AAM Weekly Market Wrap – November 23, 2020

Weekly Market Wrap: The S&P 500 fell for the first time in three weeks as markets continued to react to both positive vaccine news and rising Covid cases.

For The Week

  • The S&P 500 slipped 0.77% to 3,557.54
  • Oil jumped 5.71% to $42.42
  • Gold fell 0.80% to $1,873.11
  • The US dollar lost 0.43% at $92.36 against other major world currencies.

2020 Year-To Date for the major indexes:

  • The S&P Index +10.11%
  • The Dow Jones Index +2.54%
  • The NASDAQ Index +32.12%
  • The Russell 2000 Small cap Index +7.00%
  • EAFE International Index +1.31%
  • 10 Year Treasury Yield is 0.83%, lower for the week and lower for the year
  • 30 Year Treasury Yield is 1.53%, lower for the week and lower for the year
  • WTI Crude Oil Index -30.53%
  • Bloomberg Gold Index +23.39%
  • The Dollar Index -4.29% against other major world currencies

Monday the S&P jumped 42 points on heavy volume as NY Manufacturing fell and missed expectations.

Tuesday stocks fell 17 points on heavy volume as retail sales rose less than expected, homebuilder sentiment rose and beat, both industrial production and capacity utilization rose and beat estimates while import prices fell and export prices rose.

Wednesday the S&P 500 dropped 42 points on heavy volume as mortgage applications fell, building permits were flat and missed while housing starts rose and beat expectations.

Thursday stocks rose 14 points on moderate volume as jobless claims rose more than expected, continuing claims were lower, existing home sales rose and beat while leading economic indicators rose and matched expectations.

Friday the markets lost 24 points on heavy volume with no major data reported.

Mortgage rates were lower last week. The national averages as reported by Bankrate.com indicate a 15-year rate of 2.46% and a 30-year rate of 2.95%. These rates are as of 11/23/2020 and may include points.

What to watch for on the economic calendar this week:

Monday –Manufacturing PMI’s

Tuesday – Consumer Confidence / Shiller Home Prices / FHFA Home Prices

Wednesday – Mortgage Applications / Durable Goods Orders / Jobless Claims / FOMC Minutes / GDP 2nd Estimate 3rd Quarter / New Home Sales / PCE Prices / Personal Income and Spending / Consumer Sentiment

Thursday – No Data

Friday – No Data

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

November 23, 2020                        

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