AAM Weekly Market Wrap – October 07, 2019

Weekly Market Wrap: Stocks continued lower for the third week in a row as global manufacturing continued to slow and US economic data was mostly disappointing.


For The Week

  • The S&P 500 slipped 0.33% to 2,952.01
  • Oil dropped 5.61% to $52.81
  • Gold gained 0.40% to $1,504.61
  • The US dollar rose 0.69% at $99.80 against other major world currencies.


2019 Year-To Date for the major indexes:


  • The S&P Index +17.76%
  • The Dow Jones Index +13.92%
  • The NASDAQ Index +20.30%
  • The Russell 2000 Small cap Index +11.28%
  • EAFE International Index +9.13%
  • 10 Year Treasury Yield is 1.52%, lower for the week and lower for the year
  • 30 Year Treasury Yield is 2.01%, lower for the week and lower for the year
  • WTI Crude Oil Index +16.30%
  • Bloomberg Gold Index +17.31%
  • The Dollar Index +3.85% against other major world currencies





Monday the S&P 500 rose 15 points on moderate volume as Midwest manufacturing fell and missed expectations.

Tuesday stocks dropped 36 points on moderate volume as ISM Manufacturing fell to a 10-year low and missed while construction spending also fell and missed expectations.

Wednesday the S&P 500 fell another 52 points on heavy volume as mortgage applications rose and the ADP jobs report was lower than expected.

Thursday stocks rebounded 23 points on moderate volume as jobless claims rose a little more than expected, ISM Non-manufacturing data fell and missed expectations while factory orders fell and missed estimates.

Friday the markets gained 41 points on light volume as September added 136,000 jobs which was less than expected, average hourly earnings were flat and missed while unemployment fell to 3.5% and beat expectations.

Mortgage rates were lower on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.12% and a 30-year rate of 3.71%. These rates are as of 10/07/2019 and may include points.


What to watch for on the economic calendar this week:

Monday – Consumer Credit Use

Tuesday – Producer Prices / Small Business Optimism

Wednesday – Mortgage Applications / FOMC Minutes

Thursday – Jobless Claims / Consumer Prices

Friday – Consumer Sentiment / Import & Export Prices



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

October 07, 2019



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