AAM Weekly Market Wrap – June 15, 2020

Weekly Market Wrap: Stocks had a losing week for the first time in the last 4 weeks as Coronavirus concerns re-emerged with cases increasing in parts of the US while economic data was mixed.

For The Week

  • The S&P 500 dropped 4.78% to 3,041.31
  • Oil lost 8.32% to $36.26
  • Gold rose 2.93% to $1,731.44
  • The US dollar gained 0.26% at $97.21 against other major world currencies.

2020 Year-To Date for the major indexes:

  • The S&P Index -5.86%
  • The Dow Jones Index -10.28%
  • The NASDAQ Index +6.87%
  • The Russell 2000 Small cap Index -16.83%
  • EAFE International Index -11.72
  • 10 Year Treasury Yield is 0.71%, lower for the week and lower for the year
  • 30 Year Treasury Yield is 1.46%, higher for the week and lower for the year
  • WTI Crude Oil Index -40.62%
  • Bloomberg Gold Index +14.06%
  • The Dollar Index +0.74% against other major world currencies

Monday the S&P 500 gained 38 points on heavy volume with no major data reported.

Tuesday stocks lost 25 points on heavy volume as small business optimism rose.

Wednesday the S&P 500 slipped 17 points on heavy volume as mortgage applications rose, consumer prices fell more than expected while the FOMC left rates unchanged while indicating that they are ready to keep rates low through 2022.

Thursday stocks plummeted 188 points on heavy volume as jobless claims fell and missed but remain high while producer prices rose more than expected.

Friday the S&P 500 rebounded 39 points on heavy volume as both import and export prices rose while consumer sentiment rose and beat expectations.

Mortgage rates were lower last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.85% and a 30-year rate of 3.39%. These rates are as of 06/15/2020 and may include points.

What to watch for on the economic calendar this week:

Monday – NY Manufacturing

Tuesday – Retail Sales / Homebuilder Sentiment / Capacity Utilization and Industrial Production

Wednesday – Mortgage Applications / Housing Starts and Building Permits

Thursday – Jobless Claims

Friday – No major data

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

June 15, 2020                                   

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Grandville, MI 49418

Phone: (616) 531-5220