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Market Dashboard

Last update: 1/11/2021

Last week's featured headlines and data

Domestic

  • For the week ending January 8, the S&P 500® Total Return (TR) index rose 1.88% and the Dow Jones Industrial Average (Total Return) rose 1.66%. The S&P 500 TR’s year-to-date return, including price change plus dividends, was 1.88%. 
  • US stocks rose for a second consecutive week despite a sharp sell-off last Monday, runoff elections in Georgia, and upheaval at the Capitol. Nevertheless, the prospect of a unified government and additional relief bolstered treasury yields and equities. 
  • The best-performing sectors for the week were energy and materials, while the worst-performing sectors were real estate and consumer staples.
  • Democrats won control of the US Senate by winning both Georgia runoff elections.
  • Extremist Trump supporters mobbed the Capitol on Wednesday, interrupting Congress’ certification of the Electoral College vote in a chaotic scene that led to five deaths. After the riot, Congress reconvened and confirmed Biden’s victory. 
  • Vaccine efforts are in a race against time as a more contagious variant of the coronavirus continued to spread. The US registered a record 128,000 hospitalizations and over 4,000 daily deaths.
S&P 500 sector performance for the week

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Russell Style Indexes

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International

  • Britain approved the Moderna vaccine Friday. Meanwhile, UK hospitals are at risk of being overwhelmed as the country recorded its highest daily death total since the beginning of the pandemic. 
  • China’s Xinhua news agency reported its central bank governor will prioritize stability in 2021 monetary policy.
  • Saudi Arabia announced it will cut its oil output, helping bump oil prices 8% on the week. Fuel sales continued to slump amid stricter coronavirus measures worldwide.‬ ‬
  • Canada’s unemployment rate increased to 8.6% in December—3.3% below pre-pandemic levels—as the country lost 62,600 jobs. 
Trailing index returns

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Fixed income

  • US Treasury yields rose as worse-than-expected job losses and growing coronavirus cases raised the possibility of more federal aid. The yield on the benchmark 10-year US Treasury note saw its highest close since March and biggest weekly gain since June, settling at 1.13% Friday. 
  • Thanks to the Federal Reserve’s corporate debt-buying program (which expired at year-end), 2020 saw $2.3 trillion in corporate bond issuance—exceeding the prior yearly record by more than 35%. The momentum continued on the first trading day of 2021, with an almost-$14.4 billion lineup of investment-grade bonds, including from Home Depot and John Deere. 
  • For the first time in two years, the 10-year break-even rate climbed above 2% on Monday, hinting investors expect inflation to average around 2% over the next decade.
Weekly fixed income rates

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Other news

  • Following the Capitol riot, Facebook suspended President Trump’s account until the end of his term and Twitter suspended him indefinitely over concerns of inciting further violence.
  • Following a US ban on Chinese companies that didn’t meet certain accounting standards or suspected of having Chinese military ties, New York Stock Exchange reversed—then reversed its reversal—delisting China Mobile, China Telecom, and China Unicom. Also, the White House banned eight Chinese payment apps.
  • Deutsche Bank will avoid US prosecution on charges of foreign bribery and manipulating precious metals markets by paying nearly $125 million.
  • UnitedHealth Group will pay $13 billion to acquire health-care tech provider Change Healthcare.
  • Boeing reached a $2.5 billion settlement with the Justice Department over criminal charges regarding its 737 Max jet.
  • Hyundai confirmed early talks with Apple over a possible self-driving car, sending the stock up more than 20%.

The week ahead

  • Zscaler hosts its 2021 analyst day.
  • The Conference Board’s United States Employment Trends Index released.
  • Tri-Continental and others report earnings.
  • The National Federation of Independent Business releases its Small Business Optimism Index for December.
  • The Bureau of Labor Statistics (BLS) releases its Job Openings and Labor Turnover Survey for November.
  • Redbook. 
  • KB Home and others report earnings.
  • The BLS reports the Consumer Price Index (CPI) for December.
  • The Treasury Department reports US budget data for December.
  • MBA Mortgage Applications reported.
  • Beige Book.
  • EIA Petroleum Status Report released.
  • IHS Markit and others report earnings.
  • Jobless claims reported.
  • Import and Export Prices reported.
  • EIA Natural Gas Report released.
  • Delta and others report earnings.
  • The University of Michigan releases its Consumer Sentiment Survey for January.
  • The Census Bureau reports retail sales for December.  
  • Industrial Production reported.
  • Business Inventories reported.
  • The BLS releases the Producer Price Index (PPI) for December.
  • Baker-Hughes Rig Count reported.
  • Wells Fargo and others report earnings.

