AAM Weekly Market Wrap – August 26, 2019

Weekly Market Wrap: Stocks were lower for the fourth straight week as slowing global growth and China trade concerns continued to trouble traders.

 

For The Week

  • The S&P 500 dropped 1.44% to 2,847.11
  • Oil was fell 0.55% to $54.17
  • Gold added 1.06% to $1,528.39
  • The US dollar lost 0.56% at $97.63 against other major world currencies.

 

2019 Year-To Date for the major indexes:

 

  • The S&P Index +13.57%
  • The Dow Jones Index +9.87%
  • The NASDAQ Index +16.83%
  • The Russell 2000 Small cap Index +8.23%
  • EAFE International Index +5.34%
  • 10 Year Treasury Yield is 1.52%, lower for the week and lower for the year
  • 30 Year Treasury Yield is 2.03%, higher for the week and lower for the year
  • WTI Crude Oil Index +19.29%
  • Bloomberg Gold Index +19.17%
  • The Dollar Index +1.59% against other major world currencies

 

 

Monday the S&P 500 index rose 35 points on moderate volume with no major data reported.

Tuesday stocks fell 23 points on moderately-light volume with no major data reported.

Wednesday the S&P 500 rebounded 23 points on moderately-light volume as mortgage applications fell while existing home sales rose and beat expectations.

Thursday stocks slipped 2 points on light volume as jobless claims fell more than expected and leading economic indicators rose and beat estimates.

Friday the markets dropped 76 points on heavy volume as new home sales fell and missed expectations.

Mortgage rates were flat on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.12% and a 30-year rate of 3.75%. These rates are as of 08/26/2019 and may include points.

 

What to watch for on the economic calendar this week:


Monday – Durable Goods Orders

Tuesday – FHFA Home Prices / Shiller Home Prices / Consumer Confidence

Wednesday –Mortgage Applications

Thursday – Jobless Claims / Pending Home Sales / GDP 2nd Quarter 2nd Estimate

Friday – PCE Prices / Midwest Manufacturing

 

 

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

August 26, 2019

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