Weekly Market Wrap: Stocks fell this week as the new fed chair Jerome Powell spoke and President Trump announced his plan to impose tariffs on imported steel and aluminum.
For The Week
- The S&P 500 dropped 2.04% to 2,691.25
- Oil lost 3.62% to $61.25
- Gold slipped 0.52% to $1,322.24
- The US dollar rose 0.06% at $89.92 against other major world currencies.
2018 Year-To Date for the major indexes:
- The S&P Index +0.66%
- The Dow Jones Index -0.73%
- The NASDAQ Index +5.13%
- The Russell 2000 Small cap Index -0.15%
- EAFE International Index -1.27%
- 10 Year Treasury Yield is 2.86%, lower for the week and higher for the year
- 30 Year Treasury Yield is 3.14%, lower for the week and higher for the year
- WTI Crude Oil Index +1.83%
- Bloomberg Gold Index +1.45%
- The Dollar Index -2.55% against other major world currencies
Monday the S&P 500 gained 32 points on moderate volume as new home sales fell and missed expectations.
Tuesday stocks lost 35 points on moderate volume as durable goods orders fell 3.7% and missed estimates, Shiller home prices rose and matched estimates, FHFA home prices rose but missed estimates while consumer confidence rose and beat expectations.
Wednesday the index dropped 30 points on heavy volume as mortgage applications were mixed, 4Q GDP 2nd estimate matched expectations, Chicago area manufacturing fell and missed while pending home sales also fell and missed expectations.
Thursday the S&P 500 lost another 36 points on heavy volume as jobless claims fell more than expected, motor vehicle sales fell but matched estimates, personal income rose and beat, consumer spending rose and matched expectations, PCE prices rose and matched estimates, PMI manufacturing fell more than expected, ISM manufacturing rose and beat estimates while construction spending was flat and missed estimates.
Friday the index rebounded 14 points on heavy volume as consumer sentiment rose and beat expectations.
Mortgage rates were mixed on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.75% and a 30-year rate of 4.30%. These rates are as of 3/05/2018 and may include points.
What to watch for on the economic calendar this week:
Monday – PMI Services / ISM Non-Manufacturing
Tuesday – Factory Orders
Wednesday – Mortgage Applications / ADP Employment / Productivity & Costs / Consumer Credit
Thursday – Jobless Claims
Friday – Employment Situation for February
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
March 5, 2018