Weekly and monthly style performance charts use Russell 1000, Russell Mid Cap, and Russell 2000 style indexes to represent large cap, mid cap, and small cap respectively.

BarCap Municipal TR USD: Listed for municipal-bond funds. This index serves as a benchmark for long-term, investment-grade, tax-exempt municipal bonds. The returns we publish for the index are total returns, which include reinvestment of dividends.

BarCap US Agg Bond TR USD: Composed of the BarCap Government/Credit Index, the Mortgage-Backed Securities Index, and the Asset-Backed Securities Index. The returns we publish for the index are total returns, which include reinvestment of dividends.

Barclays Capital U.S. Corporate High-Yield Bond Index: The U.S. Corporate High-Yield Index covers the USD-denominated, non-investment grade, fixed-rate, taxable corporate bond market. Securities are classified as high-yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below. The index excludes emerging markets debt. The index was created in 1986, with index history backfilled to January 1, 1983. The U.S. Corporate High-Yield Index is part of the U.S. Universal and Global High-Yield Indexes.

Barclays Capital U.S. 7–10 Year Treasury: The index measures the performance of U.S. Treasury securities that have a remaining maturity of at least seven years and less than 10 years.

Bloomberg Gold Subindex: Formerly known as Dow Jones-UBS Gold Subindex (DJUBSGC), the index is a commodity group subindex of the Bloomberg CI composed of futures contracts on Gold. It reflects the return of underlying commodity futures price movements only and is quoted in USD.

Bloomberg WTI Crude Oil Subindex: Formerly known as Dow Jones-UBS WTI Crude Oil Subindex Total Return (DJUBCLTR), the index is a single commodity subindex of the Bloomberg CI composed of futures contracts on crude oil. It reflects the return of underlying commodity futures price movements only and is quoted in USD. 

60/40 S&P500/BarCap US Agg Bond Index: The 60/40 SP&500/BarCap US Agg Bond benchmark is comprised of a 60% allocation to the S&P500 and 40% allocation to the BarCap US Agg (rebalanced quarterly). The benchmark is intended to provide a hypothetical portrayal of a 60/40 asset allocation. 

Citigroup World Government Bond Index (Citigroup WGBI) is a market capitalization weighted index consisting of the government bond markets. Country eligibility is determined based on market capitalization and investability criteria. All issues have a remaining maturity of at least one year.

Dow Jones Industrial Average: Computed by summing the prices of the stocks of 30 companies and then dividing that total by an adjusted value—one which has been adjusted over the years to account for the effects of stock splits on the prices of the 30 companies. Dividends are reinvested to reflect the actual performance of the underlying securities.

DJ UBS Sub Crude Oil TR USD: Indexes in the DJ-UBSCIsm family are calculated on both an excess return and total return basis. The excess return indexes reflect the return of underlying commodity futures price movements only, whereas the total return indexes reflect the return on fully collateralized futures positions. 19 commodities are included in the DJ-UBSCIsm, representing the following commodity sectors: energy, precious metals, industrial metals, livestock, and agriculture.

DJ UBS Sub Gold TR USD: Indexes in the DJ-UBSCIsm family are calculated on both an excess return and total return basis. The excess return indexes reflect the return of underlying commodity futures price movements only, whereas the total return indexes reflect the return on fully collateralized futures positions. 19 commodities are included in the DJ-UBSCIsm, representing the following commodity sectors: energy, precious metals, industrial metals, livestock, and agriculture.

J.P.Morgan Emerging Markets Bond Index Global (EMBI Global) tracks total returns for traded external debt instruments in the emerging markets, and is an expanded version of the JPMorgan EMBI+. As with the EMBI+, the EMBI Global includes U.S.dollar-denominated Brady bonds, loans, and eurobonds with an outstanding face value of at least $500 million. It covers more of the eligible instruments than the EMBI+ by relaxing somewhat the strict EMBI+ limits on secondary market trading liquidity.

MSCI EAFE (Europe, Australasia, Far East) Index: A free float-adjusted market-capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI EAFE Index consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. For more information, visit the MSCI website.

