AAM Weekly Market Wrap – December 17, 2018

Weekly Market Wrap: Stocks dropped for the second week in a row as global growth concerns rose with disappointing economic data out of China and Europe.

 

For The Week

  • The S&P 500 fell 1.26% to 2,599.95
  • Oil dropped 3.68% to $51.20
  • Gold slipped 0.79% to $1,238.54
  • The US dollar rose 0.84% at $97.44 against other major world currencies.

 

2018 Year-To Date for the major indexes:

 

  • The S&P Index -2.76%
  • The Dow Jones Index -2.50%
  • The NASDAQ Index +0.11%
  • The Russell 2000 Small cap Index -8.12%
  • EAFE International Index -14.05%
  • 10 Year Treasury Yield is 2.89%, higher for the week and higher for the year
  • 30 Year Treasury Yield is 3.14%, flat for the week and higher for the year
  • WTI Crude Oil Index -14.88%
  • Bloomberg Gold Index -4.97%
  • The Dollar Index +5.60% against other major world currencies

 

 

Monday the S&P 500 index gained 5 points on heavy volume with no major data reported.

Tuesday stocks slipped 1 point on heavy volume as producer prices rose more than expected and small business optimism fell.

Wednesday the markets rose 14 points on heavy volume as consumer prices were flat and matched expectations while mortgage apps rose.

Thursday stocks slipped 1 point on moderately-heavy volume as jobless claims fell and beat estimates while import and export prices both fell.

Friday stocks plummeted 51 points on heavy volume as capacity utilization rose but missed estimates, industrial production rose and beat expectations while retail sales rose and matched estimates.  Overseas disappointing data out of China and Europe added to global growth concerns.

Mortgage rates fell on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.92% and a 30-year rate of 4.57%. These rates are as of 12/17/2018 and may include points.

 

What to watch for on the economic calendar this week:


Monday – NY Manufacturing / Housing Market Index

Tuesday – Housing Starts & Building Permits

Wednesday – Mortgage Applications / Existing Homes Sales / FOMC Rate Decision

Thursday – Jobless Claims / Leading Economic Indicators

Friday – Durable Goods Orders / GDP 3rd Quarter Final / PCE Prices / Personal Income and Spending

 

 

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

December 17, 2018

 

 

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