AAM Weekly Market Wrap – October 26, 2020

Weekly Market Wrap: Stocks fell for the first time in 4 weeks as Congress continued to stall on a relief package, virus cases continued to increase while 3Q earnings season was fairly positive.

For The Week

  • The S&P 500 fell 0.53% to 3,465.39
  • Oil dropped 3.09% to $39.85
  • Gold gained 0.16% to $1,903.10
  • The US dollar lost 1.02% at $92.74 against other major world currencies.

2020 Year-To Date for the major indexes:

  • The S&P Index +7.26%
  • The Dow Jones Index -0.71%
  • The NASDAQ Index +28.71%
  • The Russell 2000 Small cap Index -1.68%
  • EAFE International Index -6.42%
  • 10 Year Treasury Yield is 0.84%, higher for the week and lower for the year
  • 30 Year Treasury Yield is 1.64%, higher for the week and lower for the year
  • WTI Crude Oil Index -34.74%
  • Bloomberg Gold Index +25.37%
  • The Dollar Index -3.90% against other major world currencies

Monday the S&P dropped 57 points on moderate volume as homebuilder sentiment rose and beat expectations.

Tuesday stocks gained 16 points on moderate volume as building permits rose and beat while housing starts rose but missed estimates.

Wednesday the S&P 500 fell 8 points on moderate volume as mortgage applications fell.

Thursday stocks rose 18 points on moderate volume as jobless claims fell more than expected, continuing claims were lower, existing home sales rose and beat while leading indicators rose more than expected.

Friday the markets added 12 points on moderate volume as manufacturing and service data were both higher.

Mortgage rates were mixed last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.58% and a 30-year rate of 3.03%. These rates are as of 10/26/2020 and may include points.

What to watch for on the economic calendar this week:

Monday – New Home Sales

Tuesday – Durable Goods Orders / Consumer Confidence / FHFA & Shiller Home Prices

Wednesday – Mortgage Applications

Thursday – Jobless Claims / 3Q GDP First Estimate / Pending Home Sales

Friday – Personal Income and Spending / Consumer Sentiment / PCE Prices / Employment Costs / Midwest Manufacturing

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

October 26, 2020                            

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Grandville, MI 49418

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