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Market Update

MARKET DATA THRU WEEK ENDING 9/25/20

By September 29, 2020No Comments

All data is for the week ended September 25, 2020

Stocks

Equity markets around the globe were generally lower last week with the S&P 500 down 0.61%, the Russell 2000 down 4.01% and the NASDAQ gaining 1.12%. Overseas, the international developed markets index (MSCI EAFE) dropped 4.21% while the emerging markets declined 4.42%. Within the U.S., technology and utilities were the best performing sectors while energy and materials were the laggards.1 Volatility remains elevated with the index closing at 28.51.2

Fixed Income

Interest rates fell and bond prices rose, with the benchmark 10-year treasuries down 4 basis points to 0.66%. The yield curve steepened slightly.1 The yield premium on high yield bonds vs. government securities widened from 5.14 points to 5.64 points.3

Commodities

The price of gold declined 4.8% to $1,871.30 per troy ounce primarily in response to a strengthening of the U.S. dollar against those currencies of the other major developed nations.4 Gold becomes more expensive to foreign buyers – reducing demand – as the value of the U.S. dollar strengthens.

Economic Data

New home sales in August rose to 1.01 million units for the first time since 2006, a 43.2% year-over-year gain. This was well ahead of 875,000 units expected to sell.5

Durable goods new orders rose 0.4% in August, the fourth consecutive month of gains. Excluding defense, new orders rose 0.7%. The report was disappointing because growth slowed from the prior month’s report.6

Weekly new claims for unemployment benefits rose slightly last week versus expectations for a decline. The previous week’s numbers were raised slightly, both disappointing. Claims in California – where the effects of the pandemic have combined with issues related to wildfires – were again the highest in the country.7

Sources:
JP Morgan Weekly Market Recap 9-28-20
Yahoo Finance
Federal Reserve Bank of St. Louis 9-24-20
Apmex
US Census Bureau 9-24-20
US Census Bureau 9-25-20
 US Department of Labor 9-24-20
Eater New York 9-25-20