AAM Weekly Market Wrap – July 2, 2018

Weekly Market Wrap: Stocks fell for the second week in a row to close out the first half of 2018.  Trade and tariff concerns continued to weigh on the markets.

 

For The Week

  • The S&P 500 dropped 1.33% to 2,718.37
  • Oil jumped another 8.12% to $74.15
  • Gold fell 1.39% to $1,252.53
  • The US dollar gained 0.07% at $94.60 against other major world currencies.

 

2018 Year-To Date for the major indexes:

 

  • The S&P Index +1.67%
  • The Dow Jones Index -1.81%
  • The NASDAQ Index +8.79%
  • The Russell 2000 Small cap Index +7.00%
  • EAFE International Index -4.75%
  • 10 Year Treasury Yield is 2.85%, lower for the week and higher for the year
  • 30 Year Treasury Yield is 2.98%, lower for the week and higher for the year
  • WTI Crude Oil Index +23.28%
  • Bloomberg Gold Index -3.90%
  • The Dollar Index +2.53% against other major world currencies

 

 

Monday the S&P 500 dropped 38 points on moderately-heavy volume as new home sales rose and beat expectations.

Tuesday stocks rebounded 6 points on moderate volume as Shiller home prices rose while consumer confidence fell and missed estimates.

Wednesday the index fell 23 points on moderate volume as mortgage applications fell, durable goods orders fell but beat expectations and pending home sales fell and missed estimates.

Thursday the S&P 500 gained 17 points on moderate volume as jobless claims rose more than expected and 1Q final GDP was revised lower to 2.0% and missed expectations.

Friday stocks added 2 points on moderately-heavy volume as personal income rose and matched estimates, consumer spending fell and missed, PCE prices matched expectations, Chicago PMI rose while consumer sentiment fell and missed expectations.

Mortgage rates were lower on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.81% and a 30-year rate of 4.40%. These rates are as of 7/02/2018 and may include points.

 

What to watch for on the economic calendar this week:


Monday – PMI Manufacturing / ISM Manufacturing / Construction Spending

Tuesday – Motor Vehicle Sales / Factory Orders

Wednesday – No major data

Thursday – Jobless Claims / ADP Employment / PMI Services / ISM Non-Manufacturing / FOMC Minutes

Friday – June Employment

 

 

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

July 02, 2018

 

 

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