Weekly Market Wrap: Stocks dropped last week as the Covid Delta variant, inflation and falling treasury yields caused traders concern despite a fairly positive kickoff to 2Q earnings season.
For The Week
- The S&P 500 fell 0.97% to 4,327.16
- Oil dropped 3.69% to $71.81
- Gold added 0.04% to $1,811.40
- The US dollar gained 0.65% at $92.72 against other major world currencies.
2021 Year-To Date for the major indexes:
- The S&P Index +15.20%
- The Dow Jones Index +13.33%
- The NASDAQ Index +11.94%
- The Russell 2000 Small cap Index +9.54%
- EAFE International Index +7.33%
- 10 Year Treasury Yield is 1.30%, lower for the week and higher for the year
- 30 Year Treasury Yield is 1.93%, lower for the week and higher for the year
- WTI Crude Oil Index +48.00%
- Bloomberg Gold Index -4.69%
- The Dollar Index +3.09% against other major world currencies
Monday the S&P 500 gained 15 points on moderate volume with no major data reported.
Tuesday stocks fell 15 points on moderate volume as consumer prices rose more than expected while small business optimism rose.
Wednesday the S&P 500 rebounded 5 points on moderate volume as mortgage applications surged and producer prices rose more than expected.
Thursday stocks lost 14 points on moderate volume as jobless claims fell and matched, continuing claims fell, capacity utilization rose a little less than expected, industrial production rose less than expected, both import and export prices rose but at a slower pace and NY manufacturing rose and beat expectations.
Friday the S&P 500 fell 33 points on moderately heavy volume as retail sales rose more than expected and consumer sentiment fell and missed estimates.
Mortgage rates settled lower last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.68% and a 30-year rate of 3.26%. These rates are as of 07/19/2021 and may include points.
What to watch for on the economic calendar this week:
Monday – Homebuilder Sentiment
Tuesday – Building Permits and Housing Starts
Wednesday – Mortgage Applications
Thursday – Jobless Claims / Existing Home Sales / Leading Economic Indicators
Friday – No major data
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
July 19, 2020
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