AAM Weekly Market Wrap – July 31, 2017

Weekly Market Wrap: Stocks were mixed this week as 2nd quarter GDP grew as expected, corporate profits were mixed and Senate healthcare reform fails once again.

 

For The Week

  • The S&P 500 slipped 0.02% to 2,472.10
  • Oil jumped 8.61% to $49.71
  • Gold gained 0.45% to $1,259.83
  • The US dollar fell 0.69% at $93.29 against other major world currencies.

 

2017 Year-To Date for the major indexes:

 

  • The S&P Index +10.42%
  • The Dow Jones Index +10.46%
  • The NASDAQ Index +18.42%
  • The Russell 2000 Small cap Index +5.31%
  • EAFE International Index +15.69%
  • 10 Year Treasury Yield is 2.29%, higher for the week and lower for the year
  • 30 Year Treasury Yield is 2.90%, higher for the week and lower for the year
  • WTI Crude Oil Index -7.46%
  • Bloomberg Gold Index +9.32%
  • The Dollar Index -8.81% against other major world currencies

 

 

Monday the S&P 500 fell 3 points on moderate volume as the PMI Flash rose and beat expectations while existing home sales fell and missed estimates.

Tuesday the markets gained 7 points on moderate-to-heavy volume as both FHFA and Shiller home prices rose less than expected, up 6.9% and 5.7% year-over-year respectively.

Wednesday the index gained 1 point on moderate volume as mortgage applications were flat, new home sales rose slightly and just missed expectations while consumer confidence rose and beat expectations.

Thursday the S&P 500 fell 2 points on heavy volume as jobless claims rose a little more than expected while durable goods orders rose and beat expectations.

Friday the index lost 3 points on moderate volume as 2nd quarter GDP estimate matched at 2.6%, consumer sentiment rose and beat estimates while employment costs slowed and missed expectations.  In Washington DC the Senate healthcare reform once again failed.

Mortgage rates were flat on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.02% and a 30-year rate of 3.85%. These rates are as of 7/31/2017 and may include points.

 

What to watch for on the economic calendar this week:


Monday – Chicago PMI / Pending Home Sales

Tuesday – Motor Vehicle Sales / Personal Income & Outlays / PMI & ISM Manufacturing / Construction Spending

Wednesday – Mortgage Applications / ADP Employment

Thursday – Weekly Jobless Claims / PMI Services / ISM Non-Manufacturing / Factory Orders

Friday – July Employment Situation

 

 

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

July 31, 2017

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