Weekly Market Wrap: Stocks were lower for the second straight week as concerns over the Delta variant, global monetary tightening, inflation and supply chain challenges all continuing to weigh on investor sentiment.
For The Week
- The S&P 500 fell 0.57% to 4,432.99
- Oil rose 3.23% to $71.97
- Gold dropped 2.11% to $1,751.70
- The US dollar gained 0.64% at $93.19 against other major world currencies.
2021 Year-To Date for the major indexes:
- The S&P Index +18.02%
- The Dow Jones Index +13.00%
- The NASDAQ Index +16.73%
- The Russell 2000 Small cap Index +13.27%
- EAFE International Index +10.32%
- 10 Year Treasury Yield is 1.37%, higher for the week and higher for the year
- 30 Year Treasury Yield is 1.91%, lower for the week and higher for the year
- WTI Crude Oil Index +48.33%
- Bloomberg Gold Index -7.83%
- The Dollar Index +3.61% against other major world currencies
Monday the S&P 500 gained 10 points on moderate volume with no major data reported.
Tuesday stocks lost 26 points on moderate volume as consumer prices rose less than expected and small business optimism rose.
Wednesday the S&P 500 rebounded 38 points on moderate volume as mortgage applications rose, import prices fell, export prices rose, industrial production rose and matched, capacity utilization rose and beat estimates while NY manufacturing rose and beat expectations.
Thursday stocks fell 7 points on moderate volume as jobless claims rose more than expected, continuing claims were lower and retail sales rose more than expected.
Friday the S&P 500 dropped 41 points on heavy volume as consumer sentiment rose less than expected.
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 3.22%. These rates are as of 09/20/2021 and may include points.
What to watch for on the economic calendar this week:
Monday – Homebuilder Sentiment
Tuesday – Building Permits & Housing Starts
Wednesday – Mortgage Applications / Existing Home Sales / FOMC Rate Decision
Thursday – Jobless Claims / Leading Indicators
Friday – New Home Sales
Ronald J. VanSurksum, CFP®
Advanced Asset Management, LLC
September 20, 2021
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