AAM Weekly Market Wrap – November 26, 2018

Weekly Market Wrap: Stocks continued to drop on global growth worries led by technology stocks.

 

For The Week

  • The S&P 500 dropped 3.79% to 2,632.56
  • Oil plummeted 10.07% to $51.07
  • Gold rose 0.12% to $1,223.19
  • The US dollar gained 0.45% at $96.89 against other major world currencies.

 

2018 Year-To Date for the major indexes:

 

  • The S&P Index -1.54%
  • The Dow Jones Index -1.75%
  • The NASDAQ Index +0.52%
  • The Russell 2000 Small cap Index -3.05%
  • EAFE International Index -12.13%
  • 10 Year Treasury Yield is 3.04%, lower for the week and higher for the year
  • 30 Year Treasury Yield is 3.29%, lower for the week and higher for the year
  • WTI Crude Oil Index -15.10%
  • Bloomberg Gold Index -6.15%
  • The Dollar Index +5.01% against other major world currencies

 

 

Monday the S&P 500 index plummeted 46 points on heavy volume as the housing market index fell and missed expectations.

Tuesday stocks dropped another 49 points on heavy volume as housing starts rose but missed estimates while building permits fell but beat expectations.

Wednesday the market rebounded 8 points on moderate volume as mortgage applications fell, jobless claims rose more than expected, durable goods orders fell more than expected, existing home sales rose and beat estimates, leading indicators rose and beat expectations and consumer sentiment fell and missed expectations.

Thursday the markets were closed.

Friday stocks lost 17 points on light volume with no major data reported.

Mortgage rates were mixed on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 4.00% and a 30-year rate of 4.76%. These rates are as of 11/26/2018 and may include points.

 

What to watch for on the economic calendar this week:


Monday – No major data

Tuesday – Consumer Confidence / Shiller Home Prices / FHFA Home Prices

Wednesday – Mortgage Applications / GDP 3Q 2nd Estimate / New Home Sales / FOMC Minutes

Thursday – Jobless Claims / PCE Prices / Pending Home Sales / Personal Income and Spending

Friday – Chicago PMI

 

 

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

November 26, 2018

 

 

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