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Daily U.S. Market Update

Michael Reinking, CFA

Sr. Market Strategist

December 2, 2022 at 6:00 p.m. EDT

Coming into this week major US indices had spent the previous two weeks consolidating in a tight range following the better than expected CPI data. Last week in holiday shortened trade both the S&P 500 and the Dow Jones Industrial Average rallied ~1.5% testing the upper end of that range. We started off the week giving back most of those gains ahead of Chair Powell's speech at the Brookings Institute and this week's employment data. Those catalysts created some volatility but at the end of the day major indices ended the week modestly higher with the S&P 500 and Russell 2k up ~1% while the Dow Jones Industrial Average ended the week around unchanged.

Observed price improvement per dollar traded off exchange has fallen over the course of 2022

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