MSCI EMF (Emerging Markets Free) Index: A free float-adjusted market-capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 23 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. For more information, visit the MSCI web site.

Russell 1000: Consists of the 1000 largest companies within the Russell 3000 index. Also known as the Market-Oriented Index, because it represents the group of stocks from which most active money managers choose. The returns we publish for the index are total returns, which include reinvestment of dividends. Frank Russell Company reports its indexes as one-month total returns.

Russell 1000 Growth: Market-capitalization weighted index of those firms in the Russell 1000 with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 includes the largest 1000 firms in the Russell 3000, which represents approximately 98% of the investable US equity market.

Russell 1000 Value: Market-capitalization weighted index of those firms in the Russell 1000 with lower price-to-book ratios and lower forecasted growth values. The Russell 1000 includes the largest 1000 firms in the Russell 3000, which represents approximately 98% of the investable US equity market.

Russell 2000: Consists of the smallest 2000 companies in the Russell 3000 Index, representing approximately 7% of the Russell 3000 total market capitalization. The returns we publish for the index are total returns, which include reinvestment of dividends.

Russell 2000 Growth: Market-weighted total return index that measures the performance of companies within the Russell 2000 Index having higher price-to-book ratios and higher forecasted growth values. The Russell 2000 Index includes the 2000 firms from the Russell 3000 Index with the smallest market capitalizations. The Russell 3000 Index represents 98% of the of the investable US equity market.

Russell 2000 Value: Market-weighted total return index that measures the performance of companies within the Russell 2000 Index having lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Index includes the 2000 firms from the Russell 3000 Index with the smallest market capitalizations. The Russell 3000 Index represents 98% of the of the investable US equity market.

Russell Midcap: Measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 25% of the total market capitalization of the Russell 1000 Index. As of the latest reconstitution, the average market capitalization was approximately $4.0 billion; the median market capitalization was approximately $2.9 billion. The largest company in the index had an approximate market capitalization of $12 billion.

Russell Midcap Growth: Market-weighted total return index that measures the performance of companies within the Russell Midcap Index having higher price-to-book ratios and higher forecasted growth values. The Russell Midcap Index includes firms 201 through 1000, based on market capitalization, from the Russell 3000 Index. The Russell 3000 Index represents 98% of the of the investable U.S. equity market.

Russell Midcap Value: Market-weighted total return index that measures the performance of companies within the Russell Midcap Index having lower price-to-book ratios and lower forecasted growth values. The Russell Midcap Index includes firms 201 through 1000, based on market capitalization, from the Russell 3000 Index. The Russell 3000 Index represents 98% of the of the investable U.S. equity market.

NASDAQ: Measures the performance of all issues listed in the NASDAQ Stock Market, except for rights, warrants, units, and convertible debentures. Morningstar reports the NASDAQ Composite as a price return.

S&P 500: A market capitalization-weighted index of 500 widely held stocks often used as a proxy for the stock market. It measures the movement of the largest issues. Standard and Poor's chooses the member companies for the 500 based on market size, liquidity and industry group representation. Included are the stocks of industrial, financial, utility, and transportation companies. Since mid-1989, this composition has been more flexible and the number of issues in each sector has varied. The returns presented for the S&P 500 are total returns, including the reinvestment of dividends each month.

The S&P 500 Consumer Discretionary sector comprises those companies included in the S&P 500 that are classified as members of the consumer discretionary sector.

The S&P 500 Consumer Staples sector comprises those companies included in the S&P 500 that are classified as members of the consumer staples sector.

The S&P 500 Energy sector comprises those companies included in the S&P 500 that are classified as members of the energy sector.

The S&P 500 Financials sector comprises those companies included in the S&P 500 that are classified as members of the financial sector.

The S&P 500 Health Care sector comprises those companies included in the S&P 500 that are classified as members of the health care sector.

The S&P 500 Industrials Sector comprises those companies included in the S&P 500 that are classified as members of the industrials sector.

The S&P 500 Information Technology Sector comprises those companies included in the S&P 500 that are classified as members of the information technology sector.

The S&P 500 Materials Sector comprises those companies included in the S&P 500 that are classified as members of the materials sector.

The S&P 500 Communications Services Sector comprises those companies included in the S&P 500 that are classified as members of the telecommunications services sector.

The S&P 500 Utilities Sector comprises those companies included in the S&P 500 that are classified as members of the utilities sector.