AAM Weekly Market Wrap – September 4, 2017

Weekly Market Wrap: Stocks continued higher on positive economic data despite global tensions regarding North Korea missile launches.

 

For The Week

  • The S&P 500 gained 1.37% to 2,476.55
  • Oil lost 1.21% to $47.29
  • Gold added 2.65% to $1,325.01
  • The US dollar gained 0.36% at $92.83 against other major world currencies.

 

2017 Year-To Date for the major indexes:

 

  • The S&P Index +10.62%
  • The Dow Jones Index +11.26%
  • The NASDAQ Index +16.62%
  • The Russell 2000 Small cap Index +4.16%
  • EAFE International Index +16.04%
  • 10 Year Treasury Yield is 2.16%, lower for the week and lower for the year
  • 30 Year Treasury Yield is 2.77%, higher for the week and lower for the year
  • WTI Crude Oil Index -11.97%
  • Bloomberg Gold Index +14.98%
  • The Dollar Index -9.26% against other major world currencies

 

 

 

Monday the S&P 500 added 1 point on moderate volume as Dallas manufacturing rose and beat expectations.

Tuesday the markets gained 2 points on moderate volume as Shiller home prices rose but missed estimates and consumer confidence rose and beat expectations.  Overseas a North Korea missile launch caused markets to begin lower before recovering throughout the day.

Wednesday the index gained 11 points on moderate volume as mortgage applications fell, ADP jobs added 237,000 and beat expectations, 2Q GDP was revised higher to 3.0% and beat estimates while 2Q Corporate Profits were 8.1% higher than last year.

Thursday the S&P 500 rose 14 points on moderate-to-heavy volume as jobless claims rose but beat expectations, personal income rose and matched estimates, consumer spending rose but missed estimates, PCE Prices rose and matched estimates while remaining subdued, Chicago manufacturing was flat and beat expectations while pending home sales fell.

Friday the index added 5 points on light-to-moderate volume as August added fewer jobs than expected at 156,000, unemployment rose to 4.4%, the labor participation rate was flat, hourly earnings rose but missed estimates, Auto sales fell and missed, PMI manufacturing fell, ISM manufacturing rose and beat expectations hitting a six-year high, construction spending fell and missed while consumer sentiment also fell and missed estimates.

Mortgage rates were higher on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 2.98% and a 30-year rate of 3.77%. These rates are as of 9/04/2017 and may include points.

 

What to watch for on the economic calendar this week:


Monday – Market Closed

Tuesday – Factory Orders

Wednesday – Mortgage Applications / PMI Services / ISM Non-Manufacturing

Thursday – Weekly Jobless Claims / Productivity and Costs

Friday – Consumer Credit

 

 

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

September 4, 2017

 

 

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