Market Commentary — August 22, 2022

Stocks gave back a portion of last week’s gains after hawkish Fed member James Bullard openly questioned whether inflation has really peaked.  The week’s economic data also gave fuel to the fear, as retail sales rose 0.7% in July ex-energy and autos. Part of the reason for July’s strong retail figures was Amazon’s Prime Day event. Non-store retail, including online, increased 2.7% from the previous month.

All eyes and ears will be on Jackson Hole this week for any economic insights from the Fed’s annual retreat.  Fed Chair Jerome Powell will have a chance — if he wants to take it — to reset market expectations.

B of A says the S&P 500’s summer surge of 17.4% in 41 trading days is a ‘classic‘ bear market rally. But B of A’s monthly money manager survey also shows global growth and profit expectations rebounding from all-time lows hit last month, with 88% of investors participating in the survey now expecting lower inflation in the next 12 months.

In ETF news, we are excited about the launch this week of the Amplify Natural Resources Dividend Income ETF (NDIV) which should offer a monthly dividend of more than 9%. And, almost three decades after coining the term “exchange-traded fund,” Morgan Stanley is finally set to enter the $6.9 trillion ETF arena with its own products under the Calvert ESG brand.

Jane Edmondson
CEO and Co-Founder

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