AAM Weekly Market Wrap – June 11, 2018

Weekly Market Wrap: Stocks rose for the third straight week and 4 of the last 5 weeks as geopolitical concerns eased ahead of a meeting of the G7 and the North Korea Summit.

 

For The Week

  • The S&P 500 gained 1.62% to 2,779.03
  • Oil slipped 0.11% to $65.74
  • Gold rose 0.38% to $1,298.55
  • The US dollar lost 0.68% at $93.58 against other major world currencies.

 

2018 Year-To Date for the major indexes:

 

  • The S&P Index +3.94%
  • The Dow Jones Index+2.42%
  • The NASDAQ Index +10.75%
  • The Russell 2000 Small cap Index +8.92%
  • EAFE International Index +0.13%
  • 10 Year Treasury Yield is 2.93%, higher for the week and higher for the year
  • 30 Year Treasury Yield is 3.08%, higher for the week and higher for the year
  • WTI Crude Oil Index +9.29%
  • Bloomberg Gold Index -0.37%
  • The Dollar Index +1.42% against other major world currencies

 

 

Monday the S&P 500 rose 12 points on moderate volume as factory orders fell more than expected.

Tuesday stocks added 2 points on moderate volume as both PMI Services and ISM Non-Manufacturing rose and beat expectations.

Wednesday the index jumped 24 points on heavy volume as mortgage applications rose, productivity rose but missed estimates and labor costs rose more than expected.

Thursday the S&P 500 lost 2 points on heavy volume as jobless claims fell and beat expectations while consumer credit use fell and missed expectations.

Friday stocks rose 9 points on moderate volume with no major data reported.

Mortgage rates were higher on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.89% and a 30-year rate of 4.46%. These rates are as of 6/11/2018 and may include points.

 

What to watch for on the economic calendar this week:


Monday – No major data

Tuesday – Small Business Optimism / Consumer Prices

Wednesday – Mortgage Applications / Producer Prices / FOMC Announcement

Thursday – Jobless Claims / Retail Sales / Import and Export Prices

Friday – NY Manufacturing / Industrial Production / Consumer Sentiment

 

 

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

June 11, 2018

 

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