Weekly Market Wrap: Stocks fell last week as continued global growth and trade concerns put pressure on markets despite positive retail sales and inflation data.
For The Week
- The S&P 500 fell 1.61% to 2,736.27
- Oil plummeted 5.65% to $56.79
- Gold rose 1.00% to $1,221.71
- The US dollar slipped 0.48% at $96.46 against other major world currencies.
2018 Year-To Date for the major indexes:
- The S&P Index +2.34%
- The Dow Jones Index +2.81%
- The NASDAQ Index +4.99%
- The Russell 2000 Small cap Index -0.52%
- EAFE International Index -10.45%
- 10 Year Treasury Yield is 3.08%, lower for the week and higher for the year
- 30 Year Treasury Yield is 3.33%, lower for the week and higher for the year
- WTI Crude Oil Index -5.65%
- Bloomberg Gold Index -6.26%
- The Dollar Index +4.54% against other major world currencies
Monday the S&P 500 index plummeted 55 points on moderate volume with no major data reported.
Tuesday stocks slipped 4 points on heavy volume as small business optimism fell and missed expectations.
Wednesday the market fell 20 points on heavy volume as mortgage applications fell and consumer prices rose and matched estimates.
Thursday the S&P 500 rebounded 29 points on heavy volume as jobless claims rose more than expected, retail sales rose and beat estimates, NY manufacturing rose and beat while both import and export prices rose.
Friday stocks added 6 points on heavy volume as industrial production rose but missed estimates.
Mortgage rates were lower on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 4.01% and a 30-year rate of 4.75%. These rates are as of 11/19/2018 and may include points.
What to watch for on the economic calendar this week:
Monday – Housing Market Index
Tuesday – Housing Starts and Building Permits
Wednesday – Jobless Claims / Mortgage Applications / Durable Goods Orders / Existing Homes Sales / Leading Indicators / Consumer Sentiment
Thursday – No Major Data / Markets Closed
Friday – No Major Data
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
November 19, 2018