AAM Weekly Market Wrap – November 2, 2020

Weekly Market Wrap: Stocks fell for the second straight week as covid cases increased around the world, Euro nations began to shut down once again while US 3Q GDP bounced back with better than expected growth.

For The Week

  • The S&P 500 dropped 5.64% to 3,269.96
  • Oil fell 10.19% to $35.79
  • Gold lost 1.34% to $1,877.69
  • The US dollar rose 1.37% at $94.01 against other major world currencies.

2020 Year-To Date for the major indexes:

  • The S&P Index +1.21%
  • The Dow Jones Index -7.14%
  • The NASDAQ Index +21.61%
  • The Russell 2000 Small cap Index -7.79%
  • EAFE International Index -11.59%
  • 10 Year Treasury Yield is 0.87%, higher for the week and lower for the year
  • 30 Year Treasury Yield is 1.65%, higher for the week and lower for the year
  • WTI Crude Oil Index -41.39%
  • Bloomberg Gold Index +23.69%
  • The Dollar Index -2.58% against other major world currencies

Monday the S&P dropped 64 points on moderate volume as new home sales fell and missed estimates.

Tuesday stocks fell 10 points on moderate volume as consumer confidence fell and missed, durable goods orders rose and beat while both Shiller and FHFA home prices rose and beat expectations.

Wednesday the S&P 500 plummeted 120 points on heavy volume as mortgage applications rose.

Thursday stocks rebounded 39 points on moderately heavy volume as jobless claims fell more than expected and continuing claims fell, 3q GDP rose and beat expectations while pending home sales fell and missed expectations.

Friday the markets lost another 40 points on moderate volume as Midwest manufacturing rose and beat estimates, employment costs rose less than expected, PCE prices rose and matched, both personal income and personal spending rose and beat expectations while consumer sentiment rose and beat estimates.

Mortgage rates were higher last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.63% and a 30-year rate of 3.06%. These rates are as of 11/02/2020 and may include points.

What to watch for on the economic calendar this week:

Monday – ISM Manufacturing / Construction Spending

Tuesday – Auto Sales / Factory Orders

Wednesday – Mortgage Applications / ISM Non-Manufacturing / ADP Employment

Thursday – Jobless Claims / Unit Labor Costs / Worker Productivity / FOMC Rate Decision

Friday – October Employment / Consumer Credit

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

November 2, 2020                          

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4555 Wilson Ave SW, Suite 2
Grandville, MI 49418

Phone: (616) 531-5220