AAM Weekly Market Wrap – July 20, 2020

Weekly Market Wrap: Stocks continued higher for the 3rd straight week as positive earnings and economic data along with good news on the vaccine trials added to investor optimism.

For The Week

  • The S&P 500 added 1.25% to 3,224.73
  • Oil gained 0.49% to $40.75
  • Gold added 0.62% to $1,810.57
  • The US dollar slipped 0.72% at $95.94 against other major world currencies.

2020 Year-To Date for the major indexes:

  • The S&P Index -0.19%
  • The Dow Jones Index -6.54%
  • The NASDAQ Index +17.06%
  • The Russell 2000 Small cap Index -11.70%
  • EAFE International Index -8.54%
  • 10 Year Treasury Yield is 0.60%, higher for the week and lower for the year
  • 30 Year Treasury Yield is 1.30%, higher for the week and lower for the year
  • WTI Crude Oil Index -33.26%
  • Bloomberg Gold Index +19.27%
  • The Dollar Index -0.58% against other major world currencies

Monday the S&P 500 fell 30 points on moderately heavy volume with no major data reported.

Tuesday stocks jumped 42 points on moderately heavy volume as consumer prices rose more than expected while small business optimism rose.

Wednesday the S&P 500 added 29 points on moderately heavy volume as mortgage applications rose, both capacity utilization and industrial production rose and beat estimates, NY manufacturing rose and beat while both import and export prices rose.

Thursday stocks slipped 11 points on moderate volume as jobless claims fell but were higher than expected, retail sales rose and beat while homebuilder sentiment rose and beat expectations.

Friday the markets gained 9 points on moderate volume as housing starts rose and beat, building permits rose but missed expectations while consumer sentiment fell and missed estimates.

Mortgage rates were flat last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.73% and a 30-year rate of 3.15%. These rates are as of 07/20/2020 and may include points.

What to watch for on the economic calendar this week:

Monday – No major data

Tuesday – No major data

Wednesday – Mortgage Applications / FHFA Home Prices / Existing Home Sales

Thursday – Jobless Claims / Leading Economic Indicators

Friday – New Home Sales

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

July 20, 2020                                    

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Grandville, MI 49418

Phone: (616) 531-5220