Weekly Market Update

After a grueling period of stock market weakness, investors welcomed the unofficial start of summer with a strong market rally, as the S&P 500 closed 0.95% or higher on four days this week and registered its strongest weekly gain since November 2020, rising over 6.5%. Underpinning the strength are oversold market conditions, robust month-end rebalancing flows into equities, Shanghai reopening optimism, the return of corporate stock buybacks, a respite from surging interest rates, and traction behind the peak inflation and Fed narratives. As a result, stocks have seen their biggest inflows in ten weeks (per Bloomberg) and the S&P 500 is on pace to close May higher after being down as much as 8% for the month just last week.

On behalf of the entire Peddock Team, we would like to wish everyone a wonderful and safe Memorial Day weekend!

In observance of the holiday, our office will be closed Monday, May 30, 2022.