AAM Weekly Market Wrap – June 25, 2018

Weekly Market Wrap: Stocks fell last week as trade war concerns weighed on market sentiment.  The S&P 500 index fell for the first time in five weeks.

 

For The Week

  • The S&P 500 lost 0.88% to 2,754.88
  • Oil jumped 5.41% to $68.58
  • Gold fell 0.82% to $1,270.15
  • The US dollar slipped 0.28% at $94.53 against other major world currencies.

 

2018 Year-To Date for the major indexes:

 

  • The S&P Index +3.04%
  • The Dow Jones Index -0.56%
  • The NASDAQ Index +11.44%
  • The Russell 2000 Small cap Index +9.77%
  • EAFE International Index -3.57%
  • 10 Year Treasury Yield is 2.90%, flat for the week and higher for the year
  • 30 Year Treasury Yield is 3.04%, lower for the week and higher for the year
  • WTI Crude Oil Index +14.01%
  • Bloomberg Gold Index -2.55%
  • The Dollar Index +2.45% against other major world currencies

 

 

Monday the S&P 500 lost 6 points on moderate volume as the housing market index fell but remained strong.

Tuesday stocks lost 11 points on moderately-heavy volume as housing starts rose and beat expectations hitting 11 year highs and building permits fell.

Wednesday the index gained 4 points on moderately-heavy volume as mortgage applications rose and existing home sales fell and missed estimates.

Thursday the S&P 500 dropped 18 points on moderately-heavy volume as jobless claims fell and beat expectations, Philly manufacturing fell and missed estimates while leading indicators rose.

Friday stocks gained 5 points on very heavy volume as both the PMI manufacturing flash and the PMI non-manufacturing flash fell but remained strong.

Mortgage rates were mixed 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 4.45%. These rates are as of 6/25/2018 and may include points.

 

What to watch for on the economic calendar this week:


Monday – New Home Sales

Tuesday – Shiller Home Prices / Consumer Confidence

Wednesday – Mortgage Applications / Durable Goods Orders / Pending Home Sales

Thursday – Jobless Claims / Q1 GDP

Friday – Personal Income / Consumer Spending / Chicago PMI / Consumer Sentiment / Core Inflation

 

 

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

June 25, 2018

 

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