Market Dashboard

Last update: 11/18/2019

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Last week's featured headlines and data

Domestic

  • For the week ending November 15, the S&P 500® Total Return (TR) rose 0.94%. The S&P 500 TR’s year–to–date return, including price change plus dividends, was 26.69%. The Dow Jones Industrial Average (Total Return) rose 1.24%.
  • The US equity market notched a sixth-straight up week as corporate earnings mostly continued to top estimates. The S&P 500, Nasdaq 100 (NDX), and Dow all hit new record highs, with the Dow pushing above 28,000 for the first time on Friday. The best performing sectors for the week were health care and real estate, while the worst performing sectors were energy and financials.
  • President Trump threatened to increase tariffs if phase-one trade talks fail. Whether the US removes all tariffs or just those set to kick in on December 15 remains a key issue, and China has pushed back on setting limits on agricultural product purchases. On Friday, though, White House economic adviser Larry Kudlow, said that phase-one discussions were nearing their final stages.
  • Federal Reserve Chairman Jerome Powell testified before the Joint Economic Committee of Congress, reiterating the Fed was in a wait-and-see period. He cited uncertainties from trade disputes while urging lawmakers to deal with a federal budget “on an unsustainable path.” But he also noted that negative interest rates (which President Trump has lobbied for) were inappropriate given the current strong labor and consumer markets, as well as favorable expectations for “sustained economic expansion.”
S&P 500 sector performance for the week

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Russell Style Indexes

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International

  • Unruly protests continued in Hong Kong against a pro-China government. Chinese President Xi Jinping said bringing the violence to an end is Hong Kong’s “most urgent task.”
  • Saudi Aramco’s prospectus renewed concerns over global demand for crude oil, with the company forecasting a peak within the next 20 years. In its latest long-term World Energy Outlook, the International Energy Agency anticipated demand for oil hitting a plateau in about a decade.
  • The German economy barely avoided recession expectations after reporting 0.1% GDP growth in the third quarter. Growth for the euro area was just 0.2% amid a manufacturing slump.
  • Out of China: Industrial output and retail sales grew less than forecast and fixed-asset investment fell to its lowest level in more than 20 years. Some economists have warned that China’s economy may slow further, resulting in job cuts and a hit to consumer spending.
Trailing index returns

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Fixed income

  • US Treasury prices gained ground last week, retracing some of the previous week’s sell-off. US bonds and notes rallied on Friday amid new progress in the China trade talks. Treasury yields fell as prices rose, with the 10-year T-note yield rebounding off Thursday’s low to settle at 1.84%.
  • In a reversal of October inflows, the first two weeks of November saw investors pull more than $3 billion out of US bond funds.
  • Pharmaceutical research and development company AbbVie Inc. sold $30 billion in debt to help fund its buyout of Allergan—the fourth-largest investment-grade bond sale on record.
Weekly fixed income rates

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Other news

  • Federal regulators began an inquiry into a Google data project with Ascension, the second-largest health system in the US. The project has highlighted concerns about whether personal medical data was protected.
  • Apple co-founder Steve Wozniak voiced criticism of potential gender discrimination practices by the lender of the Apple Card—Goldman Sachs Group Inc.
  • The Labor Department’s release of the Consumer Price Index (CPI) for October showed core CPI slowed to 2.3% year-over-year.

The week ahead

  • ­­The National Association of Home Builders releases its Housing Market Index for November.
  • ­Cleveland Federal Reserve Bank President Loretta Mester to speak in a fireside chat at the University of Maryland in College Park, Maryland.
  • ­Barnes & Noble and others report earnings.
  • ­The Census Bureau reports residential construction data for October.
  • ­New York Federal Reserve Bank President John Williams to speak in a moderated "One-on-One with New York Fed President and CEO John Williams" session at the Securities Industry and Financial Markets Association (SIFMA) Annual Meeting in Washington, DC.
  • ­Redbook (weekly retail sales data).
  • ­Home Depot and others report earnings.
  • ­­The Federal Open Market Committee releases minutes from its previous monetary-policy meeting at the end of October.
  • ­MBA Mortgage Applications reported.
  • ­EIA Petroleum Status Report released.
  • ­Target and others report earnings.
  • ­­The National Association of Realtors reports existing-home sales for October.
  • ­Jobless Claims reported.
  • ­Leading Indicators reported.
  • ­EIA Natural Gas Report released.
  • ­Gap and others report earnings.
  • ­­PMI Composite FLASH released.
  • ­Consumer Sentiment reported.
  • ­Baker-Hughes Rig Count reported.
  • ­J.M. Smucker 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. 

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 Telecommunications 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.