AAM Weekly Market Wrap – August 12, 2019

Weekly Market Wrap: Stocks continued lower for the second straight week as China trade and global growth concerns weighed on stocks and bond traders.

 

For The Week

  • The S&P 500 slipped 0.46% to 2,918.65
  • Oil was fell 3.02% to $54.50
  • Gold gained 3.90% to $1,497.17
  • The US dollar lost 0.56% at $97.53 against other major world currencies.

 

2019 Year-To Date for the major indexes:

 

  • The S&P Index +16.43%
  • The Dow Jones Index +12.69%
  • The NASDAQ Index +19.95%
  • The Russell 2000 Small cap Index +12.20%
  • EAFE International Index +7.00%
  • 10 Year Treasury Yield is 1.74%, lower for the week and lower for the year
  • 30 Year Treasury Yield is 2.25%, lower for the week and lower for the year
  • WTI Crude Oil Index +20.02%
  • Bloomberg Gold Index +16.73%
  • The Dollar Index +1.49% against other major world currencies

 

 

Monday the S&P 500 index dropped 87 points on heavy volume as ISM non-manufacturing data fell and missed expectations.

Tuesday stocks rebounded 37 points on heavy volume with no major data reported.

Wednesday the S&P 500 gained 2 points on heavy volume as mortgage applications rose and consumer credit use fell and missed estimates.

Thursday stocks gained 54 points on heavy volume as jobless claims fell and beat expectations.

Friday the markets lost 19 points on moderate volume as producer prices rose and matched estimates.

Mortgage rates were flat on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.20% and a 30-year rate of 3.88%. These rates are as of 08/12/2019 and may include points.

 

What to watch for on the economic calendar this week:


Monday – No major data

Tuesday – Consumer Prices

Wednesday –Mortgage Applications / Import and Export Prices

Thursday – Jobless Claims / Industrial Production and Capacity Utilization / Retail Sales / NY Manufacturing

Friday – Housing Starts and Building Permits / Consumer Sentiment

 

 

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

August 12, 2019

 

 

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