May 31-June 3, 2022 Recap

The S&P 500 capped its ninth weekly decline in the last 10 weeks after Friday’s unexpectedly red-hot May CPI reading. The headline consumer price index climbed to 8.6% from a year ago, up from 8.3% for April and 8.5% in March. The increase dashed Wall Street’s hope that inflation had peaked and fueled fears the Federal Reserve may have to respond more aggressively in combatting inflation.

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The Weekly Recap is published by Cetera Investment Management LLC, an SEC registered adviser owned by Cetera Financial Group. Cetera Investment Management provides market perspectives, portfolio guidance, model management, and other investment advice to its affiliated broker-dealers, dually registered broker-dealers and registered investment advisers.