AAM Weekly Market Wrap – July 15, 2019

Weekly Market Wrap: Stocks continued higher and the S&P 500 broke through 3000 for the first time as Fed Chair Powell kept hopes of an interest rate cut alive and inflation data remained tame.

 

For The Week

  • The S&P 500 added 0.78% to 3,013.77
  • Oil jumped 4.69% to $60.21
  • Gold rose 1.00% to $1,414.89
  • The US dollar slipped 0.43% at $96.83 against other major world currencies.

 

2019 Year-To Date for the major indexes:

 

  • The S&P Index +20.22%
  • The Dow Jones Index +17.17%
  • The NASDAQ Index +24.25%
  • The Russell 2000 Small cap Index +16.42%
  • EAFE International Index +11.87%
  • 10 Year Treasury Yield is 2.11%, higher for the week and lower for the year
  • 30 Year Treasury Yield is 2.64%, higher for the week and lower for the year
  • WTI Crude Oil Index +32.59%
  • Bloomberg Gold Index +10.32%
  • The Dollar Index +0.76% against other major world currencies

 

 

Monday the S&P 500 index fell 14 points on moderate volume as consumer credit use fell and missed expectations.

Tuesday stocks gained 4 points on light-to-moderate volume as small business optimism fell.

Wednesday the S&P 500 rose 13 points on moderate volume as mortgage applications fell and Federal Reserve Chair Powell spoke in front of Congress.

Thursday stock added 7 points on light-to-moderate volume as jobless claims fell and beat while consumer prices rose a little more than expected but remained tame.

Friday the markets jumped 14 points on light volume as producer prices rose a little more than expected but remained subdued.

Mortgage rates continued higher on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.25% and a 30-year rate of 3.86%. These rates are as of 07/15/2019 and may include points.

 

What to watch for on the economic calendar this week:


Monday – NY Manufacturing

Tuesday – Industrial Production & Capacity Utilization / Import & Export Prices / Homebuilder Sentiment / Retail Sales

Wednesday –Mortgage Applications / Housing Starts & Building Permits

Thursday – Jobless Claims / Leading Economic Indicators

Friday – Consumer Sentiment

 

 

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

July 15, 2019

 

, , , , , , , , , , ,

Comments are closed.