AAM Weekly Market Wrap – June 29, 2020

Weekly Market Wrap: Stocks dropped last week as a resurgence of Covid 19 cases added volatility to US markets despite some better than expected economic data.

For The Week

  • The S&P 500 fell 2.86% to 3,009.05
  • Oil lost 3.17% to $36.96
  • Gold added 1.60% to $1,770.85
  • The US dollar slipped 0.17% at $97.45 against other major world currencies.

2020 Year-To Date for the major indexes:

  • The S&P Index -6.86%
  • The Dow Jones Index -12.34%
  • The NASDAQ Index +8.74%
  • The Russell 2000 Small cap Index -17.36%
  • EAFE International Index -12.89%
  • 10 Year Treasury Yield is 0.68%, lower for the week and lower for the year
  • 30 Year Treasury Yield is 1.42%, lower for the week and lower for the year
  • WTI Crude Oil Index -36.96%
  • Bloomberg Gold Index +16.66%
  • The Dollar Index +0.98% against other major world currencies

Monday the S&P 500 gained 20 points on heavy volume as existing home sales fell and missed expectations.

Tuesday stocks added 13 points on heavy volume as new home sales rose and beat estimates.

Wednesday the S&P 500 dropped 81 points on heavy volume as mortgage applications fell and FHFA home prices rose.

Thursday stocks rebounded 33 points on heavy volume as jobless claims fell but missed expectations, durable goods orders rose and beat while 1st quarter GDP final estimate matched estimates at 5%.

Friday the S&P 500 fell 75 points on heavy volume as PCE prices rose a little more than expected, personal income fell but beat, personal spending rose and beat expectations while consumer sentiment slipped and missed estimates.

Mortgage rates were lower last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.79% and a 30-year rate of 3.30%. These rates are as of 06/29/2020 and may include points.

What to watch for on the economic calendar this week:

Monday – Pending Home Sales

Tuesday – Chicago Manufacturing / Consumer Confidence / Shiller Home Prices

Wednesday – Mortgage Applications / ADP Employment / Construction Spending / ISM Manufacturing / FOMC Minutes

Thursday – Jobless Claims / June Jobs Report / Factory Orders

Friday – ISM Non-Manufacturing

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

June 29, 2020                                   

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