AAM Weekly Market Wrap – June 22, 2020

Weekly Market Wrap: Stocks gained for the 4th time in the last 5 weeks as the Fed announced new corporate bond purchases and the White House considers an infrastructure spending plan.

For The Week

  • The S&P 500 gained 1.86% to 3,097.74
  • Oil jumped 9.62% to $39.75
  • Gold added 0.66% to $1,742.90
  • The US dollar rose 0.42% at $97.62 against other major world currencies.

2020 Year-To Date for the major indexes:

  • The S&P Index -4.12%
  • The Dow Jones Index -9.35%
  • The NASDAQ Index +10.85%
  • The Russell 2000 Small cap Index -14.97%
  • EAFE International Index -12.10
  • 10 Year Treasury Yield is 0.74%, higher for the week and lower for the year
  • 30 Year Treasury Yield is 1.52%, higher for the week and lower for the year
  • WTI Crude Oil Index -34.90%
  • Bloomberg Gold Index +14.81%
  • The Dollar Index +1.16% against other major world currencies

Monday the S&P 500 gained 25 points on heavy volume as NY Manufacturing fell much less than expected.

Tuesday stocks added 58 points on heavy volume as retail sales rose and beat expectations, homebuilder sentiment rose and beat while both industrial production and capacity utilization rose but missed estimates.

Wednesday the S&P 500 slipped 11 points on moderately heavy volume as mortgage applications rose and both housing starts and building permits rose but missed expectations.

Thursday stocks rose 2 points on moderately heavy volume as jobless claims rose another 1.5M and missed estimates, leading indicators rose and beat while Philly manufacturing also rose and beat expectations.

Friday the S&P 500 lost 18 points on heavy volume with no major data reported.

Mortgage rates were slightly higher last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.86% and a 30-year rate of 3.40%. These rates are as of 06/22/2020 and may include points.

What to watch for on the economic calendar this week:

Monday – Existing Home Sales

Tuesday – New Home Sales

Wednesday – Mortgage Applications / FHFA Home Prices

Thursday – Jobless Claims / Durable Goods Orders / 1st Quart GDP 3rd estimate

Friday – Personal Income and Spending / Consumer Sentiment / PCE Prices

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

June 22, 2020                                   

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