AAM Weekly Market Wrap – March 4, 2019

Weekly Market Wrap: Stocks continued higher last week as Fed testimony remained dovish and 4Q GDP came in higher than expected.

 

For The Week

  • The S&P 500 added 0.39% to 2,803.69
  • Oil lost 2.55% to $55.80
  • Gold fell 2.78% to $1,291.32
  • The US dollar slipped 0.05% at $96.50 against other major world currencies.

 

2019 Year-To Date for the major indexes:

 

  • The S&P Index +11.84%
  • The Dow Jones Index +11.57%
  • The NASDAQ Index +14.47%
  • The Russell 2000 Small cap Index +17.88%
  • EAFE International Index +9.89%
  • 10 Year Treasury Yield is 2.76%, higher for the week and higher for the year
  • 30 Year Treasury Yield is 3.13%, higher for the week and higher for the year
  • WTI Crude Oil Index +22.88%
  • Bloomberg Gold Index +0.68%
  • The Dollar Index +0.42% against other major world currencies

 

 

Monday the S&P 500 gained 3 points on moderate volume with no major data reported.

Tuesday stocks slipped 2 points on moderate volume as housing starts fell and missed, building permits rose and beat estimates, consumer confidence rose and beat while both FHFA and Shiller home prices rose less than expected.

Wednesday the markets lost 2 points on moderate volume as mortgage applications rose, factory orders rose but missed estimates while pending home sales rose and beat expectations.

Thursday stocks fell 8 points on heavy volume as jobless claims rose a little more than expected, Chicago manufacturing rose and beat expectations while the first estimate of 4Q GDP came in at 2.6% which was higher than expected.

Friday stocks jumped 19 points on moderately-heavy volume as ISM Manufacturing fell and missed estimates, PCE prices rose more than expected, personal income rose but missed estimates, consumer spending fell more than expected while consumer sentiment fell and missed expectations.

Mortgage rates were higher on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.70% and a 30-year rate of 4.43%. These rates are as of 03/04/2019 and may include points.

 

What to watch for on the economic calendar this week:


Monday – Construction Spending

Tuesday – ISM Non-Manufacturing / New Home Sales

Wednesday – Mortgage Applications / ADP Employment

Thursday – Jobless Claims / Consumer Credit / Worker Productivity / Unit Labor Costs

Friday – February Jobs Report / Housing Starts / Building Permits

 

 

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

March 4, 2019

 

 

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