AAM Weekly Market Wrap – May 28, 2018

Weekly Market Wrap: Stocks rose this week and interest rates fell despite additional tariff talk and the cancellation of the North Korea summit.

 

For The Week

  • The S&P 500 gained 0.31% to 2,721.33
  • Oil dropped 4.77% to $67.88
  • Gold rose 0.64% to $1,300.10
  • The US dollar added 0.57% at $94.19 against other major world currencies.

 

2018 Year-To Date for the major indexes:

 

  • The S&P Index +1.78%
  • The Dow Jones Index +0.14%
  • The NASDAQ Index +7.68%
  • The Russell 2000 Small cap Index +5.95%
  • EAFE International Index -0.13%
  • 10 Year Treasury Yield is 2.94%, lower for the week and higher for the year
  • 30 Year Treasury Yield is 3.09%, lower for the week and higher for the year
  • WTI Crude Oil Index +12.85%
  • Bloomberg Gold Index -0.25%
  • The Dollar Index +2.08% against other major world currencies

 

 

Monday the S&P 500 jumped 20 points on moderate volume with no major data reported.

Tuesday stocks lost 9 points on moderate volume with no major data reported.

Wednesday the index gained 9 points on moderate volume as mortgage applications fell, PMI Composite Flash Rose and beat expectations, new home sales fell and missed estimates and the FOMC meeting minutes were released.

Thursday the S&P 500 fell 5 points on moderate volume as jobless claims rose more than expected, FHFA home prices rose less than expected and existing home sales fell and missed estimates.

Friday stocks lost 6 points on moderately-light volume as durable goods orders fell more than expected and consumer sentiment fell and missed estimates but remained strong.

Mortgage rates were lower on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.87% and a 30-year rate of 4.42%. These rates are as of 5/28/2018 and may include points.

 

What to watch for on the economic calendar this week:


Monday – No major data

Tuesday – Shiller Home Prices / Consumer Confidence

Wednesday – Mortgage Applications / ADP Employment / GDP / Corporate Profits

Thursday – Jobless Claims / Personal Income and Outlays / Chicago PMI / Pending Home Sales

Friday – Motor Vehicle Sales / Employment Situation / PMI Manufacturing / ISM Manufacturing / Construction Spending

 

 

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

May 28, 2018

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