AAM Weekly Market Wrap – April 27, 2020

Weekly Market Wrap: Stocks fell last week as oil futures collapsed while Congress passed a new aid bill to help small business.

For The Week

  • The S&P 500 slipped 1.32% to 2,836.74
  • Oil dropped 7.28% to $16.94
  • Gold gained 2.46% to $1,725.19
  • The US dollar rose 0.52% at $100.30 against other major world currencies.

2020 Year-To Date for the major indexes:

  • The S&P Index -12.20%
  • The Dow Jones Index -16.69%
  • The NASDAQ Index -3.77%
  • The Russell 2000 Small cap Index -26.10%
  • EAFE International Index -20.49
  • 10 Year Treasury Yield is 0.59%, lower for the week and lower for the year
  • 30 Year Treasury Yield is 1.17%, lower for the week and lower for the year
  • WTI Crude Oil Index -72.26%
  • Bloomberg Gold Index +13.65%
  • The Dollar Index +3.94% against other major world currencies

Monday the S&P 500 fell 51 points on moderately heavy volume with no major data reported and oil futures finished in negative territory for the first time ever.

Tuesday stocks dropped 87 points on moderately heavy volume as existing home sales fell and missed.

Wednesday the S&P 500 rebounded 63 points on moderately heavy volume as mortgage applications fell and FHFA home prices rose.

Thursday stocks slipped 2 points on moderately heavy volume as jobless claims rose more than expected and new home sales fell and missed.

Friday the S&P 500 rose 39 points on moderately heavy volume as durable goods orders fell more than expected while consumer sentiment rose and beat expectations.

Mortgage rates were higher last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.13% and a 30-year rate of 3.56%. These rates are as of 04/27/2020 and may include points.

What to watch for on the economic calendar this week:

Monday – No Data

Tuesday – Consumer Confidence / Shiller Home Prices

Wednesday – Mortgage Applications / 1Q GDP / Pending Home Sales / FOMC Rate Decision

Thursday – Jobless Claims / Chicago PMI / Personal Income and Spending / PCE Prices / Employment Costs

Friday – Auto Sales / Construction Spending / ISM Manufacturing

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

April 27, 2020                                   

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Advanced Asset Management
4555 Wilson Ave SW, Suite 2
Grandville, MI 49418

Phone: (616) 531-5220