AAM Weekly Market Wrap – May 6, 2019

Weekly Market Wrap: Stocks continued higher last week as the Federal Reserve held interest rates steady and the April jobs report beat expectations.

 

For The Week

  • The S&P 500 added 0.20% to 2,945.64
  • Oil dropped 2.15% to $61.94
  • Gold fell 54% to $1,278.76
  • The US dollar slipped 0.54% at $97.48 against other major world currencies.

 

2019 Year-To Date for the major indexes:

 

  • The S&P Index +17.50%
  • The Dow Jones Index +13.62%
  • The NASDAQ Index +23.04%
  • The Russell 2000 Small cap Index +19.68%
  • EAFE International Index +13.89%
  • 10 Year Treasury Yield is 2.53%, higher for the week and lower for the year
  • 30 Year Treasury Yield is 2.93%, flat for the week and lower for the year
  • WTI Crude Oil Index +36.40%
  • Bloomberg Gold Index -0.29%
  • The Dollar Index +1.44% against other major world currencies

 

 

Monday the S&P 500 gained 3 points on light-to-moderate volume as PCE Prices rose, personal income rose less than expected and personal spending rose more than expected.

Tuesday stocks added 3 points on heavy volume as Chicago manufacturing fell and missed estimates, consumer confidence rose and beat, employment costs rose a little less than expected, pending home sales rose and beat estimates while Shiller home prices rose less than expected.

Wednesday the S&P 500 dropped 22 points on moderate volume as mortgage applications fell, ADP Jobs beat expectations, construction spending fell and missed estimates, ISM manufacturing fell and missed while the FOMC held rates steady as expected and will remain patient.

Thursday stocks lost 6 points on moderate volume as jobless claims rose more than expected, factory orders rose and beat estimates, worker productivity rose and beat expectations while labor costs fell.

Friday the markets surged 28 points on moderate volume as April payrolls added 263,000 jobs beating expectations, the unemployment rate fell to 3.6%, average hourly earnings were flat and missed estimates while ISM non-manufacturing fell and missed expectations.

Mortgage rates were higher on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.50% and a 30-year rate of 4.09%. These rates are as of 05/06/2019 and may include points.

 

What to watch for on the economic calendar this week:


Monday – No major data

Tuesday – Consumer Credit

Wednesday – Mortgage Applications

Thursday – Jobless Claims / Producer Prices

Friday – Consumer Prices

 

 

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

May 06, 2019

 

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