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Investment Insights

Summit Snapshot: Week of 5.9.2022

May 9, 2022
  • Most U.S. equity indices were lower last week as interest rate and inflation concerns mounted. The Dow Jones Industrial Average entered correction territory, joining the S&P 500 and S&P MidCap 400 indices down more than 10% from their recent high levels.
  • Last week saw meaningful volatility swings as the S&P 500 Index produced small gains to start the week and a sizable 3.0% increase on Wednesday following the Federal Open Market Committee meeting. Then Thursday’s -3.6% loss wiped it all out as investors further digested meeting comments.
  • A few notable stocks include Marriott International which capitalized on the increased travel demand as its first quarter sales jumped by 81%. Similarly, Airbnb Inc.’s gross bookings grew 67% last quarter to $17.2 billion. Peloton is looking to sell a 15-20% stake to a qualified private-equity firm to shore up its struggling business or even Amazon.com which explored a full purchase of the company.
  • Within S&P 500 sectors, energy was up 10% as the price of Brent crude oil surpassed $112 per barrel. Consumer discretionary stocks fell by 3% on average.
  • Large-cap stocks led small-caps and value outperformed growth last week.
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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)