AAM Weekly Market Wrap – May 14, 2018

Weekly Market Wrap: Stocks rebounded last week as the US exits the Iran nuclear deal and inflation rose but remained tame.

 

For The Week

  • The S&P 500 gained 2.41% to 2,727.72
  • Oil added 1.41% to $70.70
  • Gold rose 0.38% to $1,319.26
  • The US dollar slipped 0.08% at $92.54 against other major world currencies.

 

2018 Year-To Date for the major indexes:

 

  • The S&P Index +2.02%
  • The Dow Jones Index +0.45%
  • The NASDAQ Index +7.24%
  • The Russell 2000 Small cap Index +4.64%
  • EAFE International Index +2.09%
  • 10 Year Treasury Yield is 2.97%, higher for the week and higher for the year
  • 30 Year Treasury Yield is 3.10%, lower for the week and higher for the year
  • WTI Crude Oil Index +17.54%
  • Bloomberg Gold Index +1.22%
  • The Dollar Index +0.29% against other major world currencies

 

 

Monday the S&P 500 gained 9 points on moderate volume as consumer credit use fell and missed estimates.

Tuesday stocks slipped 1 point on moderate volume as small business optimism rose but missed while president Trump announced the US will exit the Iran nuclear deal.

Wednesday the index jumped 26 points on heavy volume as mortgage applications fell and producer prices rose less than expected.

Thursday the S&P 500 added 25 points on moderately-heavy volume as jobless claims were flat and beast expectations while consumer prices rose a little less than expected.

Friday stocks gained 5 points on moderate volume as import prices rose less than expected, export prices rose more than expected and consumer sentiment was flat and missed estimates.

Mortgage rates were higher on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.88% and a 30-year rate of 4.42%. These rates are as of 5/14/2018 and may include points.

 

What to watch for on the economic calendar this week:


Monday – No major data

Tuesday – Retail Sales / NY Manufacturing / Housing Market Index

Wednesday – Mortgage Applications / Housing Starts / Industrial Production

Thursday – Jobless Claims / Leading Indicators

Friday – No major data

 

 

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

May 14, 2018

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