Weekly Market Wrap: Stocks slipped last week as US-China tensions ramped back up and earnings news was mixed.
For The Week
- The S&P 500 lost 0.28% to 3,215.63
- Oil gained 1.33% to $41.29
- Gold jumped 5.03% to $1,901.69
- The US dollar sank 1.59% at $94.41 against other major world currencies.
2020 Year-To Date for the major indexes:
- The S&P Index -0.47%
- The Dow Jones Index -7.25%
- The NASDAQ Index +15.50%
- The Russell 2000 Small cap Index -12.04%
- EAFE International Index -8.90%
- 10 Year Treasury Yield is 0.58%, lower for the week and lower for the year
- 30 Year Treasury Yield is 1.23%, lower for the week and lower for the year
- WTI Crude Oil Index -32.38%
- Bloomberg Gold Index +25.27%
- The Dollar Index -2.17% against other major world currencies
Monday the S&P 500 rose 27 points on moderate volume with no major data reported.
Tuesday stocks added 5 points on moderate volume with no major data reported.
Wednesday the S&P 500 gained 19 points on moderate volume as mortgage applications rose, existing home sales rose and beat expectations while FHFA home prices fell.
Thursday stocks dropped 40 points on moderate volume as jobless claims rose more than expected and continuing claims fell while leading economic indicators rose but missed estimates.
Friday the markets lost 20 points on moderate volume as new home sales rose and beat expectations.
Mortgage rates were mixed last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.75% and a 30-year rate of 3.14%. These rates are as of 07/27/2020 and may include points.
What to watch for on the economic calendar this week:
Monday – Durable Goods Orders
Tuesday – Consumer Confidence / Shiller Home Prices
Wednesday – Mortgage Applications / Pending Home Sales / FOMC Rate Decision
Thursday – Jobless Claims / GDP 2Q 1st Estimate
Friday – PCE Prices / Personal Income and Spending / Chicago Manufacturing / Employment Costs / Chicago Manufacturing
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
July 27, 2020
economic indicators, economic news, Economy, Financial Adviser Grand Rapids, Financial Advisor Grand Rapids, Financial Planner Grand Rapids, Interest Rates, investments, mortgage rates, Personal Financial Planning, Stock Market