Market Dashboard

Last update: 3/18/2019

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Last week's featured headlines and data

Domestic

  • For the week ending March 15, the S&P 500® index rose 2.89% to 2,822.48; the S&P 500 TR rose 2.95%. The S&P 500 TR’s total return year to date, including price change plus dividends, was 13.11%. The Dow Jones Industrial Average (Total Return) rose 1.64%.
  • Stocks posted solid returns and ended the week at their highest level of the year. All sectors gained ground with information technology and energy shares leading the markets higher.
  • The White House submitted a $4.7 trillion 2020 budget to Congress that featured deep cuts to Medicare and Medicaid along with increased military spending. The budget also projects a $1.1 trillion deficit by 2020.
  • The Department of Justice announced that 50 people had been indicted in a long-running college admissions scheme that attempted to get the children of wealthy parents into elite universities. An FBI investigation alleges that parents paid huge sums to have test scores altered and to get students admitted as athletes.
S&P 500 sector performance for the week

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Russell Style Indexes

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International

  • At least 49 people in New Zealand were killed in a mass shooting at two mosques in Christchurch. The suspect, who live-streamed the attack on Facebook, was apprehended, and two others were arrested.
  • British Prime Minister Theresa May’s latest Brexit proposal was defeated in Parliament. With a March 29 deadline looming, British lawmakers agreed to push back the UK’s exit from the European Union, although EU members must unanimously agree to the delay in order for it to take effect.
  • The White House again hinted at progress toward a US-China trade deal, although evidence was scant. After a meeting with trade advisors, President Trump said he is in no rush for a deal.
Trailing index returns

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Fixed income

  • A series of weak manufacturing reports pushed bond yields close to their lowest levels of the year. The 10-year Treasury note, which reached a high of 3.25% in November, dipped to 2.59% to end the week.
  • Heavy bond issuance within the health care sector has contributed to the sector’s underperformance so far this year. The trend is not expected to slow down, with some of the year’s largest M&A deals still expected.
  • Southern California Edison sold $1.1 billion of bonds on Tuesday to meet strong investor demand. Repercussions from California’s wildfires in January have forced the utility company to issue debt at higher interest rates than the previous year. 
Weekly fixed income rates

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Other news

  • Boeing stock plunged by roughly 11% early last week amid concerns about flight control systems in the company’s best-selling 737 Max 8 aircraft. Deadly crashes on Ethiopian Airlines and Lion Air Max 8 jets have highlighted safety concerns.
  • Volkswagen AG and its former chief executive officer were sued by the US government over claims that the company circumvented US emission standards. It’s the latest twist in a scandal that has already cost Volkswagen more than $30 billion.
  • Tesla revealed a mid-size electric crossover SUV dubbed Model Y. At a raucous event attended by enthusiastic Tesla fans, company CEO Elon Musk announced that the new line of electric vehicles would offer extended battery life at prices ranging from $47,000 to $60,000. Model Y is scheduled for release sometime in 2020.

The week ahead

  • The NAHB Housing Market Index for March is released.
  • ­Tilray and others report quarterly earnings.
  • The Census Bureau releases its factory orders report for January.
  • ­The Fed kicks off its March FOMC meeting.
  • ­Redbook is released.
  • ­FedEx and others report quarterly earnings.
  • The Fed’s March FOMC meeting wraps up with a press conference and announcement on interest rates.
  • ­MBA mortgage applications are reported.
  • ­The EIA Petroleum Status Report is released.
  • ­Micron Technology and others report quarterly earnings.
  • The Census Bureau releases new-home sales data for January.
  • ­Export and import price information for February is reported.
  • ­The EIA Natural Gas Storage Report is released.
  • ­Jobless claims are reported.
  • ­Adobe and others report quarterly earnings.
  • The National Association of Realtors releases existing-home sales data for February.
  • ­The Census Bureau reports wholesale inventories for January.
  • ­The flash Composite PMI Index is released.
  • ­The Treasury Department releases its monthly budget statement for February.
  • ­The Baker Hughes Rig Count is reported.
  • ­Tiffany and others report quarterly earnings.

 

 

 

Index benchmarks

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.