AAM Weekly Market Wrap – October 4, 2021

Weekly Market Wrap: Stocks fell to end the 3rd quarter and ended lower for the week as treasury yields rose and congress once again avoided a government shutdown with a last-minute deal.

For The Week

  • The S&P 500 dropped 2.21% to 4,357.04
  • Oil rose 2.57% to $75.88
  • Gold gained 0.68% to $1,759.10
  • The US dollar added 0.74% at $94.05 against other major world currencies.

2021 Year-To Date for the major indexes:

  • The S&P Index +16.00%
  • The Dow Jones Index +12.15%
  • The NASDAQ Index +13.02%
  • The Russell 2000 Small cap Index +13.51%
  • EAFE International Index +7.17%
  • 10 Year Treasury Yield is 1.47%, higher for the week and higher for the year
  • 30 Year Treasury Yield is 2.05%, higher for the week and higher for the year
  • WTI Crude Oil Index +56.39%
  • Bloomberg Gold Index -7.44%
  • The Dollar Index +4.57% against other major world currencies

Monday the S&P 500 dropped 12 points on moderate volume as durable goods orders rose and beat estimates.

Tuesday stocks lost 90 points on moderately heavy volume as consumer confidence fell and missed, FHFA home prices rose and Shiller home prices rose and matched expectations.

Wednesday the S&P 500 gained 7 points on moderately heavy volume as mortgage applications fell while pending home sales rose and beat estimates.

Thursday stocks fell 52 points on heavy volume as jobless claims rose more than expected, continuing claims were lower, Midwest manufacturing fell and missed but remained strong while 3Q GDP final estimate rose and matched at 6.7% growth.

Friday the S&P 500 rebounded 50 points on moderately heavy volume as construction spending was flat and missed, ISM manufacturing rose and beat expectations, PCE prices rose, personal income rose and matched, personal spending rose and beat while consumer sentiment rose and beat expectations.

Mortgage rates were higher last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.72% and a 30-year rate of 3.37%. These rates are as of 10/04/2021 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 Use

Friday – September Jobs Report

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

October 4, 2021

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Grandville, MI 49418

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