AAM Weekly Market Wrap – August 3, 2020

Weekly Market Wrap: Stocks rose for the fourth week in the last five as new Covid cases in the US seem to be flattening once again, corporate earnings news was mixed and congress failed to agree on a stimulus package.

For The Week

  • The S&P 500 rose 1.73% to 3,271.12
  • Oil fell 2.47% to $40.27
  • Gold added 3.82% to $1,974.41
  • The US dollar sank another 1.03% at $93.44 against other major world currencies.

2020 Year-To Date for the major indexes:

  • The S&P Index +1.25%
  • The Dow Jones Index -7.39%
  • The NASDAQ Index +19.76%
  • The Russell 2000 Small cap Index -11.27%
  • EAFE International Index -10.64%
  • 10 Year Treasury Yield is 0.54%, lower for the week and lower for the year
  • 30 Year Treasury Yield is 1.20%, lower for the week and lower for the year
  • WTI Crude Oil Index -34.05%
  • Bloomberg Gold Index +30.06%
  • The Dollar Index -3.17% against other major world currencies

Monday the S&P 500 rose 24 points on moderate volume as durable goods orders rose and beat expectations.

Tuesday stocks fell 21 points on moderate volume as consumer confidence fell and missed while Shiller home prices rose less than expected.

Wednesday the S&P 500 jumped 40 points on moderate volume as mortgage applications fell, pending home sales rose but missed while the FOMC left rates near 0%.

Thursday stocks slipped 12 points on moderate volume as jobless claims rose a little more than expected, continuing claims rose to 17 million and 2Q GDP 1st estimate came in at -32.9% which was slightly better than expected.

Friday the markets gained 25 points on heavy volume as Chicago manufacturing rose and beat estimates, employment costs rose a little less than expected, personal income fell more than expected, personal spending rose but missed estimates, PCE prices rose and matched while consumer sentiment fell and missed expectations.

Mortgage rates were lower last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.72% and a 30-year rate of 3.09%. These rates are as of 08/3/2020 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 / ADP Employment

Thursday – Jobless Claims / ISM Non-Manufacturing

Friday – July Jobs Report / Consumer Credit

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

August 3, 2020                                 

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

Phone: (616) 531-5220