Weekly Market Wrap: Stocks fell last week as trade talks between the US and China failed to produce results and the US reinstated tariffs on imported China goods.
For The Week
- The S&P 500 fell 2.18% to 2,881.40
- Oil lost 0.45% to $61.66
- Gold gained 0.60% to $1,286.48
- The US dollar slipped 0.10% at $97.38 against other major world currencies.
2019 Year-To Date for the major indexes:
- The S&P Index +14.94%
- The Dow Jones Index +11.21%
- The NASDAQ Index +19.32%
- The Russell 2000 Small cap Index +16.64%
- EAFE International Index +11.07%
- 10 Year Treasury Yield is 2.44%, lower for the week and lower for the year
- 30 Year Treasury Yield is 2.86%, lower for the week and lower for the year
- WTI Crude Oil Index +35.79%
- Bloomberg Gold Index +0.31%
- The Dollar Index +1.33% against other major world currencies
Monday the S&P 500 lost 13 points on moderate volume with no major data reported.
Tuesday stocks dropped 48 points on moderately-heavy volume as consumer credit use fell and missed expectations.
Wednesday the S&P 500 slipped 5 points on moderate volume as mortgage applications rose.
Thursday stocks lost 9 points on moderate volume as jobless claims fell but were higher than expected while producer prices rose and matched estimates.
Friday the markets rebounded 11 points on moderate volume as consumer prices rose a little less than expected.
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 4.05%. These rates are as of 05/13/2019 and may include points.
What to watch for on the economic calendar this week:
Monday – No major data
Tuesday – Import & Export Prices / Small Business Optimism
Wednesday – Mortgage Applications / Industrial Production and Capacity Utilization / Retail Sales / NY Manufacturing
Thursday – Jobless Claims / Housing Starts and Building Permits
Friday – Leading Economic Indicators / Consumer Sentiment
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
May 13, 2019