AAM Weekly Market Wrap – May 15,2017

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

 

 

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