Weekly Market Wrap: Stocks continued lower for the second straight week as congress debated the tax reform bill, Chinese economic data disappointed and the yield curve flattened.
For The Week
- The S&P 500 lost 0.13% to 2,582.30
- Oil slipped 0.05% to $56.71
- Gold rose 1.45% to $1,294.04
- The US dollar lost 0.81% at $93.63 against other major world currencies.
2017 Year-To Date for the major indexes:
- The S&P Index +15.19%
- The Dow Jones Index +18.19%
- The NASDAQ Index +26.00%
- The Russell 2000 Small cap Index +10.00%
- EAFE International Index +19.37%
- 10 Year Treasury Yield is 2.35%, higher for the week and lower for the year
- 30 Year Treasury Yield is 2.78%, lower for the week and lower for the year
- WTI Crude Oil Index +5.57%
- Bloomberg Gold Index +12.29%
- The Dollar Index -8.48% against other major world currencies
Monday the S&P 500 index gained 3 points on moderate volume with no major data reported.
Tuesday the markets lost 6 points on moderate volume as small business optimism rose but missed while producer prices rose more than expected. Overseas Chinese data disappointed.
Wednesday the index dropped 14 points on moderate volume as mortgage applications rose, consumer prices rose and matched expectations, retail sales rose slightly more than expected and NY manufacturing fell and missed estimated but remained strong.
Thursday the S&P 500 rebounded 2 points on moderate volume as jobless claims rose a little more than expected, import prices rose a little less than expected, export prices were flat and missed and both industrial production and the housing market index rose and beat expectations.
Friday the index lost 7 points on moderate volume as both housing starts and building permits rose and beat expectations.
Mortgage rates were mixed on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.15% and a 30-year rate of 3.79%. These rates are as of 11/20/2017 and may include points.
What to watch for on the economic calendar this week:
Monday – Leading Indicators
Tuesday – Existing Home Sales
Wednesday – Mortgage Applications / Durable Goods / Jobless Claims / Consumer Sentiment / FOMC Minutes
Thursday – No Data – Markets Closed
Friday – PMI Composite Flash
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
November 20, 2017