The AP on the Street 51st week of 2022

The AP on the Street

The AP on the Street 51st week of 2022

We had a quite calm and neutral week. This week, we do not have a significant week for data/ decisions, just Jobless Claims and Chicago PMI.

So let’s take a look at what happened the previous week:
  • Elon Musk announced that he would step down as Twitter CEO as soon as he found a suitable CEO.
  • Walt Disney sunk down to its lowest level since March 2020. 
  • Amazon stock tumbled to a new 52-week low, reaching the lowest level since March 2020.
  • Former FTX CEO Sam Bankman-Fried was extradited to the US.
  • Germany’s PPI rose to 28.2% year-on-year —240 basis points better than expected.
  • Tesla stock reached its lowest level in September 2020.
  • Amazon became the world’s first public company to lose $1 trillion in market capitalization.
  • Nike stock jumped over 12% after earnings and revenue beat expectations.
  • US Existing Home Sales are down -7.7% month-on-month —2.3% worse-then expected.
  • FTX co-founder Gary Wang and former Alameda Research CEO Caroline Ellison plead guilty for their role in FTX collapse.
  • Japan’s Core CPI rose to 3.7% —the highest level since 1981.
  • US Core PCE Price Index rose to 4.7% year-on-year, as expected.
Overall Market Indexes & Commodities Moves

DOW = 0.5%
S&P 500 = -0.1%
NASDAQ = -1.6%
RUSSELL 2000 = -0.1%
Gold = 0.5%
Silver = 2.9%

The Weekly Performance of the S&P 500 Index:

Let’s look at the most undervalued stocks list on our website:

Our Two Least Performing Stocks:

Netflix shares plunged after the reports showed that the ad-supported plan is getting less attraction than expected.

Despite beating expectations in its latest quarter, the consulting firm’s stock price declined. The company also provided guidance for the current quarter with a revenue range that fell below current estimates and stated that the impact of the stronger U.S. dollar will negatively affect its fiscal 2023 results by 5%.

TIL: What is Core PCE Price Index?

The core PCE price index is a measure of inflation that is released as part of the Personal Income and Outlays report. It excludes the categories of food and energy, which tend to have more volatile price movements, in order to better reflect the overall trend of inflation. This index is closely monitored by the Federal Reserve when making decisions about monetary policy.

Important data/ decisions that will be published next week:

Jobless Claims and Core PCE Price Index

The last week was pretty much terrible for the investors. We will see how the investors will behave after the Jobless Claims and Core PCE Price Index.