AAM Weekly Market Wrap – October 29, 2018

Weekly Market Wrap: Stocks fell last week as concerns regarding global economic growth sent both the Nasdaq and S&P 500 index into correction territory (down 10% from highs).

 

For The Week

  • The S&P 500 slumped 3.94% to 2,658.69
  • Oil dropped 2.21% to $67.59
  • Gold added 0.58% to $1,233.65
  • The US dollar rose 0.68% at $96.37 against other major world currencies.

 

2018 Year-To Date for the major indexes:

 

  • The S&P Index -0.56%
  • The Dow Jones Index -0.13%
  • The NASDAQ Index +3.82%
  • The Russell 2000 Small cap Index +3.37%
  • EAFE International Index -12.63%
  • 10 Year Treasury Yield is 3.08%, lower for the week and higher for the year
  • 30 Year Treasury Yield is 3.32%, lower for the week and higher for the year
  • WTI Crude Oil Index +12.37%
  • Bloomberg Gold Index -5.35%
  • The Dollar Index +4.44% against other major world currencies

 

 

Monday the S&P 500 index fell 12 points on moderate volume with no major data reported.

Tuesday stocks fell 15 points on heavy volume with no major data reported.

Wednesday the market slumped 85 points on heavy volume as mortgage applications rose, FHFA Home Prices rose and matched while new home sales fell and missed.

Thursday the S&P 500 rebounded 49 points on heavy volume as jobless claims rose more than expected, pending home sales rose and beat estimates while durable goods orders also rose and beat expectations.

Friday stocks dropped 47 points on heavy volume as consumer sentiment fell and missed while the 3Q GDP 1st estimate came in at 3.5% beating expectations.

Mortgage rates were lower on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 4.04% and a 30-year rate of 4.70%. These rates are as of 10/29/2018 and may include points.

 

What to watch for on the economic calendar this week:


Monday – Personal income and spending / PCE Prices

Tuesday – Consumer Confidence / Shiller Home Prices

Wednesday – Mortgage Applications / ADP Employment / Employment Costs

Thursday – Jobless Claims / Auto Sales / Construction Spending / ISM Manufacturing

Friday – October Jobs Report / Factory Orders

 

 

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

October 29, 2018

 

 

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