Weekly Market Wrap: Stocks finished the week lower with concerns over the Delta variant, Fed meeting, inflation and supply chain issues all weighing on investor sentiment.
For The Week
- The S&P 500 fell 1.69% to 4,458.58
- Oil rose 0.69% to $69.72
- Gold dropped 2.31% to $1,789.50
- The US dollar gained 0.56% at $92.60 against other major world currencies.
2021 Year-To Date for the major indexes:
- The S&P Index +18.70%
- The Dow Jones Index +13.07%
- The NASDAQ Index +17.28%
- The Russell 2000 Small cap Index +12.80%
- EAFE International Index +11.22%
- 10 Year Treasury Yield is 1.34%, higher for the week and higher for the year
- 30 Year Treasury Yield is 1.94%, lower for the week and higher for the year
- WTI Crude Oil Index +43.69%
- Bloomberg Gold Index -5.84%
- The Dollar Index +2.96% against other major world currencies
Monday the markets were closed.
Tuesday stocks lost 15 points on moderate volume with no major data reported.
Wednesday the S&P 500 lost 6 points on moderate volume as mortgage applications fell and consumer credit use fell and missed.
Thursday stocks dropped 21 points on moderate volume as jobless claims fell more than expected and continuing claims were lower.
Friday the S&P 500 fell 35 points on moderate volume as producer prices rose more than expected.
Mortgage rates were lower last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.60% and a 30-year rate of 3.22%. These rates are as of 09/13/2021 and may include points.
What to watch for on the economic calendar this week:
Monday – No major data
Tuesday – Consumer Prices / Small Business Optimism
Wednesday – Mortgage Applications / NY Manufacturing / Import and Export Prices / Capacity Utilization / Industrial Production
Thursday – Jobless Claims / Retail Sales
Friday – Consumer Sentiment
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
September 13, 2020
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