AAM Weekly Market Wrap – June 1, 2020

Weekly Market Wrap: Stocks rose for the second straight week on positive Covid vaccine developments and the continued openings of global business.

For The Week

  • The S&P 500 added 3.01% to 3,044.31
  • Oil gained 6.74% to $35.49
  • Gold slipped 0.21% to $1,731.52
  • The US dollar fell 1.43% at $98.34 against other major world currencies.

2020 Year-To Date for the major indexes:

  • The S&P Index -5.76%
  • The Dow Jones Index -11.06%
  • The NASDAQ Index +5.76%
  • The Russell 2000 Small cap Index -16.45%
  • EAFE International Index -14.11
  • 10 Year Treasury Yield is 0.65%, lower for the week and lower for the year
  • 30 Year Treasury Yield is 1.41%, higher for the week and lower for the year
  • WTI Crude Oil Index -41.88%
  • Bloomberg Gold Index +14.06%
  • The Dollar Index +1.91% against other major world currencies

Monday the markets were closed.

Tuesday stocks jumped 36 points on moderately heavy volume as consumer confidence rose but missed, new home sales rose and beat expectations, FHFA home prices rose slightly while Shiller home prices rose and beat expectations.

Wednesday the S&P 500 added 44 points on heavy volume as mortgage applications rose.

Thursday stocks slipped 6 points on heavy volume as jobless claims rose another 2 million, durable goods orders fell a little more than expected, 1Q GDP 2nd estimate fell a little more than expected to -5.0% while pending home sales plummeted 21.8% and missed expectations.

Friday the S&P 500 rose 15 points on heavy volume as Chicago manufacturing fell and missed, PCE prices fell a little less than expected, personal income rose and smashed estimates, personal spending fell a little less than expected 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 2.84% and a 30-year rate of 3.52%. These rates are as of 06/01/2020 and may include points.

What to watch for on the economic calendar this week:

Monday – Construction Spending / ISM Manufacturing

Tuesday – Auto Sales

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

Thursday – Jobless Claims / Worker Productivity / Unit Labor Costs

Friday – May Jobs Report / Consumer Credit

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

June 01, 2020                                   

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Grandville, MI 49418

Phone: (616) 531-5220