AAM Weekly Market Wrap – May 4, 2020

Weekly Market Wrap: Stocks fell for the second straight week as economic data continued to disappoint and corporate earnings were mixed.

For The Week

  • The S&P 500 slipped 0.21% to 2,830.71
  • Oil rose 16.77% to $19.78
  • Gold slipped 1.50% to $1,699.31
  • The US dollar dropped 1.26% at $99.04 against other major world currencies.

2020 Year-To Date for the major indexes:

  • The S&P Index -12.38%
  • The Dow Jones Index -16.87%
  • The NASDAQ Index -4.10%
  • The Russell 2000 Small cap Index -24.45%
  • EAFE International Index -20.31
  • 10 Year Treasury Yield is 0.63%, higher for the week and lower for the year
  • 30 Year Treasury Yield is 1.27%, higher for the week and lower for the year
  • WTI Crude Oil Index -67.61%
  • Bloomberg Gold Index +11.94%
  • The Dollar Index +2.63% against other major world currencies

Monday the S&P 500 rose 42 points on moderately heavy volume with no major data reported.

Tuesday stocks slipped 15 points on moderately heavy volume as consumer confidence fell but beat while Shiller home prices rose a little less than expected.

Wednesday the S&P 500 jumped 76 points on heavy volume as mortgage applications fell, pending home sales plummeted, 1Q GDP (1st estimate) dropped to -4.8% which was lower than expected and the FOMC help rates steady.

Thursday stocks dropped 27 points on moderately heavy volume as jobless claims rose more than expected, Chicago manufacturing fell and missed, employment costs rose more than expected, PCE prices fell 0.3% and both personal income and personal spending fell and missed estimates.

Friday the S&P 500 dropped 82 points on moderately heavy volume as construction spending rose and beat expectations.

Mortgage rates were lower last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 3.11% and a 30-year rate of 3.52%. These rates are as of 05/04/2020 and may include points.

What to watch for on the economic calendar this week:

Monday – Factory Orders

Tuesday – ISM Non-Manufacturing

Wednesday – Mortgage Applications / ADP Employment

Thursday – Jobless Claims / Consumer Credit / Productivity and Labor Costs

Friday – April Jobs

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

May 04, 2020                                   

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4555 Wilson Ave SW, Suite 2
Grandville, MI 49418

Phone: (616) 531-5220