AAM Weekly Market Wrap – September 8, 2019

Weekly Market Wrap: Stocks were higher for the second straight week as US – China trade talks were said to be resuming after more tariffs took effect on September 1st.

 

For The Week

  • The S&P 500 gained 1.79% to 2,978.71
  • Oil rose 2.03% to $56.22
  • Gold fell 1.20% to $1,505.47
  • The US dollar slipped 0.47% at $98.41 against other major world currencies.

 

2019 Year-To Date for the major indexes:

 

  • The S&P Index +18.82%
  • The Dow Jones Index +14.88%
  • The NASDAQ Index +22.12%
  • The Russell 2000 Small cap Index +11.61%
  • EAFE International Index +9.71%
  • 10 Year Treasury Yield is 1.55%, higher for the week and lower for the year
  • 30 Year Treasury Yield is 2.02%, higher for the week and lower for the year
  • WTI Crude Oil Index +23.81%
  • Bloomberg Gold Index +17.38%
  • The Dollar Index +2.40% against other major world currencies

 

Monday markets were closed.

Tuesday stocks fell 20 points on moderate volume as construction spending rose but missed while ISM Manufacturing data fell and missed expectations and moved into contraction territory for the first time since August 2016.

Wednesday the S&P 500 gained 32 points on moderate volume as mortgage applications fell.

Thursday stocks added 38 points on moderate volume as jobless claims rose a little more than expected, ADP Employment, factory orders, worker productivity and ISM non-manufacturing all rose and beat expectations while unit labor costs rose more than expected.

Friday the markets gained 3 points on moderately-light volume as the August jobs report missed expectations adding 130,000 jobs, unemployment matched estimates remaining at 3.7% and average hourly earnings rose and beat expectations at 0.4%.

Mortgage rates were mixed 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 3.75%. These rates are as of 09/08/2019 and may include points.

 

What to watch for on the economic calendar this week:


Monday – Consumer Credit Use

Tuesday – Small Business Optimism

Wednesday –Mortgage Applications / Producer Prices

Thursday – Jobless Claims / Consumer Prices

Friday – Import & Export Prices / Retail Sales / Consumer Sentiment

 

 

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

September 08, 2019

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