Weekly Market Wrap: Stocks fell last week as trade concerns offset positive economic data including continuing job growth and a 14 year high in manufacturing data.
For The Week
- The S&P 500 lost 1.03% to 2,871.68
- Oil dropped 2.94% to $67.75
- Gold slipped 0.36% to $1,195.63
- The US dollar rose 0.29% at $95.39 against other major world currencies.
2018 Year-To Date for the major indexes:
- The S&P Index +7.41%
- The Dow Jones Index +4.84%
- The NASDAQ Index +14.47%
- The Russell 2000 Small cap Index +11.57%
- EAFE International Index -6.94%
- 10 Year Treasury Yield is 2.95%, higher for the week and higher for the year
- 30 Year Treasury Yield is 3.11%, higher for the week and higher for the year
- WTI Crude Oil Index +12.64%
- Bloomberg Gold Index -8.26%
- The Dollar Index +3.38% against other major world currencies
Monday the markets were closed
Tuesday stocks lost 5 points on moderate volume as vehicle sales fell and missed estimates, construction spending rose but missed expectations and ISM manufacturing rose and beat expectations rising to a 14-year high.
Wednesday the market fell 8 points on moderately-heavy volume as mortgage applications fell.
Thursday the S&P 500 lost 11 points on moderate volume as jobless claims fell more than expected, ADP employment rose but missed estimates, factory orders fell and missed, ISM non-manufacturing rose and beat estimates, worker productivity rose and matched expectations and unit labor costs fell and missed expectations.
Friday stocks dropped 6 points on moderate volume as the August jobs report showed an increase of 201,000 jobs beating expectations, unemployment remained at 3.9% and average hourly earnings rose 0.4% which was more than expected.
Mortgage rates were higher on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.85% and a 30-year rate of 4.46%. These rates are as of 9/10/2018 and may include points.
What to watch for on the economic calendar this week:
Monday – Consumer Credit
Tuesday – Small Business Optimism
Wednesday – Mortgage Applications / Producer Prices
Thursday – Jobless Claims / Consumer Prices
Friday – Capacity Utilization / Import and Export Prices / Industrial Production / Retail Sales / Consumer Sentiment
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
September 10, 2018