Weekly Market Wrap: Stocks were mixed this week as the Fed raised rates for the 2nd time this year and indicated that 2 more hikes may be needed to keep a lid on inflation.
For The Week
- The S&P 500 gained 0.01% to 2,779.42
- Oil slipped 1.03% to $65.06
- Gold fell 1.38% to $1,280.67
- The US dollar rose 1.30% at $94.80 against other major world currencies.
2018 Year-To Date for the major indexes:
- The S&P Index +3.96%
- The Dow Jones Index+1.50%
- The NASDAQ Index +12.21%
- The Russell 2000 Small cap Index +9.66%
- EAFE International Index -0.44%
- 10 Year Treasury Yield is 2.93%, flat for the week and higher for the year
- 30 Year Treasury Yield is 3.05%, lower for the week and higher for the year
- WTI Crude Oil Index +8.16%
- Bloomberg Gold Index -1.74%
- The Dollar Index +2.74% against other major world currencies
Monday the S&P 500 gained 3 points on moderate volume as with no major data released.
Tuesday stocks added 5 points on moderate volume as small business optimism rose and beat expectations (hit 34-year high) and consumer prices rose and matched estimates.
Wednesday the index fell 11 points on moderately-heavy volume as mortgage applications fell, producer prices rose more than expected and the Fed raised rates 0.25% as expected.
Thursday the S&P 500 rose 7 points on moderately-heavy volume as jobless claims fell and beat expectations, retail sales rose and beat estimates and both import and export prices rose more than expected.
Friday stocks slipped 3 points on heavy volume as NY manufacturing rose, industrial production fell and missed estimates while consumer sentiment rose and beat expectations.
Mortgage rates were lower 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 4.43%. These rates are as of 6/18/2018 and may include points.
What to watch for on the economic calendar this week:
Monday – No major data
Tuesday – Housing Starts / Building Permits
Wednesday – Mortgage Applications / Existing Home Sales
Thursday – Jobless Claims / Leading Indicators
Friday – PMI Manufacturing Flash
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
June 18, 2018