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