Wall Street closed out a terrible week, month and quarter, bringing stocks to new lows for 2022. In September, the Dow Jones tumbled 8.8%, the S&P 500 fell 9.3% and the Nasdaq lost 10.5%. Investors should expect continued market volatility and the potential for additional downward pressure on the stock market, especially if the Federal Reserve keeps its commitment of reducing inflation via increasing interest rates.
Economic reports from last week came back mixed: •Manufacturing (Dallas) - worse than expectation •Manufacturing (Richmond) - better than expectation •Single-Family Home Values - worse than expectation •New Home Sales - better than expectation •Pending Home Sales - worse than expectation •Consumer Confidence - better than expectation •Consumer Sentiment - worse than expectation •Jobless Claims - better than expectation This week, investors will look for guidance from economic reports like Construction Spending, Vehicle Sales, Job Openings, Employment, Consumer Credit and Jobless Claims.