AAM Weekly Market Wrap – July 23, 2018

Weekly Market Wrap: Stocks were mixed this week as 2Q earnings season and tariff concerns continued.

 

For The Week

  • The S&P 500 added 0.02% to 2,801.83
  • Oil slipped 0.77% to $70.46
  • Gold fell 0.94% to $1,229.85
  • The US dollar lost 0.32% at $94.45 against other major world currencies.

 

2018 Year-To Date for the major indexes:

 

  • The S&P Index +4.80%
  • The Dow Jones Index +1.37%
  • The NASDAQ Index +13.28%
  • The Russell 2000 Small cap Index +10.50%
  • EAFE International Index -3.17%
  • 10 Year Treasury Yield is 2.90%, higher for the week and higher for the year
  • 30 Year Treasury Yield is 3.03%, higher for the week and higher for the year
  • WTI Crude Oil Index +17.14%
  • Bloomberg Gold Index -5.64%
  • The Dollar Index +2.36% against other major world currencies

 

 

 

Monday the S&P 500 slipped 3 points on moderate volume as retail sales rose and matched expectations while NY manufacturing fell but remained strong.

Tuesday stocks gained 11 points on moderate volume as industrial production rose and matched while the home builders index was flat but remained strong.

Wednesday stocks rose 6 points on moderate volume as both housing starts and building permits fell and missed expectations, mortgage apps also fell.

Thursday the S&P 500 dropped 11 points on moderate volume as jobless claims fell more than expected, Philly manufacturing rose and beat expectations while the leading indicators rose and also beat estimates.

Friday stocks fell 3 points on moderate volume with no major data reported.

Mortgage rates were mixed on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.79% and a 30-year rate of 4.37%. These rates are as of 7/23/2018 and may include points.

 

What to watch for on the economic calendar this week:


Monday – Chicago Manufacturing / Existing Home Sales

Tuesday – PMI Manufacturing Flash

Wednesday – New Home Sales

Thursday – Jobless Claims / Durable Goods Orders

Friday – 2Q GDP Estimate / Consumer Sentiment

 

 

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

July 23, 2018

 

 

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