The major U.S. market indices declined by about 2%, falling for the second straight week, but less so than the week before. Additionally, market sentiment deteriorated. There are only a few weeks left in 2022, and market concerns about a recession persist. In line with expectations, the U.S. Federal Reserve increased its key interest rate for the seventh time this year, choosing a more gradual half-point increase compared to recent three-quarter-point increases. In contrast to what many observers had predicted, Fed officials anticipate to maintain the benchmark rate at a higher peak level in 2019. As a result, stocks mainly declined after the announcement on Wednesday afternoon.
The S&P 500 closed the week in negative territory with -2.21%. One-Signal Xpress and Xpert outperformed the reference index with -1.42% and 1.95% respectively.