AAM Weekly Market Wrap – June 1, 2021

Weekly Market Wrap: The S&P rebounded higher last week as recovery optimism offset higher inflation concerns and corporate earnings added to investor sentiment.

For The Week

  • The S&P 500 rose 1.16% to 4,204.11
  • Oil jumped 4.31% to $66.32
  • Gold gained 1.23% to $1,903.13
  • The US dollar added 0.04% at $90.03 against other major world currencies.

2021 Year-To Date for the major indexes:

  • The S&P Index +11.93%
  • The Dow Jones Index +12.82%
  • The NASDAQ Index +6.68%
  • The Russell 2000 Small cap Index +14.89%
  • EAFE International Index +10.77%
  • 10 Year Treasury Yield is 1.59%, lower for the week and higher for the year
  • 30 Year Treasury Yield is 2.27%, lower for the week and higher for the year
  • WTI Crude Oil Index +36.69%
  • Bloomberg Gold Index +0.14%
  • The Dollar Index +0.10% against other major world currencies

Monday the S&P 500 jumped 41 points on moderate volume with no major data reported.

Tuesday stocks slipped 9 points on moderate volume as consumer confidence fell and missed, new home sales fell and missed, FHFA home prices rose while Shiller home prices rose and beat expectations.

Wednesday the S&P 500 gained 8 points on moderately heavy volume as mortgage applications fell.

Thursday stocks added 5 points on heavy volume as jobless claims fell more than expected, continuing claims were lower, durable goods orders fell and missed, pending home sales fell and missed while 1st quarter GDP – second estimate matched estimates at 6.4%.

Friday the S&P 500 gained 3 points on heavy volume as Midwest manufacturing rose and beat, PCE prices rose more than expected, personal income fell a little less than expected, personal spending rose a little more than expected and consumer sentiment rose and beat estimates.

Mortgage rates were flat last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.38% and a 30-year rate of 3.10%. These rates are as of 06/01/2021 and may include points.

What to watch for on the economic calendar this week:

Monday – No major data

Tuesday – Construction Spending / ISM Manufacturing

Wednesday – Mortgage Applications

Thursday – Jobless Claims / ADP Employment / ISM Non-Manufacturing / Worker Productivity and Labor Costs

Friday – May Jobs Report / Factory Orders

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

June 1, 2020                                                                                                         

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Grandville, MI 49418

Phone: (616) 531-5220