Weekly Market Wrap: The S&P 500 continued lower for the fourth straight week as China trade tensions and global growth concerns continued.
For The Week
- The S&P 500 sunk 2.62% to 2,752.06
- Oil dropped 8.75% to $53.50
- Gold jumped 1.66% to $1,306.11
- The US dollar gained 0.18% at $97.77 against other major world currencies.
2019 Year-To Date for the major indexes:
- The S&P Index +9.78%
- The Dow Jones Index +6.38%
- The NASDAQ Index +12.33%
- The Russell 2000 Small cap Index +8.67%
- EAFE International Index +7.84%
- 10 Year Treasury Yield is 2.14%, lower for the week and lower for the year
- 30 Year Treasury Yield is 2.58%, lower for the week and lower for the year
- WTI Crude Oil Index +17.82%
- Bloomberg Gold Index +1.84%
- The Dollar Index +1.74% against other major world currencies
Monday markets were closed
Tuesday stocks dropped 24 points on heavy volume as consumer confidence rose and beat expectations while FHFA and Shiller home prices rose a little less than expected.
Wednesday the S&P 500 fell 19 points on moderate volume as mortgage applications fell.
Thursday stocks rebounded 6 points on light-to-moderate volume as jobless claims rose a little less than expected, pending home sales fell and missed estimates while the second estimate of 1st quarter GDP slipped to 3.1% and matched expectations.
Friday the markets slumped 37 points on heavy volume as Chicago manufacturing rose, PCE prices rose and matched expectations, personal income and spending rose and beat estimates while consumer sentiment rose but missed expectations.
Mortgage rates were mixed on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.29% and a 30-year rate of 4.03%. These rates are as of 06/03/2019 and may include points.
What to watch for on the economic calendar this week:
Monday – Auto Sales / Construction Spending / ISM Manufacturing
Tuesday – Factory Orders
Wednesday – Mortgage Applications / ADP Employment / ISM Non-Manufacturing
Thursday – Jobless Claims / Unit Labor Costs & Productivity
Friday – May Jobs Report / Consumer Credit
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
June 3, 2019