Weekly Market Wrap: Stocks continued lower and the tech heavy Nasdaq index touched correction territory as China trade concerns and Brexit problems are back in the headlines along with continuing but slowing Covid cases.
For The Week
- The S&P 500 dropped another 2.51% to 3,340.97
- Oil dropped 6.14% to $37.33
- Gold gained 0.45% to $1,942.77
- The US dollar added 0.51% at $93.24 against other major world currencies.
2020 Year-To Date for the major indexes:
- The S&P Index +3.41%
- The Dow Jones Index -3.06%
- The NASDAQ Index +20.96%
- The Russell 2000 Small cap Index -10.26%
- EAFE International Index -6.68%
- 10 Year Treasury Yield is 0.66%, lower for the week and lower for the year
- 30 Year Treasury Yield is 1.41%, lower for the week and lower for the year
- WTI Crude Oil Index -38.86%
- Bloomberg Gold Index +27.98%
- The Dollar Index -3.38% against other major world currencies
Monday the markets were closed.
Tuesday stocks dropped 95 points on heavy volume as small business optimism rose and consumer credit use rose and beat expectations.
Wednesday the S&P 500 rebounded 67 points on moderate volume as mortgage applications rose.
Thursday stocks fell 60 points on moderate volume as jobless claims were higher than expected, continuing claims rose slightly while producer prices rose and matched.
Friday the markets gained 2 points on moderate volume as consumer prices rose more than expected.
Mortgage rates were mixed last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.55% and a 30-year rate of 3.05%. These rates are as of 09/14/2020 and may include points.
What to watch for on the economic calendar this week:
Monday – No major data
Tuesday – Import and Export Prices / Capacity Utilization / Industrial Production / NY Manufacturing
Wednesday – Mortgage Applications / FOMC Rate Decision / Homebuilder Sentiment / Retail Sales
Thursday – Jobless Claims / Housing Starts & Building Permits
Friday – Leading Economic Indicators / Consumer Sentiment
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
September 14, 2020
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