Weekly Market Wrap: Stocks fell last week as global growth concerns continued and the Fed left rates unchanged and lowered their US growth outlook.
For The Week
- The S&P 500 fell 0.77% to 2,800.71
- Oil added 1.04% to $59.04
- Gold rose 0.86% to $1,313.00
- The US dollar gained 0.02% at $96.61 against other major world currencies.
2019 Year-To Date for the major indexes:
- The S&P Index +11.72%
- The Dow Jones Index +9.32%
- The NASDAQ Index +15.18%
- The Russell 2000 Small cap Index +11.67%
- EAFE International Index +9.33%
- 10 Year Treasury Yield is 2.44%, lower for the week and lower for the year
- 30 Year Treasury Yield is 2.88%, lower for the week and lower for the year
- WTI Crude Oil Index +30.02%
- Bloomberg Gold Index +2.37%
- The Dollar Index +0.53% against other major world currencies
Monday the S&P 500 gained 10 points on moderately-heavy volume as home builder sentiment was flat and missed expectations.
Tuesday stocks lost less than 1 point on heavy volume as factory orders rose but missed estimates.
Wednesday the S&P 500 fell 8 points on heavy volume as mortgage applications rose and the Fed left rates unchanged as expected and indicated that it may not raise rates for the remainder of 2019 due to slower US growth.
Thursday stocks rose 31 points on moderate volume as jobless claims fell and beat expectations, leading indicators rose and matched estimates while the Philly fed index rose and beat expectations.
Friday stocks dropped 54 points on heavy volume as existing home sales rose and bet expectations.
Mortgage rates were lower on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.47% and a 30-year rate of 4.17%. These rates are as of 03/25/2019 and may include points.
What to watch for on the economic calendar this week:
Monday – No Major Data
Tuesday – Housing Starts and Building Permits / Shiller and FHFA Home Prices / Consumer Confidence
Wednesday – Mortgage Applications
Thursday – Jobless Claims / Pending Home Sales / 4Q GDP Final
Friday – PCE Prices / New Home Sales / Personal Income and Spending / Consumer Sentiment
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
March 25, 2019