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Weekly Market Recap

January 28, 2022

The S&P 500 moved more than 2% each day this week but ended up with gain of 0.77%. While the more speculative parts of the market sold off, the Technology sector gained due to positive Q4 reports from Apple and Microsoft. About one third of companies have reported so far and the number of earnings “surprises” are at an average level. Volatility, as measured by the VIX index, touched a one-year high but actually declined for the week. The Federal Reserve met this week and all but announced that the first interest rate hike in over three years will occur in mid-March. The futures market is currently pricing in 5 rate hikes of 0.25% by January 2023. The Fed will also soon stop purchasing bonds and will likely let maturing bonds roll off their balance sheet in the coming months. On the economic calendar, the first read on Q4 GDP was 6.9%, well above expectations, while reads on consumer confidence and personal income came in a bit below expectations. Next week we look forward to the monthly jobs report, where unemployment is expected to remain below 4%. On Wednesday February 9th we will be hosting a webinar “How to Buffer Your Financial Plan and Investments Against Market Volatility”. Please click here to register: https://mybuckingham.com/events/how-to-buffer-your-financial-plan-and-investments-against-market-volatility.

Ryan P. Johnson, CFA, CFP®
Director of Portfolio Management & Research

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