AAM Weekly Market Wrap – May 28, 2019

Weekly Market Wrap: Stocks continued lower for the third straight week as trade tensions and global growth concerns continued.

 

For The Week

  • The S&P 500 fell 1.17% to 2,826.06
  • Oil dropped 6.58% to $58.63
  • Gold gained 0.52% to $1,284.75
  • The US dollar slipped 0.41% at $97.69 against other major world currencies.

 

2019 Year-To Date for the major indexes:

 

  • The S&P Index +12.73%
  • The Dow Jones Index +9.68%
  • The NASDAQ Index +15.10%
  • The Russell 2000 Small cap Index +12.28%
  • EAFE International Index +10.13%
  • 10 Year Treasury Yield is 2.32%, lower for the week and lower for the year
  • 30 Year Treasury Yield is 2.75%, lower for the week and lower for the year
  • WTI Crude Oil Index +29.11%
  • Bloomberg Gold Index +0.17%
  • The Dollar Index +1.55% against other major world currencies

 

 

Monday the S&P 500 dropped 19 points on moderate volume with no major data reported.

Tuesday stocks rebounded 24 points on moderate volume as existing home sales fell and missed expectations.

Wednesday the S&P 500 fell 8 points on light volume as mortgage applications rose and the FOMC is remaining patient regarding future interest rate hikes.

Thursday stocks slumped 34 points on moderate volume as jobless claims fell more than expected and new home sales fell but beat estimates.

Friday the markets rebounded 4 points on light volume as durable goods orders fell more than expected.

Mortgage rates continued lower on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.37% and a 30-year rate of 4.00%. These rates are as of 05/28/2019 and may include points.

 

What to watch for on the economic calendar this week:


Monday – Markets closed – No major data

Tuesday – Consumer Confidence / FHFA and Shiller Home Prices

Wednesday – Mortgage Applications

Thursday – Jobless Claims / 1st Quarter GDP / Pending Home Sales

Friday – PCE Prices / Personal Income and Spending / Consumer Sentiment

 

 

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

May 28, 2019

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