AAM Weekly Market Wrap – September 30, 2019

Weekly Market Wrap: Stocks continued lower for the second week in a row on mixed US data, weaker Eurozone manufacturing data and a tentative trade deal with Japan.


For The Week

  • The S&P 500 lost 1.01% to 2,961.79
  • Oil fell 3.68% to $55.95
  • Gold dropped 1.22% to $1,498.60
  • The US dollar rose 0.63% at $99.12 against other major world currencies.


2019 Year-To Date for the major indexes:


  • The S&P Index +18.15%
  • The Dow Jones Index +14.97%
  • The NASDAQ Index +19.66%
  • The Russell 2000 Small cap Index +12.75%
  • EAFE International Index +10.46%
  • 10 Year Treasury Yield is 1.68%, lower for the week and lower for the year
  • 30 Year Treasury Yield is 2.13%, lower for the week and lower for the year
  • WTI Crude Oil Index +23.21%
  • Bloomberg Gold Index +16.85%
  • The Dollar Index +3.14% against other major world currencies



Monday the S&P 500 fell less than one point on moderate volume with no major data reported.

Tuesday stocks dropped 25 points on heavy volume as consumer confidence fell and missed expectations, FHFA home prices rose and Shiller home prices rose less than expected.

Wednesday the S&P 500 rebounded 18 points on moderate volume as mortgage applications fell and new home sales rose and beat estimates.

Thursday stocks fell 7 points as jobless claims rose a little more than expected, pending home sales rose and beat while GDP 3rd estimate of the 2nd quarter matched expectations at 2.0%.

Friday the markets dropped 16 points as durable goods orders rose and beat expectations, PCE prices were flat and missed, personal income rose and matched estimates, personal spending rose less than expected while consumer sentiment rose and beat expectations.

Mortgage rates were lower on the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 3.20% and a 30-year rate of 3.73%. These rates are as of 09/29/2019 and may include points.


What to watch for on the economic calendar this week:

Monday – Chicago Manufacturing

Tuesday – Construction Spending / ISM Manufacturing

Wednesday – Mortgage Applications / ADP Employment

Thursday – Jobless Claims / Factory Orders / ISM Non-Manufacturing

Friday – September Jobs



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

September 29, 2019



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