Weekly Market Update | October 3, 2022

The Week on Wall Street

Rising recession fears and uncertainty in the bond and currency markets sent stocks to new 2022 lows last week.

The Dow Jones Industrial Average declined 2.92%, while the Standard & Poor’s 500 slumped 2.91%. The Nasdaq Composite index fell 2.69%. The MSCI EAFE index, which tracks developed overseas stock markets, lost 1.94%.

A Tumultuous Week 

U.S. stocks were under pressure all week due to recession concerns and unsettled trading in the bond and currency markets. This stress followed economic steps out of the U.K. During the previous week, the Bank of England (BOE) raised interest rates, and its prime minister announced unfunded tax cuts that the markets interpreted as inflationary.

U.S. bond yields rose early last week, sending stocks lower until Wednesday’s rally following news that the BOE would buy U.K. government bonds. U.S. stocks resumed their descent the following two days to close out a disappointing week, month, and third quarter.

The Bank Of England Acts

Global bond and currency markets have been volatile recently due to global central bankers raising interest rates to combat inflation. Developments in the U.K. took center stage last week when the BOE announced it would be buying long-dated U.K. government bonds. Upending the financial markets was the previous week’s announcement of tax cuts by the country’s new prime minister, a step many investors viewed as counterproductive to the BOE’s inflation-fighting efforts.

The BOE’s decision to begin temporary purchases of government bonds was well-received by capital markets, sending U.K. bond yields lower and boosting U.K. stock prices in the immediate aftermath.

Key Economic Data

Monday: Institute for Supply Management (ISM) Manufacturing Index.

Tuesday: Factory Orders. Job Openings and Labor Turnover Survey (JOLTS).

Wednesday: Automated Data Processing (ADP) Employment Report. Institute for Supply Management (ISM) Services Index.

Thursday: Jobless Claims.

Friday: Employment Situation.

Source: Econoday

Companies Reporting Earnings

Wednesday: Lamb Weston (LW).

Thursday: Constellation Brands, Inc. (STZ), McCormick & Company, Inc. (MKC), Conagra Brands (CAG).


Quote of the Week

“The trust of the innocent is the liar’s most useful tool.”

– Stephen King

Sources: The Wall Street Journal, September 30, 2022; Treasury.gov, September 30, 2022

Weekly performance for the Dow Jones Industrial Average, Standard & Poor’s 500 index, and NASDAQ Composite is measured from the close of trading September 23, to Friday, September 30 close. Weekly performance for the MSCI-EAFE is measured from Friday September 23, open to the Thursday September 29, close. Weekly and year-to-date 10-year Treasury note yields are expressed in basis points.

Sneak In More Veggies With Mashed Cauliflower

Mashed potatoes are a classic side at any meal, but they can be calorie-dense and don’t provide as much nutritional benefit as other veggies. If you want a tasty and easy way to incorporate more veggies into your meals this year, try this simple mashed cauliflower recipe:


  • 1 head of cauliflower
  • 1 tbsp olive oil
  • 2 garlic cloves (minced)
  • 1-2 tsp of finely chopped herbs such as thyme, rosemary, sage, chives, etc.


  1. Trim the leaves off the cauliflower and cut the florets into smaller pieces. Rinse well.
  2. Steam the cauliflower florets in a pot with a steamer insert for about 6-8 minutes.
  3. While the cauliflower is steaming, heat the olive oil in a small pan over medium heat and add the minced garlic and cook until fragrant (about 30 seconds).
  4. Dump out the water from the pot and add the cauliflower, olive oil, garlic, and chopped herbs.
  5. Use a potato masher to mash the cauliflower and combine everything.

