AAM Weekly Market Wrap – September 23, 2019

Weekly Market Wrap: Stocks fell last week with the Fed lowering rates but not committing to future rate cuts, Saudi oil fields were attacked and Chinese data was weak.

 

For The Week

  • The S&P 500 slipped 0.51% to 2,992.07
  • Oil jumped 5.91% to $58.09
  • Gold gained 1.98% to $1,517.05
  • The US dollar rose 0.30% at $98.50 against other major world currencies.

 

2019 Year-To Date for the major indexes:

 

  • The S&P Index +19.36%
  • The Dow Jones Index +15.47%
  • The NASDAQ Index +22.34%
  • The Russell 2000 Small cap Index +15.66%
  • EAFE International Index +11.46%
  • 10 Year Treasury Yield is 1.73%, lower for the week and lower for the year
  • 30 Year Treasury Yield is 2.17%, lower for the week and lower for the year
  • WTI Crude Oil Index +27.92%
  • Bloomberg Gold Index +18.28%
  • The Dollar Index +2.50% against other major world currencies

 

 

Monday the S&P 500 fell 9 points on moderately-heavy volume as NY manufacturing rose but missed estimates.

Tuesday stocks gained 8 points on moderate volume as homebuilder sentiment rose and beat expectations while both industrial production and capacity utilization rose more than expected.

Wednesday the S&P 500 added 1 point on moderate volume as mortgage applications fell, both building permits and housing starts rose and beat estimates while the Federal Reserve lowered rates by 0.25% as expected.

Thursday stocks rose less than 1 point on moderate volume as jobless claims rose but beat expectations, leading economic indicators were flat and missed estimates while both existing home sales and Philly manufacturing rose and beat expectations.

Friday the markets dropped 15 points on heavy volume with no major data reported.

Mortgage rates were lower on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.21% and a 30-year rate of 3.75%. These rates are as of 09/23/2019 and may include points.

 

What to watch for on the economic calendar this week:


Monday – No major data

Tuesday – Consumer Confidence / Shiller Home Prices / FHFA Home Prices

Wednesday –Mortgage Applications / New Home Sales

Thursday – Jobless Claims / Pending Home Sales / 2nd Quarter GDP – 3rd Estimate

Friday – PCE Prices / Durable Goods Orders / Consumer Sentiment / Personal Income and Spending

 

 

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

September 23, 2019

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