Weekly Market Wrap: Stocks fell for the second straight week as concerns over the Coronavirus infected stocks despite mostly positive earnings and economic data.
For The Week
- The S&P 500 dropped 2.12% to 3,225.52
- Oil fell 4.85% to $51.56
- Gold added 0.61% to $1,587.90
- The US dollar slipped 0.50% at $97.39 against other major world currencies.
2020 Year-To Date for the major indexes:
- The S&P Index -0.16%
- The Dow Jones Index -0.99%
- The NASDAQ Index +1.99%
- The Russell 2000 Small cap Index -3.26%
- EAFE International Index -2.82%
- 10 Year Treasury Yield is 1.51%, lower for the week and lower for the year
- 30 Year Treasury Yield is 1.99%, lower for the week and lower for the year
- WTI Crude Oil Index -15.56%
- Bloomberg Gold Index +4.60%
- The Dollar Index +0.92% against other major world currencies
Monday the S&P 500 dropped 52 points on moderately-heavy volume as new home sales fell and missed expectations.
Tuesday stocks rebounded 33 points on moderate volume as durable goods orders, consumer confidence and Shiller home prices all rose and beat expectations.
Wednesday the S&P 500 slipped 3 points on moderate volume as mortgage apps rose, pending home sales fell and missed while the Federal Reserve left rates unchanged as expected.
Thursday stocks rose 10 points on moderate volume as jobless claims fell a little more than expected and 4th quarter GDP came in a t 2.1% and beat estimates.
Friday the markets dropped 58 points on heavy volume as Chicago manufacturing fell and missed, PCE prices rose more than expected, employment costs rose and matched estimates, personal income rose less than expected, personal savings rose and matched estimates while consumer sentiment rose and beat expectations.
Mortgage rates were lower on the week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.15% and a 30-year rate of 3.64%. These rates are as of 02/02/2020 and may include points.
What to watch for on the economic calendar this week:
Monday – Auto Sales / Construction Spending / ISM Manufacturing
Tuesday – Factory Orders
Wednesday – Mortgage Applications / ISM Non-Manufacturing / ADP Employment
Thursday – Jobless Claims / Worker Productivity / Unit Labor Costs
Friday – January Jobs / Consumer Credit
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
February 02, 2020