Weekly Market Wrap: Stocks fell for the 3rd time in four weeks as interest rate fears continued to weigh on the markets and the 10-year treasury rose back above 3.0%.
For The Week
- The S&P 500 lost 0.54% to 2,712.97
- Oil added 0.82% to $71.28
- Gold fell 2.08% to $1,291.88
- The US dollar gained 1.21% at $93.66 against other major world currencies.
2018 Year-To Date for the major indexes:
- The S&P Index +1.47%
- The Dow Jones Index -0.02%
- The NASDAQ Index +6.53%
- The Russell 2000 Small cap Index +5.93%
- EAFE International Index +1.45%
- 10 Year Treasury Yield is 3.06%, higher for the week and higher for the year
- 30 Year Treasury Yield is 3.20%, lower for the week and higher for the year
- WTI Crude Oil Index +18.50%
- Bloomberg Gold Index -0.88%
- The Dollar Index +1.51% against other major world currencies
Monday the S&P 500 gained 2 points on moderate volume with no major data reported.
Tuesday stocks dropped 19 points on moderate volume as retail sales rose and matched, NY Manufacturing rose and beat estimates while the housing market index also rose and beat expectations.
Wednesday the index rose 11 points on moderate volume as mortgage applications fell, housing starts fell and missed estimates, building permits fell but beat expectations while industrial production rose and beat estimates.
Thursday the S&P 500 lost 2 points on moderate volume as jobless claims rose a little more than expected but remain low and leading indicators rose and matched expectations.
Friday stocks dropped 7 points on moderate volume with no major data reported.
Mortgage rates were higher on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.96% and a 30-year rate of 4.53%. These rates are as of 5/21/2018 and may include points.
What to watch for on the economic calendar this week:
Monday – No major data
Tuesday – No major data
Wednesday – Mortgage Applications / PMI Composite Flash / New Home Sales
Thursday – Jobless Claims / FHFA Home Prices / Existing Home Sales
Friday – Durable Goods Orders / Consumer Sentiment
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
May 21, 2018