The benchmark indexes suffered another sharp decline last week. Each of the indexes listed here lost value, led by the Global Dow. The S&P 500 and the Nasdaq could be nearing a correction (down more than 10% from recent peaks) following last week’s drop. Equally noteworthy is the fact that all of the year-to-date gains have essentially dissipated, with only the Nasdaq still ahead of last year’s closing value. Quarterly earnings season reached its busiest time, offering a mixed bag with some major corporations posting healthy gains, while other companies reported a slowdown in revenue. Business investment has waned, while oil prices pulled energy stocks down.
The price of crude oil (WTI) fell once again last week, closing at $67.69 per barrel by late Friday, down from the prior week’s closing price of $69.37 per barrel. The price of gold (COMEX) rose for the fourth week in a row, reaching $1,236.10 by Friday evening, up from the prior week’s price of $1,230.00. The national average retail regular gasoline price was $2.841 per gallon on October 22, 2018, $0.038 lower than the prior week’s price but $0.362 higher than a year ago.
Market/Index | 2017 Close | Prior Week | As of 10/26 | Weekly Change | YTD Change |
---|---|---|---|---|---|
DJIA | 24719.22 | 25444.34 | 24688.31 | -2.97% | -0.13% |
Nasdaq | 6903.39 | 7449.03 | 7167.21 | -3.78% | 3.82% |
S&P 500 | 2673.61 | 2767.78 | 2658.69 | -3.94% | -0.56% |
Russell 2000 | 1535.51 | 1542.04 | 1483.82 | -3.78% | -3.37% |
Global Dow | 3085.41 | 2965.49 | 2843.00 | -4.13% | -7.86% |
Fed. Funds target rate | 1.25%-1.50% | 2.00%-2.25% | 2.00%-2.25% | 0 bps | 75 bps |
10-year Treasuries | 2.41% | 3.20% | 3.07% | -13 bps | 66 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.
The employment figures for October are out this week. A good report is usually enough to move the market in a positive direction, at least temporarily.
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/Bloomberg.com Market Data (oil spot price, WTI Cushing, OK); www.goldprice.org (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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