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Market Summaries: Keep Up-to-date with the Latest Market Information | Wescom Financial Services

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Market Summaries

Market Month: July 2019

Quarterly Market Review: April-June 2019

Annual Market Review 2018

Market Week: August 19, 2019

The Markets (as of market close August 16, 2019)

Volatility is the best term to describe stocks last week. Despite a Friday surge, each of the benchmark indexes listed here fell for the third consecutive week. Wednesday proved to be the most tumultuous day, as stocks suffered a major pullback. Long-term bond yields plunged below that of the two-year note. This "inversion" has historical precedence as a warning of an impending recession. That, coupled with ramped-up trade war rhetoric between the United States and China, pushed stocks lower during the week. Year-to-date, the major indexes listed here continue to run ahead of their 2018 year-end closing values, but the margin is narrowing. Still, the tech-heavy Nasdaq is almost 20% ahead of last year's closing value, followed by the S&P 500, the Dow, the Russell 2000, and the Global Dow, which is still over 6.50% ahead of last year's closing pace.

Oil prices crept ahead last week, closing at $54.94 per barrel by late Friday afternoon, up from the prior week's price of $54.27. The price of gold (COMEX) advanced again last week, closing at $1,523.60 by late Friday afternoon, up from the prior week's price of $1,509.10. The national average retail regular gasoline price was $2.624 per gallon on August 12, 2019, $0.064 lower than the prior week's price and $0.219 less than a year ago.

Market/Index2018 ClosePrior WeekAs of 8/16Weekly ChangeYTD Change
DJIA23327.4626287.4425886.01 -1.53% 10.97%
Nasdaq6635.287959.147895.99-0.79% 19.00%
S&P 5002506.852918.652888.68-1.03% 15.23%
Russell 20001348.561513.041493.64-1.28% 10.76%
Global Dow2736.742967.602916.65-1.72% 6.57%
Fed. Funds target rate2.25%-2.50%2.00%-2.25%2.00%-2.25%0 bps-25 bps
10-year Treasuries2.68%1.73%1.53% -20 bps-1.15 bps

Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.

Last Week's Economic News

  • Consumer prices rose 0.3% in July after advancing 0.1% the prior month. Over the last 12 months ended in July, consumer prices have increased 1.8%. The index for all items less food and energy rose 2.2% over the last 12 months. In July, energy prices rose 1.3% with gasoline prices jumping 2.5%. Also gaining price momentum last month were apparel (+0.4%), shelter (+0.3%), transportation services (+0.3%), and medical care services (+0.5%). New vehicles fell (-0.2%), as did utility gas service (-1.8%). Overall, accelerating consumer prices may strengthen the argument against further interest rate cuts.

Eye on the Week Ahead

July's figures on new and existing home sales are out this week. Sales of new homes picked up significantly in June, while existing home sales fell.

Data sources: News items are based on reports from multiple commonly available international news sources (i.e. wire services) and are independently verified when necessary with secondary sources such as government agencies, corporate press releases, or trade organizations. Market data: Based on data reported in WSJ Market Data Center (indexes); U.S. Treasury (Treasury yields); U.S. Energy Information Administration/ Market Data (oil spot price, WTI Cushing, OK); (spot gold/silver); Oanda/FX Street (currency exchange rates). All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. Past performance is no guarantee of future results. All investing involves risk, including the potential loss of principal, and there can be no guarantee that any investing strategy will be successful.

The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the NASDAQ stock exchange. The Russell 2000 is a market-cap weighted index composed of 2,000 U.S. small-cap common stocks. The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide. Market indices listed are unmanaged and are not available for direct investment.

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