AAM Weekly Market Wrap – July 1, 2019

Weekly Market Wrap: Stocks fell last week as markets reacted to mixed economic data and the upcoming meeting between President Trump and Chinese President Xi to continue trade talks.

 

For The Week

  • The S&P 500 slipped 0.29% to 2,941.76
  • Oil added 1.81% to $58.47
  • Gold rose 0.74% to $1,410.68
  • The US dollar gained 0.03% at $96.19 against other major world currencies.

 

2019 Year-To Date for the major indexes:

 

  • The S&P Index +17.35%
  • The Dow Jones Index +14.03%
  • The NASDAQ Index +20.66%
  • The Russell 2000 Small cap Index +16.17%
  • EAFE International Index +11.68%
  • 10 Year Treasury Yield is 2.00%, lower for the week and lower for the year
  • 30 Year Treasury Yield is 2.53%, lower for the week and lower for the year
  • WTI Crude Oil Index +28.76%
  • Bloomberg Gold Index +9.99%
  • The Dollar Index +0.09% against other major world currencies

 

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

Tuesday stocks dropped 28 points on moderate volume as consumer confidence fell and missed estimates, new home sales fell and missed, FHFA home prices rose and beat while Shiller home prices rose and matched expectations.

Wednesday the S&P 500 slipped 4 points on moderate volume as mortgage applications rose while durable goods orders fell more than expected but also had some positive data.

Thursday stocks gained 11 points on moderate volume as jobless claims rose more than expected, pending home sales rose a little more than expected while the GDP 3rd final estimate of 1st quarter growth matched expectations at 3.1%.

Friday the markets added 17 points on heavy volume as Chicago manufacturing fell into contraction territory, PCE prices rose and matched, personal income rose and beat estimates, personal spending rose and matched while consumer sentiment rose and beat expectations.

Mortgage rates were lower on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.17% and a 30-year rate of 3.80%. These rates are as of 07/01/2019 and may include points.

 

What to watch for on the economic calendar this week:


Monday – Construction Spending / ISM Manufacturing

Tuesday – June Auto Sales

Wednesday – Jobless Claims / Mortgage Applications / ADP Employment / Factory Orders / ISM Non-manufacturing

Thursday – No Data

Friday – June Employment Report

 

 

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

July 01, 2019

 

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