Weekly Market Wrap: Stocks finished the week lower as Macron won the French election as expected while inflation data and corporate profits were mixed.
For The Week
- The S&P 500 slipped 0.35% to 2,390.90
- Oil rose 3.50% to $47.84
- Gold fell 0.12% to $1,227.84
- The US dollar gained 0.67% at $99.22 against other major world currencies.
2017 Year-To Date for the major indexes:
- The S&P Index +6.79%
- The Dow Jones Index +5.74%
- The NASDAQ Index +13.71%
- The Russell 2000 Small cap Index +1.89%
- EAFE International Index +13.01%
- 10 Year Treasury Yield is 2.33%, lower for the week and lower for the year
- 30 Year Treasury Yield is 2.99%, flat for the week and lower for the year
- WTI Crude Oil Index -10.95%
- Bloomberg Gold Index +6.55%
- The Dollar Index -3.01% against other major world currencies
Monday the S&P Index gained less than 1 point on moderate volume as no major US data was released but overseas China trade data missed estimates and the French elections went according to plan.
Tuesday the index lost 2 points on moderate volume as small business optimism fell but beat estimates and remained high.
Wednesday the index gained 3 points on moderately-heavy volume as mortgage applications rose while import and export prices both rose more than expected.
Thursday the S&P 500 lost 5 point on moderately-heavy volume as jobless claims fell more than expected while producer prices rose more than expected gaining 2.5% year-over-year.
Friday the index slipped 4 points on moderate volume as consumer prices rose and matched expectations up 2.2% year-over-year, retail sales rose but missed and consumer sentiment rose and beat expectations.
Takeaways from this week:
- US stocks pulled back slightly after 3 weeks of gains.
- Treasury yields were mixed this week.
- World stocks slipped despite a favorable outcome in the French elections.
Mortgage rates were slightly higher on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.13% and a 30-year rate of 3.93%. These rates are as of 5/15/2017 and may include points.
What to watch for on the economic calendar this week:
Monday – NY Manufacturing / Housing Market Index
Tuesday – Housing Starts / Industrial Production
Wednesday – Mortgage Applications
Thursday – Weekly Jobless Claims / Leading Indicators
Friday – No Major Data
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
May 15, 2017