AAM Weekly Market Wrap – March 19, 2018

Weekly Market Wrap: Stocks fell last week as White House turmoil offset a mostly good week of economic data.

 

For The Week

  • The S&P 500 dropped 1.24% to 2,752.01
  • Oil added 0.48% to $62.34
  • Gold fell 0.74% to $1,313.40
  • The US dollar gained 0.11% at $90.22 against other major world currencies.

 

2018 Year-To Date for the major indexes:

 

  • The S&P Index +2.93%
  • The Dow Jones Index +0.92%
  • The NASDAQ Index +8.38%
  • The Russell 2000 Small cap Index +3.29%
  • EAFE International Index +0.23%
  • 10 Year Treasury Yield is 2.85%, lower for the week and higher for the year
  • 30 Year Treasury Yield is 3.08%, lower for the week and higher for the year
  • WTI Crude Oil Index +3.64%
  • Bloomberg Gold Index +0.77%
  • The Dollar Index -2.22% against other major world currencies

 

 

Monday the S&P 500 lost 4 points on moderately-heavy volume with no major data released.

Tuesday stocks fell 18 points on moderately-heavy volume as small business optimism rose and beat expectations while consumer prices fell and matched estimates.  In Washington DC Trump fired Secretary of State Rex Tillerson.

Wednesday the index lost 16 points on moderate volume as mortgage applications were mixed, producer prices rose and matched while retail sales fell and missed estimates.

Thursday the S&P 500 slipped 2 points on moderate volume as jobless claims fell more than expected, NY Manufacturing rose and beat estimates, Import prices rose and beat expectations, export prices rose but missed estimates and the housing market index fell and missed expectations.

Friday the index rose 5 points on heavy volume as both housing starts and building permits fell and missed estimates while both industrial production and consumer sentiment rose and beat expectations.

Mortgage rates lower higher on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.72% and a 30-year rate of 4.30%. These rates are as of 3/19/2018 and may include points.

 

What to watch for on the economic calendar this week:


Monday – No major data

Tuesday – FOMC Meeting Begins

Wednesday – Mortgage Applications / Existing Home Sales / FOMC Meeting Announcement

Thursday – Jobless Claims / FHFA Home Prices / PMI Composite Flash / Leading Indicators

Friday – Durable Goods Orders / New Home Sales

 

 

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

March 19, 2018

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