AAM Weekly Market Wrap – July 9, 2018

Weekly Market Wrap: Stocks began the 3rd quarter on a positive note as economic and jobs data continued to move the markets higher.

 

For The Week

  • The S&P 500 gained 1.52% to 2,759.82
  • Oil slipped 0.47% to $73.80
  • Gold rose 0.21% to $1,255.18
  • The US dollar dropped 0.59% at $94.04 against other major world currencies.

 

2018 Year-To Date for the major indexes:

 

  • The S&P Index +3.22%
  • The Dow Jones Index -1.06%
  • The NASDAQ Index +11.37%
  • The Russell 2000 Small cap Index +10.32%
  • EAFE International Index -3.88%
  • 10 Year Treasury Yield is 2.83%, lower for the week and higher for the year
  • 30 Year Treasury Yield is 2.94%, lower for the week and higher for the year
  • WTI Crude Oil Index +22.69%
  • Bloomberg Gold Index -3.69%
  • The Dollar Index +1.92% against other major world currencies

Monday the S&P 500 gained 8 points on moderate volume as PMI Manufacturing fell but remained strong, ISM Manufacturing rose and beat estimates while construction spending rose more than expected.

Tuesday stocks fell 13 points on light volume as both factory orders and vehicle sales rose and beat expectations.

Wednesday the markets were closed.

Thursday the S&P 500 gained 23 points on moderate volume as jobless claims rose more than expected, ADP employment added fewer jobs than expected, PMI services was flat and ISM non-manufacturing rose and beat expectations.

Friday stocks added another 23 points on moderate volume as June payrolls added a better than expected 213,000 jobs, unemployment rose to 4.0% as more people started looking for work and the average hourly earnings rose a less than expected 0.2%.

Mortgage rates were mixed on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.81% and a 30-year rate of 4.37%. These rates are as of 7/09/2018 and may include points.

 

What to watch for on the economic calendar this week:


Monday – Consumer Credit

Tuesday – Small Business Confidence

Wednesday – Producer Prices

Thursday – Jobless Claims / Consumer Prices / Core CPI

Friday – Import and Export Prices / Consumer Sentiment

 

 

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

July 09, 2018

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