AAM Weekly Market Wrap – November 5, 2018

Weekly Market Wrap: Stocks rebounded last week as corporate earnings and positive economic data soothed global growth concerns.

 

For The Week

  • The S&P 500 jumped 2.42% to 2,723.06
  • Oil dropped 6.95% to $62.89
  • Gold slipped 0.05% to $1,233.02
  • The US dollar rose 0.10% at $96.47 against other major world currencies.

 

2018 Year-To Date for the major indexes:

 

  • The S&P Index +1.85%
  • The Dow Jones Index +2.23%
  • The NASDAQ Index +6.57%
  • The Russell 2000 Small cap Index +0.81%
  • EAFE International Index -9.88%
  • 10 Year Treasury Yield is 3.22%, higher for the week and higher for the year
  • 30 Year Treasury Yield is 3.46%, higher for the week and higher for the year
  • WTI Crude Oil Index +4.56%
  • Bloomberg Gold Index -5.39%
  • The Dollar Index +4.55% against other major world currencies

 

 

Monday the S&P 500 index fell 17 points as PCE prices rose and matched, personal income rose but missed while personal spending rose and matched.

Tuesday stocks jumped 41 points on heavy volume as Shiller home prices rose but missed while consumer confidence rose and beat expectations.

Wednesday the market added 29 points on heavy volume as mortgage applications fell, ADP employment rose and beat expectations while employment costs rose more than expected.

Thursday the S&P 500 gained 29 points on moderate volume as jobless claims rose a little more than expected, construction spending was flat and missed, ISM manufacturing fell and missed while productivity rose and beat estimates.

Friday stocks fell 17 points on heavy volume as the October jobs report added 250,000 jobs beating expectations, unemployment was flat at 3.7%, average hourly earnings rose and matched estimates while factory orders rose and beat expectations.

Mortgage rates were higher on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 4.11% and a 30-year rate of 4.79%. These rates are as of 11/5/2018 and may include points.

 

What to watch for on the economic calendar this week:


Monday – ISM non-manufacturing

Tuesday – No major data

Wednesday – Mortgage Applications / Consumer Credit

Thursday – Jobless Claims / FOMC Rate Decision

Friday – Producer Prices / Consumer Sentiment

 

 

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

November 5, 2018

 

 

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