AAM Weekly Market Wrap – September 16, 2019

Weekly Market Wrap: Stocks were higher for the third straight week as the US delayed additional tariffs on China and ECB announced further stimulus in Europe.

 

For The Week

  • The S&P 500 added 0.96% to 3,007.39
  • Oil dropped 2.44% to $54.85
  • Gold fell 1.19% to $1,487.56
  • The US dollar slipped 0.20% at $98.21 against other major world currencies.

 

2019 Year-To Date for the major indexes:

 

  • The S&P Index +19.97%
  • The Dow Jones Index +16.68%
  • The NASDAQ Index +23.23%
  • The Russell 2000 Small cap Index +17.02%
  • EAFE International Index +12.05%
  • 10 Year Treasury Yield is 1.90%, higher for the week and lower for the year
  • 30 Year Treasury Yield is 2.37%, higher for the week and lower for the year
  • WTI Crude Oil Index +20.79%
  • Bloomberg Gold Index +15.99%
  • The Dollar Index +2.20% against other major world currencies

 

 

 

Monday the S&P 500 fell less than one point on moderate volume as consumer credit use rose and beat expectations.

Tuesday stocks gained 1 point on moderately-heavy volume as small business optimism fell.

Wednesday the S&P 500 gained 22 points on moderate volume as mortgage applications rose and producer prices rose and matched expectations.

Thursday stocks added 9 points on moderate volume as jobless claims fell and beast estimates while consumer prices rose and matched expectations.

Friday the markets slipped 2 points on moderate volume as both import and export prices fell, retail sales remained strong and beat expectations while consumer sentiment rose and beat estimates.

Mortgage rates were higher on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.25% and a 30-year rate of 3.79%. These rates are as of 09/16/2019 and may include points.

 

What to watch for on the economic calendar this week:


Monday – NY Manufacturing

Tuesday – Homebuilder Sentiment / Industrial Production / Capacity Utilization

Wednesday –Mortgage Applications / Housing Starts / Building Permits / FOMC Meeting & Rate Decision

Thursday – Jobless Claims / Existing Home Sales / Leading Indicators

Friday – No major data

 

 

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

September 16, 2019

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