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Investment Insights

Summit Snapshot: Week of 5.23.2022

May 23, 2022
  • Domestic stocks continued their descent as fears grew that inflation was causing consumers to further restrict their discretionary spending. At its trough, the S&P 500 Index was roughly 21% lower for the year, technically putting it in a bear market amidst mounting concerns that a recession is on the horizon. Wednesday’s 4% decline in the S&P 500 was the largest single-day pullback since June 2020.
  • Several major retailers reported lower-than-expected earnings which impacted investor sentiment. Notable companies impacted include Walmart, Lowe’s, Home Depot, and Target. The latter missed analysts’ estimates by nearly one-third prompting its stock price to plummet by 25% adding to Wednesday’s market sell-off. Costco’s stock price fell as rumors circulated the retail giant may soon raise prices of some items.
  • Within the S&P 500 Index, energy and healthcare stocks were higher as Pfizer’s COVID-19 booster shot was cleared by the Food and Drug Administration for use in children between 5-11 years of age. Consumer staples and consumer discretionary stocks were lower by around 8% as each sector was dragged down by the disappointing results of several retail companies.
  • Value stocks led growth and small-caps beat large-caps although all segments of the market were lower.
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Summit Financial, LLC, an SEC registered investment advisor firm, established in November 2018 is a wholly owned subsidiary of Summit Financial Holdings and is the successor firm of all the legacy investment advisory and financial planning business of Summit Equities, Inc. (registered with the SEC in 1991) and Summit Financial Resources, Inc. (registered with the SEC in 1983)