Weekly Market Wrap: The S&P broke a six week winning streak as China trade deal uncertainty weighed on markets and retail earnings were mixed.
For The Week
- The S&P 500 slipped 0.33% to 3,110.29
- Oil added 0.09% to $57.77
- Gold lost 0.28% to $1,462.67
- The US dollar gained 0.27% at $98.26 against other major world currencies.
2019 Year-To Date for the major indexes:
- The S&P Index +24.07%
- The Dow Jones Index +19.50%
- The NASDAQ Index +28.40%
- The Russell 2000 Small cap Index +17.82%
- EAFE International Index +15.57%
- 10 Year Treasury Yield is 1.77%, lower for the week and lower for the year
- 30 Year Treasury Yield is 2.22%, lower for the week and lower for the year
- WTI Crude Oil Index +27.22%
- Bloomberg Gold Index +14.04%
- The Dollar Index +2.25% against other major world currencies
Monday the S&P 500 gained 2 points on moderate volume as homebuilder sentiment fell and missed expectations.
Tuesday stocks slipped 2 points on moderate volume as housing starts and building permits both rose and beat estimates.
Wednesday the S&P 500 dropped 12 points on heavy volume as mortgage applications fell.
Thursday stocks lost 5 points on moderate volume as jobless claims rose a little more than expected, existing home sales rose but missed, leading indicators fell and matched estimates while Philly manufacturing rose and beat expectations.
Friday the markets gained 7 points on light volume as consumer sentiment rose and beat estimates.
Mortgage rates were lower 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 3.72%. These rates are as of 11/25/2019 and may include points.
What to watch for on the economic calendar this week:
Monday – No Data
Tuesday – Consumer Confidence / New Home Sales / FHFA and Shiller Home Prices
Wednesday – Mortgage Applications / Jobless Claims / PCE Prices / Durable Goods Orders / 3Q GDP / Pending Home Sales / Personal Income and Spending
Thursday – No Data – Happy Thanksgiving!
Friday – Chicago Manufacturing
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
November 25, 2019