Weekly Market Wrap: Stocks rose this week on positive earnings news and economic data along with news of possible trade deals in the works.
For The Week
- The S&P 500 gained 0.61% to 2,818.82
- Oil dropped 2.23% to $68.69
- Gold slipped 0.52% to $1,223.41
- The US dollar rose 0.22% at $94.66 against other major world currencies.
2018 Year-To Date for the major indexes:
- The S&P Index +5.43%
- The Dow Jones Index +2.96%
- The NASDAQ Index +12.08%
- The Russell 2000 Small cap Index +8.32%
- EAFE International Index -2.15%
- 10 Year Treasury Yield is 2.96%, higher for the week and higher for the year
- 30 Year Treasury Yield is 3.09%, higher for the week and higher for the year
- WTI Crude Oil Index +14.20%
- Bloomberg Gold Index -6.13%
- The Dollar Index +2.59% against other major world currencies
Monday the S&P 500 gained 5 points on moderately-light volume as existing home sales fell and matched estimates.
Tuesday stocks added 13 points on moderate volume as both PMI manufacturing and PMI non-manufacturing rose.
Wednesday the index jumped 26 points on moderate volume as mortgage applications fell and new home sales fell and missed estimates.
Thursday the S&P 500 lost 9 points on moderate volume as jobless claims rose but beat estimates while durable goods orders rose and missed expectations.
Friday stocks dropped 19 points on moderate volume as 2Q GDP rose 4.1 just missing estimates and consumer sentiment rose and beat estimates.
Mortgage rates were lower on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.86% and a 30-year rate of 4.44%. These rates are as of 7/30/2018 and may include points.
What to watch for on the economic calendar this week:
Monday – Pending Home Sales
Tuesday – Employment Costs / Personal Income / Consumer Spending / Core Inflation / Shiller Home Prices / Consumer Confidence
Wednesday – Mortgage Applications / ADP Employment / PMI Manufacturing / ISM Manufacturing / Construction Spending / Motor Vehicle Sales
Thursday – Jobless Claims / Factory Orders
Friday – July Employment / ISM Non-manufacturing / PMI Services
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
July 30, 2018