AAM Weekly Market Wrap – July 8, 2019

Weekly Market Wrap: Stocks rose to new all-time highs last week as the US and China declared a tariff trade truce at the G4 summit and the June jobs report beat expectations which may reduce chances of a fed rate cut.

 

For The Week

  • The S&P 500 gained 1.65% to 2,990.41
  • Oil fell 1.64% to $57.51
  • Gold slipped 0.69% to $1,400.90
  • The US dollar rose 1.10% at $97.25 against other major world currencies.

 

2019 Year-To Date for the major indexes:

 

  • The S&P Index +19.29%
  • The Dow Jones Index +15.41%
  • The NASDAQ Index +23.01%
  • The Russell 2000 Small cap Index +16.84%
  • EAFE International Index +12.50%
  • 10 Year Treasury Yield is 2.04%, higher for the week and lower for the year
  • 30 Year Treasury Yield is 2.55%, higher for the week and lower for the year
  • WTI Crude Oil Index +26.65%
  • Bloomberg Gold Index +9.23%
  • The Dollar Index +1.20% against other major world currencies

 

 

Monday the S&P 500 index jumped 23 points on moderate volume as construction spending fell and missed while ISM manufacturing fell but beat expectations.

Tuesday stocks added 9 points on moderate volume with no major data reported.

Wednesday the S&P 500 rose 23 points on light volume as mortgage applications fell, jobless claims fell and beat estimates, ADP employment rose but missed, factory orders fell more than expected and ISM non-manufacturing fell and missed expectations.

Thursday markets were closed.

Friday the markets slipped 5 points on light volume as the June payroll report added 224,000 jobs beating expectations, average hourly earnings rose 0.2% which was less than expected and unemployment rose to 3.7%.

Mortgage rates were higher on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.22% and a 30-year rate of 3.83%. These rates are as of 07/08/2019 and may include points.

 

What to watch for on the economic calendar this week:


Monday – Consumer Credit

Tuesday – Small Business Optimism

Wednesday –Mortgage Applications / FOMC Minutes

Thursday – Jobless Claims / Consumer Prices

Friday – Producer Prices

 

 

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

July 08, 2019

 

 

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