 (+0.44%)

• Global equity funds had $5.2 billion of outflows in the week to May 18, led by redemptions from mutual funds, but US stock funds managed to attract a $0.3 billion inflow, according to Bank of America Corp.

• The kids aren't alright - Gen Z faces an especially difficult time to enter adulthood. 

Headlines of the Day
Major Outflows Hit Most Asset Classes as Recession Woes Mount
Custom BofA indicator flashes contrarian buy signal for stocks. BofA strategists reiterate call to sell bear rally in equities.

Consumers Aren’t OK. Why April Retail Sales Are Misleading.
When data showed that April sales for U.S. retailers rose 0.9% from a month earlier and 8.2% from a year earlier, Wall Street celebrated. But that take, which fits with the prevailing narrative that the central bank will achieve a soft landing, is too cursory.

Rising fuel costs are a massive problem for business and consumers — Here’s why they’re so high
Consumers are grappling with record high gas prices, but the surge is also hurting businesses. The national average for a gallon of gas hit a new high Thursday. California’s statewide average is now above $6. Russia’s invasion of Ukraine sent an already tight energy market reeling. “We did not anticipate that transportation and freight costs would soar the way they have as fuel prices have risen to all-time highs,” Target CEO Brian Cornell said Wednesday.

Why Inflation Is Hitting Gen Z Particularly Hard
Rising prices, plunging stocks and surging rents are making it a difficult time to enter adulthood.

Pent-Up Inflation Will Drive US Food Costs Even Higher
Many businesses have held back skyrocketing expenses from consumers, but they can only do that for so much longer.

Economic Data Results for 5-20-2022
Baker Hughes Crude Oil Rigs
The number of active US rigs drilling for oil was up by thirteen to 576 in the week ended May 20th, Baker Hughes data showed.

Economic Data Due 5-23-2022
United States Chicago Fed National Activity Index

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