AAM Weekly Market Wrap – May 18, 2020

Weekly Market Wrap: Stocks dropped last week on mixed economic data and fears that a Coronavirus drug may be further off than hoped.

For The Week

  • The S&P 500 fell 2.26% to 2,863.70
  • Oil added 19.32% to $29.52
  • Gold gained 2.27% to $1,744.24
  • The US dollar rose 0.65% at $100.42 against other major world currencies.

2020 Year-To Date for the major indexes:

  • The S&P Index -11.36%
  • The Dow Jones Index -17.01%
  • The NASDAQ Index +0.47%
  • The Russell 2000 Small cap Index -24.66%
  • EAFE International Index -20.56
  • 10 Year Treasury Yield is 0.64%, lower for the week and lower for the year
  • 30 Year Treasury Yield is 1.32%, lower for the week and lower for the year
  • WTI Crude Oil Index -51.65%
  • Bloomberg Gold Index +14.90%
  • The Dollar Index +4.06% against other major world currencies

Monday the S&P 500 rose less than 1 point on heavy volume with no major data reported.

Tuesday stocks dropped 60 points on heavy volume as consumer prices fell and matched while small business optimism fell.

Wednesday the S&P 500 lost another 50 points on heavy volume as mortgage applications rose and producer prices fell more than expected.

Thursday stocks rebounded 33 points on heavy volume as jobless claims rose more than expected losing another 3 million jobs while import and export prices both fell.

Friday the S&P 500 added 11 points on heavy volume as retail sales fell more than expected, consumer sentiment rose and beat, NY manufacturing fell a little less than expected while both industrial production and capacity utilization fell a little less than expected.

Mortgage rates were mixed last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.16% and a 30-year rate of 3.31%. These rates are as of 05/18/2020 and may include points.

What to watch for on the economic calendar this week:

Monday – Homebuilder Sentiment

Tuesday – Housing Starts and Building Permits

Wednesday – Mortgage Applications

Thursday – Jobless Claims / Existing Home Sales / Leading Economic Indicators

Friday – No major data

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

May 18, 2020                                   

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Grandville, MI 49418

Phone: (616) 531-5220