Each of the benchmark indexes listed here lost value for the second consecutive week, with the S&P 500, the Dow, and the Nasdaq sinking to levels not seen since August. Investors were hit with potentially worsening trade tensions between the United States and China, along with political uncertainty following the House’s impeachment inquiry proceedings against President Trump. Small caps underperformed large caps as the Nasdaq and Russell 2000 each fell more than 2.0% last week. Bond prices dropped, sending the yield on 10-year Treasuries over 100 basis points below its 2018 closing mark.
Oil prices fell last week, closing at $56.00 per barrel by late Friday afternoon, down from the prior week’s price of $58.09. The price of gold (COMEX) declined last week, closing at $1,503.10 by late Friday afternoon, off from the prior week’s price of $1,523.80. The national average retail regular gasoline price was $2.654 per gallon on September 23, 2019, $0.102 more than the prior week’s price but $0.190 less than a year ago.
Market/Index | 2018 Close | Prior Week | As of 9/27 | Weekly Change | YTD Change |
---|---|---|---|---|---|
DJIA | 23327.46 | 26935.07 | 26820.25 | -0.43% | 14.97% |
Nasdaq | 6635.28 | 8117.67 | 7939.63 | -2.19% | 19.66% |
S&P 500 | 2506.85 | 2992.07 | 2961.79 | -1.01% | 18.15% |
Russell 2000 | 1348.56 | 1559.76 | 1520.48 | -2.52% | 12.75% |
Global Dow | 2736.74 | 3065.59 | 3019.31 | -1.51% | 10.33% |
Fed. Funds target rate | 2.25%-2.50% | 1.75%-2.00% | 1.75%-2.00% | 0 bps | -50 bps |
10-year Treasuries | 2.68% | 1.75% | 1.67% | -8 bps | -101 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 first week of October focuses on manufacturing, international trade, and employment. Last month, purchasing managers reported a drop in export orders and lagging manufacturing growth in August. Their sentiment should be slightly more encouraging for September. On the labor front, 130,000 new jobs were added in August and the unemployment rate remained at 3.7%. Wages inched up 0.4% in August, and are up 3.2% for the last 12 months. A shrinking labor pool may be the impetus for employers to increase wages.
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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