AAM Weekly Market Wrap – July 22, 2019

Weekly Market Wrap: Stocks gave back some recent gains last week as the leading economic indicators dropped for the first month this year and 2nd quarter earnings season kicked into gear with mixed results.

 

For The Week

  • The S&P 500 lost 1.23% to 2,976.61
  • Oil dropped 7.39% to $55.76
  • Gold added 0.74% to $1,425.31
  • The US dollar rose 0.35% at $97.17 against other major world currencies.

 

2019 Year-To Date for the major indexes:

 

  • The S&P Index +18.74%
  • The Dow Jones Index +16.40%
  • The NASDAQ Index +22.78%
  • The Russell 2000 Small cap Index +14.78%
  • EAFE International Index +11.37%
  • 10 Year Treasury Yield is 2.04%, lower for the week and lower for the year
  • 30 Year Treasury Yield is 2.58%, lower for the week and lower for the year
  • WTI Crude Oil Index +22.79%
  • Bloomberg Gold Index +11.13%
  • The Dollar Index +1.11% against other major world currencies

 

 

Monday the S&P 500 index rose less than 1 point on light volume as NY manufacturing rose but missed expectations.

Tuesday stocks fell 10 points on light volume as import and export prices both fell, industrial production was flat and missed, capacity utilization fell and missed estimates, homebuilder sentiment rose and beat expectations while retail sales rose and beat estimates.

Wednesday the S&P 500 lost 20 points on light volume as mortgage applications fell while housing starts and building permits both fell and missed expectations.

Thursday stock gained 11 points on moderate volume as jobless claims rose a little more than expected while leading indicators fell and missed expectations.

Friday the markets fell 19 points on moderate volume as consumer sentiment rose but missed estimates.

Mortgage rates were lower on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.23% and a 30-year rate of 3.84%. These rates are as of 07/22/2019 and may include points.

 

What to watch for on the economic calendar this week:


Monday – No major data

Tuesday – Existing Home Sales / FHFA Home Prices

Wednesday –Mortgage Applications / New Home Sales

Thursday – Jobless Claims / Durable Goods Orders

Friday – 2nd Quarter GDP – 1st estimate

 

 

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

July 22, 2019

 

 

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