AAM Weekly Market Wrap – July 25, 2016

Weekly Market Wrap:  Stock add to gains as housing and manufacturing data both add to positive sentiment.

 

For The Week

  • The S&P 500 gained 0.61% to 2,175.03
  • Oil fell 3.83% to $44.19
  • Gold slipped 0.38% to $1,323.97
  • The US Dollar added 0.94% to $97.41 against other major world currencies.

 

 

2016 Year-To Date for the major indexes:

 

  • The S&P Index +6.41
  • The Dow Jones Index +6.58%
  • The NASDAQ Index +1.85%
  • The Russell 2000 Small Cap Index +6.78%
  • EAFE International Index -2.86%
  • 10 Year Treasury Yield is 1.57%, lower for the week and lower for the year
  • 30 Year Treasury Yield is 2.28%, lower for the week and lower for the year
  • WTI Crude Oil Index +19.30%
  • Bloomberg Gold Index +24.85%
  • The Dollar Index -1.21% against other major world currencies

 

SandPweek

 

Monday the S&P 500 index rose 5 points on moderate volume as the housing market index fell and missed expectations.

Tuesday the index fell 3 points on moderate volume as housing starts and building permits both rose and matched expectations.  Overseas the IMF lowered their global growth outlook.

Wednesday the S&P index gained 9 points on moderate volume as mortgage applications fell and corporate earnings added to investor confidence.

Thursday stocks dropped 8 points on moderate volume as jobless claims fell more than expected, Philly manufacturing contracted and missed, FHFA home prices rose but less than expected, existing home sales rose and beat expectations and leading economic indicators rose and matched expectations.

Friday the S&P 500 index rose 10 points on moderate volume as PMI flash manufacturing rose and beat expectations led by new orders.

 

Takeaways from this week:

  • US stocks posted its 4rd straight week of gains and US markets have pushed through previous highs.
  • Treasury rates slipped lower.
  • Global stocks were modestly higher.

 

Mortgage rates were higher for the week.  The national averages as reported by Bankrate.com indicate a 15-year rate of 2.73% and a 30-year rate of 3.46%. These rates are as of 7/22/2016 and may include points.

 

What to watch for on the economic calendar this week:


Monday – Dallas Manufacturing

Tuesday – Shiller Home Prices / PMI Services Flash / New Home Sales / Consumer Confidence

Wednesday –Mortgage Applications / Durable Goods Orders / Pending Home Sales

Thursday –Weekly Jobless Claims

Friday – GDP / Employment Costs / Chicago PMI / Consumer Sentiment

 

 

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

July 25, 2016