AAM Weekly Market Wrap – August 2, 2021

Weekly Market Wrap: Stocks were mixed last week of July as worries continue over the spreading of the Delta variant, a China crackdown on big tech and a busy week of corporate earnings.

For The Week

  • The S&P 500 slipped 0.37% to 4,395.26
  • Oil jumped 2.61% to $73.95
  • Gold gained 0.71% to $1,814.67
  • The US dollar lost 0.80% at $92.14 against other major world currencies.

2021 Year-To Date for the major indexes:

  • The S&P Index +17.02%
  • The Dow Jones Index +14.14%
  • The NASDAQ Index +13.85%
  • The Russell 2000 Small cap Index +12.73%
  • EAFE International Index +8.94%
  • 10 Year Treasury Yield is 1.23%, lower for the week and higher for the year
  • 30 Year Treasury Yield is 1.89%, lower for the week and higher for the year
  • WTI Crude Oil Index +52.41%
  • Bloomberg Gold Index -4.51%
  • The Dollar Index +2.45% against other major world currencies

Monday the S&P 500 rose 11 points on moderate volume as new home sales fell and missed expectations.

Tuesday stocks fell 21 points on moderate volume as consumer confidence rose and beat, FHFA home prices rose, Shiller home prices rose and beat estimates while durable goods orders rose but missed expectations.

Wednesday the S&P 500 slipped 1 point on moderately heavy volume as mortgage applications rose and the FOMC left interest rates steady.

Thursday stocks gained 19 points on moderate volume as jobless claims fell but missed, continuing claims were slightly higher, pending home sales fell and missed while the 1st estimate of 2nd quarter GDP came in at 6.5% which was lower than expected.

Friday the S&P 500 fell 24 points on heavy volume as Midwest manufacturing rose and beat, employment costs were lower and beat, PCE prices rose less than expected, both personal income and spending rose and beat while consumer sentiment also rose and beat expectations.

Mortgage rates continued lower last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.61% and a 30-year rate of 3.22%. These rates are as of 08/02/2021 and may include points.

What to watch for on the economic calendar this week:

Monday – Construction Spending / ISM Manufacturing

Tuesday – Factory Orders

Wednesday – Mortgage Applications / ADP Employment / ISM Non-Manufacturing

Thursday – Jobless Claims

Friday – July Jobs / Consumer Credit

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

August 2, 2020                                                                                                     

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4555 Wilson Ave SW, Suite 2
Grandville, MI 49418

Phone: (616) 531-5220