the sp 500 closed lower on friday to end what was a highly volatile week there was a ton of rotational action and bifurcation occurring under the hood health care real estate utilities and the consumer staples sectors all finished modestly higher for the week the materials sector edged lower and the drops were more pronounced in financials communication services industrials tech consumer discretionary and energy the action can be easily explained if the economy hits a speed bump from either the federal reserve tightening or covid19 rapidly spreading around the world the companies that will most likely be able to do their numbers are the ones that do best in a slowdown health care utilities and staples dont need a robust environment to hit guidance but the industrials energy and consumer spendingdriven businesses sure do better when the economy is firing on all cylinders meanwhile a less accommodative fed has investors evaluating their risk tolerance against the potential of a rising interest rate environment explaining why we continue to see buying interest in companies that make stuff and do things and pressure in unprofitable conceptional story stocks here is a quick look at some of the broader market measures we like to keep an eye on the us dollar index was about flat on the week at 96 gold rallied to the 1800 level in the days after wednesdays fomc press conference wti crude prices slipped to roughly 70 as the spread of the omicron variant weighed on global demand and the yield on the 10year treasury fell to around the 141 level amid omicron variant uncertainty in addition to earnings we received several key macroeconomic updates tuesday  november producer price index ppi 08 mom vs 05 estimate 96 yoy vs 92 estimate  core ppi 07 mom vs 04 estimate 69 yoy vs 72 yoy wednesday retail sales 03 mom vs 08 estimate 182 yoy fomc meeting the fomc left rates unchanged but announced an accelerated reduction of its monthly bond purchases and signaled for three rate hikes in 2022 thursday housing starts 118 to 1679 million seasonally adjusted annual rate saar vs 1568 million saar estimate building permits 36 mom to 1712 million unit rate vs 166 million unit rate estimate industrial production 05 mom vs 06 estimate 53 yoy manufacturing output 07 mom vs 07 estimate capacity utilization 768 vs 768 estimate markit us composite output index 569 services business activity index 575 vs 588 estimate manufacturing purchasing managers index pmi 578 vs585 estimate manufacturing output index 536 initial jobless claims 206000 vs 195000 estimate fourweek moving average 203 750 – lowest level since november 15 1969 what we are watching ahead no companies in the portfolio are scheduled to report earnings next week here are the earnings in the holiday shortened week ahead well be monitoring on the macroeconomic front in addition to keeping an eye on the geopolitical sphere we will be watching out for the following releases all times et the cnbc investing club is now the official home to my charitable trust its the place where you can see every move we make for the portfolio and get my market insight before anyone else the charitable trust and my writings are no longer affiliated with action alerts plus in any way as a subscriber to the cnbc investing club with jim cramer you will receive a trade alert before jim makes a trade jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trusts portfolio if jim has talked about a stock on cnbc tv he waits 72 hours after issuing the trade alert before executing the trade see here for the investing disclaimer