AAM Weekly Market Wrap – April 30, 2018

Weekly Market Wrap: Stocks fell slightly last week as the 10-year treasury closed above 3.0% for the first time since 2014 and earnings data was mixed.

 

For The Week

  • The S&P 500 slipped 0.01% to 2,669.91
  • Oil lost 0.41% to $68.10
  • Gold fell 0.94% to $1,323.55
  • The US dollar rose 1.30% at $91.50 against other major world currencies.

 

2018 Year-To Date for the major indexes:

 

  • The S&P Index -0.14%
  • The Dow Jones Index -1.65%
  • The NASDAQ Index +3.13%
  • The Russell 2000 Small cap Index +1.35%
  • EAFE International Index +0.94%
  • 10 Year Treasury Yield is 2.96%, flat for the week and higher for the year
  • 30 Year Treasury Yield is 3.13%, lower for the week and higher for the year
  • WTI Crude Oil Index +13.22%
  • Bloomberg Gold Index +1.55%
  • The Dollar Index -0.83% against other major world currencies

 

 

Monday the S&P 500 gained less than one point on moderate volume as both the PMI Composite Flash and existing home sales rose and beat expectations and US government bond yields rose.

Tuesday stocks dropped 36 points on moderate to heavy volume as Shiller home prices rose and beat expectations, FHFA home prices rose a little more than expected, and both new home sales and consumer confidence rose and beast estimates.  The 10-year treasury closed over 3.0%.

Wednesday the index rebounded 5 points on moderate volume as mortgage applications were mixed.

Thursday the S&P 500 gained 28 points on moderate volume as jobless claims fell more than expected and durable goods orders rose and beat expectations.

Friday stocks added 3 points on moderate volume with the 1st quarter GDP estimate beating expectations at 2.3%, employment costs were higher than expected and consumer sentiment rose and beat estimates.

Mortgage rates were higher on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.85% and a 30-year rate of 4.43%. These rates are as of 4/30/2018 and may include points.

 

What to watch for on the economic calendar this week:


Monday – Personal Income and Outlays / Chicago PMI / Pending Home Sales

Tuesday – Motor Vehicle Sales / ISM Manufacturing / PMI Manufacturing / Construction SPending

Wednesday – Mortgage Applications / ADP Employment / FOMC Meeting Announcement

Thursday – Jobless Claims / Productivity & Costs / PMI Services / ISM Non-Manufacturing / Factory Orders

Friday – April Employment Report

 

 

Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC

April 30, 2018

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