AAM Weekly Market Wrap – August 17, 2020

Weekly Market Wrap: Stocks rose again as corporate earnings and US economic data was mostly positive while US Covid daily new cases showed signs of leveling off.

For The Week

  • The S&P 500 added 0.64% to 3,372.85
  • Oil gained 1.92% to $42.01
  • Gold dropped 4.32% to $1,943.14
  • The US dollar slipped 0.30% at $93.13 against other major world currencies.

2020 Year-To Date for the major indexes:

  • The S&P Index +4.40%
  • The Dow Jones Index -2.13%
  • The NASDAQ Index +22.81%
  • The Russell 2000 Small cap Index -5.43%
  • EAFE International Index -6.68%
  • 10 Year Treasury Yield is 0.71%, higher for the week and lower for the year
  • 30 Year Treasury Yield is 1.45%, higher for the week and lower for the year
  • WTI Crude Oil Index -31.20%
  • Bloomberg Gold Index +28.00%
  • The Dollar Index -3.49% against other major world currencies

Monday the S&P 500 rose 9 points on moderate volume with no major data reported.

Tuesday stocks fell 27 points on heavy volume as small business optimism fell and producer prices rose more than expected.

Wednesday the S&P 500 jumped 47 points on moderate volume as mortgage applications rose and consumer prices rose more than expected.

Thursday stocks fell 7 points on moderate volume as jobless claims fell more than expected, continued claims continued to fall while import and export prices both rose.

Friday the markets slipped 1 point on moderate volume as retail sales rose but missed estimates, unit labor costs rose more than expected, industrial production rose a little more than expected, both capacity utilization and worker productivity rose and beat expectations while consumer sentiment rose and beat estimates as well.

Mortgage rates were higher last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.66% and a 30-year rate of 3.14%. These rates are as of 08/17/2020 and may include points.

What to watch for on the economic calendar this week:

Monday – NY Manufacturing / Homebuilder Sentiment

Tuesday – Building Permits and Housing Starts

Wednesday – Mortgage Applications / FOMC Minutes

Thursday – Jobless Claims / Leading Economic Indicators

Friday – Existing Home Sales

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

August 17, 2020                              

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