AAM Weekly Market Wrap – July 29, 2019

Weekly Market Wrap: Stocks rose back to new highs as positive economic data and corporate earnings along with a budget and debt ceiling deal in Washington pushed stocks higher.

 

For The Week

  • The S&P 500 rose 1.65% to 3,025.86
  • Oil added 0.79% to $56.20
  • Gold slipped 0.59% to $1,416.87
  • The US dollar gained 0.85% at $98.00 against other major world currencies.

 

2019 Year-To Date for the major indexes:

 

  • The S&P Index +20.70%
  • The Dow Jones Index +16.57%
  • The NASDAQ Index +25.54%
  • The Russell 2000 Small cap Index +17.09%
  • EAFE International Index +11.36%
  • 10 Year Treasury Yield is 2.08%, higher for the week and lower for the year
  • 30 Year Treasury Yield is 2.59%, higher for the week and lower for the year
  • WTI Crude Oil Index +23.76%
  • Bloomberg Gold Index +10.47%
  • The Dollar Index +1.98% against other major world currencies

 

 

Monday the S&P 500 index rose 8 points on moderate volume with no data reported.

Tuesday stocks added 20 points on moderate volume as existing home sales fell and missed while FHFA home prices rose but at a slower pace.  Overseas the IMF lowered global growth estimates.

Wednesday the S&P 500 rose 14 points on moderate volume as mortgage applications fell and new home sales rose but missed expectations.

Thursday stocks fell 16 points on moderate volume as jobless claims fell more than expected and durable goods orders rose and beat estimates.

Friday the markets added 22 points on moderate volume as the 1st estimate of 2nd quarter GDP was higher than expected at 2.1%.

Mortgage rates were mixed on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.19% and a 30-year rate of 3.88%. These rates are as of 07/29/2019 and may include points.

 

What to watch for on the economic calendar this week:


Monday – No major data

Tuesday – Pending Home Sales / PCE Prices / Consumer Confidence / Personal Income and Spending / Shiller Home Prices

Wednesday –Mortgage Applications / ADP Employment / Chicago PMI / FOMC Announcement

Thursday – Jobless Claims / ISM Manufacturing / Construction Spending

Friday – July Employment / Factory Orders

 

 

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

July 29, 2019

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