AAM Weekly Market Wrap – September 2, 2019

Weekly Market Wrap: Stocks rebounded after 4 straight weeks of losses as US-China trade talks possibly resume while concerns over the US bond inversion continue.


For The Week

  • The S&P 500 gained 2.79% to 2,926.46
  • Oil rose 1.72% to $55.10
  • Gold slipped 0.30% to $1,523.80
  • The US dollar added 1.27% at $98.87 against other major world currencies.


2019 Year-To Date for the major indexes:


  • The S&P Index +16.74%
  • The Dow Jones Index +13.19%
  • The NASDAQ Index +20.01%
  • The Russell 2000 Small cap Index +10.85%
  • EAFE International Index +7.51%
  • 10 Year Treasury Yield is 1.50%, lower for the week and lower for the year
  • 30 Year Treasury Yield is 1.96%, higher for the week and lower for the year
  • WTI Crude Oil Index +21.34%
  • Bloomberg Gold Index +18.81%
  • The Dollar Index +2.88% against other major world currencies



Monday the S&P 500 index rose 31 points on light volume as durable goods orders rose and beat expectations.

Tuesday stocks fell 9 points on moderate volume as consumer confidence slipped but beat estimates, FHFA home prices rose and Shiller home prices rose but missed expectations.

Wednesday the S&P 500 gained 19 points on moderately-light volume as mortgage applications fell.

Thursday stocks jumped 37 points on moderately-light volume as jobless claims rose a little more than expected, pending home sales fell and missed while 2Q GDP slipped to 2.0% and matched expectations.

Friday the markets added 2 points on moderately-light volume as personal income rose but missed, personal spending rose and beat estimates, Chicago manufacturing rose and beat, PCE prices rose and matched expectations and consumer sentiment fell and missed estimates.

Mortgage rates were lower on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.06% and a 30-year rate of 3.69%. These rates are as of 09/02/2019 and may include points.


What to watch for on the economic calendar this week:

Monday – No Data

Tuesday – Auto Sales / Construction Spending / ISM Manufacturing

Wednesday –Mortgage Applications

Thursday – Jobless Claims / ADP Employment / Factory Orders / ISM Non-Manufacturing / Productivity and Labor Costs

Friday – August Employment Report



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

September 02, 2019



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