AAM Weekly Market Wrap – March 11, 2019

Weekly Market Wrap: Stocks fell last week as US data was mixed, Chinese exports dropped and German factory orders slumped.

 

For The Week

  • The S&P 500 dropped 2.16% to 2,743.07
  • Oil gained 0.48% to $56.07
  • Gold rose 0.69% to $1,300.20
  • The US dollar gained 0.89% at $97.36 against other major world currencies.

 

2019 Year-To Date for the major indexes:

 

  • The S&P Index +9.42%
  • The Dow Jones Index +9.10%
  • The NASDAQ Index +11.65%
  • The Russell 2000 Small cap Index +12.85%
  • EAFE International Index +7.91%
  • 10 Year Treasury Yield is 2.62%, lower for the week and lower for the year
  • 30 Year Treasury Yield is 3.00%, lower for the week and lower for the year
  • WTI Crude Oil Index +23.48%
  • Bloomberg Gold Index +1.38%
  • The Dollar Index +1.31% against other major world currencies

 

 

Monday the S&P 500 fell 11 points on moderate volume as construction spending fell more than expected.

Tuesday stocks lost 3 points on moderate volume as ISM non-manufacturing rose and beat expectations while new home sales rose and beat estimates.

Wednesday the S&P 500 dropped 18 points on moderate volume as mortgage applications fell and ADP employment added more jobs than expected.

Thursday stocks fell 23 points on heavy volume as jobless claims fell and beat estimates, worker productivity rose and beat, labor costs rose more than expected and consumer credit use rose and matched expectations.

Friday stocks slipped 6 points on moderate volume as February payrolls rose by a less-than-expected 200,000 jobs, unemployment fell to 3.8%, average hourly earnings rose .4% beating expectations while both building permits and housing starts 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 3.67% and a 30-year rate of 4.31%. These rates are as of 03/10/2019 and may include points.

 

What to watch for on the economic calendar this week:


Monday – Retail Sales

Tuesday – Consumer Prices / Small Business Optimism

Wednesday – Mortgage Applications / Producer Prices / Construction Spending / Durable Goods Orders

Thursday – Jobless Claims / New Home Sales / Import & Export Prices

Friday – NY Manufacturing / Industrial Production / Capacity Utilization / Consumer Sentiment

 

 

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

March 10, 2019

 

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