AAM Weekly Market Wrap – December 3, 2018

Weekly Market Wrap: Stocks rebounded last week on a positive 3Q GDP report and comments from the Federal Reserve that interest rate hikes may slow or pause in 2019.

 

For The Week

  • The S&P 500 jumped 4.85% to 2,760.16
  • Oil slipped 0.27% to $50.93
  • Gold lost 0.11% to $1,221.85
  • The US dollar gained 0.35% at $97.23 against other major world currencies.

 

2018 Year-To Date for the major indexes:

 

  • The S&P Index +3.24%
  • The Dow Jones Index +3.31%
  • The NASDAQ Index +6.19%
  • The Russell 2000 Small cap Index -0.15%
  • EAFE International Index -10.71%
  • 10 Year Treasury Yield is 3.01%, lower for the week and higher for the year
  • 30 Year Treasury Yield is 3.30%, higher for the week and higher for the year
  • WTI Crude Oil Index -15.33%
  • Bloomberg Gold Index -6.25%
  • The Dollar Index +5.38% against other major world currencies

 

 

Monday the S&P 500 index jumped 41 points on light volume with no major data reported.

Tuesday stocks rebounded 9 points on moderate volume as Shiller home prices rose but missed, FHFA home prices rose and consumer confidence rose and beat expectations.

Wednesday the market surged 62 points on heavy volume as mortgage applications rose, new home sales fell and missed expectations while 3Q GDP (2nd estimate) was 3.5% and just missed estimates.

Thursday stocks slipped 6 points on moderate volume as jobless claims rose more than expected, PCE prices rose, pending home sales fell and missed estimates while both personal income and personal spending both rose and beat expectations.

Friday stocks gained 22 points on heavy volume as Chicago manufacturing rose and beat expectations.

Mortgage rates fell on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.96% and a 30-year rate of 4.68%. These rates are as of 12/03/2018 and may include points.

 

What to watch for on the economic calendar this week:


Monday – ISM Manufacturing / Construction Spending

Tuesday – Vehicle Sales

Wednesday – Mortgage Applications / ISM Non-Manufacturing / ADP Employment / Productivity / Unit Labor Costs

Thursday – Jobless Claims / Factory Orders

Friday – November Jobs / Consumer Credit / Consumer Sentiment

 

 

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

December 3, 2018

 

 

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