Market Snapshot - October 10, 2022
Last week marked the beginning of the final quarter for 2022, and while it saw its fair share of volatility throughout the week, stocks ended the week positive. The S&P 500 ended the week up 1.56%. The strongest performing sector among U.S. large caps was energy, which off the heels of a rally in oil prices ended the week 13.86% higher. While of lesser magnitude, additional leadership came from the industrials (2.87%), materials (2.15%), financial services (1.94%), communication services (1.70%), and technology (1.67%) sectors. Healthcare (1.33%) lagged the S&P 500 but still finished positive, while consumer staples (-0.36%), consumer discretionary (-2.63%), utilities (-2.63%), and real estate (-4.06%) all finished lower for the week. U.S. small cap stocks outgained their large cap counterparts, with the Russell 2000 index returning 2.27% to start the fourth quarter. Foreign stocks also outpaced large cap stocks in the U.S., as international developed stocks (MSCI ACWI ex US index) and emerging market stocks (MSCI Emerging Markets index) gained 2.05% and 2.52% respectively. Treasury yields made significant moves throughout the week but ultimately ended the week just slightly higher, helping to drive the Barclays Aggregate Bond index lower for the week at -0.25%.