Equity markets took it on the chin following disappointing reports on inflation last week that came in much hotter than expected and dashing expectations that the data would show inflation moderating. Consumer prices in June rose 9.1% year-over-year and producer prices surged into the double digits at 11.3%, just below the 11.6% rate in March. By the close on Friday, however, positive earnings reports from big banks like Citigroup
The two worst places to be last week were in the energy sector and emerging markets. Energy fell more than 3% as crude oil tumbled another 6.9% to close out the week at $97.59 per barrel, down from more than $120, just one month ago. Emerging markets are very sensitive to inflation and higher U.S. interest rates, and the EEM
Equity Income Universe: As they have throughout 2022, dividend-paying stocks performed better than the overall market. Most of the funds we track were down less than 1%, but international dividend payers were laggards: PowerShares International Dividend Achievers (PID -1.9%), SPDR S&P Global Dividend (WDIV
The VanEck BDC Income (BIZD
FDI Portfolio Action: It was a rough week for basic materials stocks, and that was the case for Kronos Worldwide
Delivering the best weekly performance again was Qualcomm
John Dobosz is editor of Forbes Dividend Investor, which provides a weekly portfolio of high-yielding, value-priced income stocks, REITs and MLPs, and Forbes Premium Income Report, which sends out options-selling trade recommendations on two dividend-paying stocks every Tuesday and Thursday.