Tip adapted from Downshiftology

Cider-Braised Pork Shoulder With Butternut Squash


Servings: 10


  • 1 6–7-pound bone-in pork shoulder (Boston butt), preferably skinless
  • 3 tablespoons kosher salt, plus more
  • 2 medium butternut squash (about 7 pounds total)
  • 1 tablespoon extra-virgin olive oil, plus more
  • 2 cups apple cider or juice
  • ½ cup low-sodium soy sauce or tamari
  • ½ cup distilled white vinegar, plus more
  • 1 head of garlic
  • 6 scallions, trimmed
  • Steamed white rice (for serving)


  1. Place pork shoulder on a rimmed baking sheet and rub all over with 3 Tbsp. salt. Let pork rest, uncovered, at least 1 hour and up to 2 to come up to room temperature. (This will help it to cook more evenly.)
  2. Arrange racks in upper and lower thirds of oven; preheat to 300°. Slice squash in half lengthwise and use a spoon to scoop out seeds and stringy parts. Season all over with salt, then rub with a bit of oil. Transfer cut side down to another rimmed baking sheet.
  3. Once pork is room temperature, pat dry thoroughly with paper towels. Heat 1 Tbsp. oil in a large Dutch oven over medium-high until shimmering and almost smoking. Cook pork on all sides until well browned, about 15 minutes total—be patient! Carefully transfer pork back to rimmed baking sheet, turn off heat, and even more carefully pour out whatever fat has accumulated in bottom of pot.
  4. Return pot to medium-high heat and add apple cider, soy sauce, and ½ cup vinegar, scraping bottom to get up any crispy, stuck-on bits. Slice head of garlic in half crosswise and add to pot. Lower pork back into pot. Cover pork with a piece of aluminum foil and tuck it around pork. Cover pot and transfer to lower rack of oven. Place baking sheet with squash on top rack. Bake pork, turning after 1½ hours, until meat is very tender and pulling away from the bone, 3–3½ hours total. Bake squash until a fork poked through skin slides easily into flesh, 1–1½ hours.
  5. Transfer pork to a large plate or platter, reserving pot with cooking liquid, and let rest until cool enough to handle—it’s a big piece of meat, so this will probably take close to an hour. Remove garlic with a slotted spoon and squeeze out cloves into braising liquid; discard skins. Tear pork into shaggy pieces, discarding any sections of fat or gristle, and return meat to pot with cooking liquid. Season pork and liquid with salt and a splash of vinegar. Slice scallions crosswise as thinly as possible.
  6. To serve, reheat pork in liquid over low heat. Using a large spoon, scoop out pieces of squash and arrange on plates. Spoon pork and some juices over squash and garnish with sliced scallions. Serve with rice alongside.


Recipe adapted from Bon Appetit

Shoulder Turn and Tilt in the Backswing

In the backswing, your shoulders ought to turn 90 degrees away from the ball and away from the target.

So, your chest will pretty much be facing directly away from your target. If you were to draw a line across your shoulders, that line would be perpendicular to your target line.

In the backswing, the shoulder tilt ought to be noticeable. We could get exact numbers, but that doesn’t help much to tell you that the average pro golfer has a shoulder tilt of about 35 degrees. What you need to know as a player in the backswing is that the front shoulder ought to be lower than the back shoulder. This gives you an angle pointing downwards towards the ball. It allows you to approach the shot from a steeper angle and get the ball in the air.

Tip adapted from theleftrough.com

With Shared Custody, Taxes Can Get Complicated

If you have a legal agreement with your child’s other parent regarding custody, you likely have questions about claiming the child on your tax return and what credits (if any) for which you are eligible.

It may help if you research the Child Tax Credit as well. The parent who claimed the Child Tax Credit for a qualifying child the previous year may have received the advance child tax credit payments the following year. That means that “an eligible parent who did not receive advance payments for a qualifying child will be able to claim the full amount of the child tax credit for that child on a 2022 tax return even if the other parent received advance child tax credit payments.”

* This information is not intended to be a substitute for specific, individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS.gov



Photo of the Week

Kirkjufell Mountain, Reykjavík, Iceland

Financial planning and investment advisory services offered through Cleveland Wealth, LLC, a Registered Investment Advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified wealth advisor and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.