AAM Weekly Market Wrap – September 6, 2021

Weekly Market Wrap: Stocks finished the week mixed with the Nasdaq index landing at new highs despite a lackluster August jobs report and rising US covid cases.

For The Week

  • The S&P 500 added 0.58% to 4,535.43
  • Oil rose 0.80% to $69.29
  • Gold gained 0.59% to $1,831.80
  • The US dollar fell 0.65% at $92.08 against other major world currencies.

2021 Year-To Date for the major indexes:

  • The S&P Index +20.75%
  • The Dow Jones Index +15.56%
  • The NASDAQ Index +19.21%
  • The Russell 2000 Small cap Index +16.06%
  • EAFE International Index +12.47%
  • 10 Year Treasury Yield is 1.32%, higher for the week and higher for the year
  • 30 Year Treasury Yield is 1.95%, higher for the week and higher for the year
  • WTI Crude Oil Index +42.81%
  • Bloomberg Gold Index -3.61%
  • The Dollar Index +2.38% against other major world currencies

Monday the S&P 500 gained 19 points on moderate volume as pending home sales fell and missed expectations.

Tuesday stocks lost 6 points on heavy volume as both Midwest manufacturing and consumer confidence fell and missed, FHFA home prices rose while Shiller home prices rose more than expected.

Wednesday the S&P 500 gained 1 point on moderate volume as mortgage applications fell, ISM manufacturing rose and beat, construction spending rose and beat estimates while ADP jobs added less jobs than expected.

Thursday stocks rose 13 points on moderate volume as jobless claims fell and beat, continuing claims were lower, factory orders rose and matched estimates, worker productivity rose less than expected and unit labor costs rose more than expected.

Friday the S&P 500 lost 2 points on moderate volume as ISM non-manufacturing fell and missed, August jobs growth slowed to 235,000 new jobs and missed estimates, unemployment fell to 5.2% and matched while average hourly earnings rose 0.6% which was more than expected.

Mortgage rates were lower last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.62% and a 30-year rate of 3.26%. These rates are as of 09/06/2021 and may include points.

What to watch for on the economic calendar this week:

Monday – No data

Tuesday – No data

Wednesday – Mortgage Applications / Consumer Credit

Thursday – Jobless Claims

Friday – Producer prices

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

September 06, 2020                                                                                           

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Grandville, MI 49418

Phone: (616) 531-5220