Market Dashboard

Last update: 1/21/2020

DOW
NASDAQ
S&P
10 YR. T-NOTE

Last week's featured headlines and data

Domestic

  • For the week ending January 17, the S&P 500® TR rose 1.99%. The S&P 500 TR’s year-to-date return, including price change plus dividends, was 3.14%. The Dow Jones Industrial Average (Total Return) rose 1.84% last week.
  • The best-performing sectors for the week were utilities and information technology, while the worst-performing sectors were energy and consumer discretionary.
  • The US and China signed a phase-one trade deal in Washington, DC. The deal includes a commitment from China to increase purchases of US goods and services in exchange for a reduction in tariffs on $120 billion of Chinese products. Separately, the Senate passed the revised North American trade deal, the US-Mexico-Canada Agreement (USMCA).
  • Fourth-quarter earnings season kicked off with numbers from big banks, including beats from JPMorgan Chase, Citigroup, and Morgan Stanley, and misses from Wells Fargo and Goldman Sachs. Meanwhile, Alphabet became the fourth US stock to cross the trillion-dollar market-cap threshold.
S&P 500 sector performance for the week

Click table for full image


Russell Style Indexes

Click table for full image


International

  • The US Treasury Department removed its designation of China as a currency manipulator ahead of the phase-one trade deal meeting. 
  • China reported 6.1% GDP growth for 2019, its slowest in 29 years, but in line with expectations amid the trade war. 
  • Turkey’s central bank cut its key interest rate by 0.75% to 11.25%, its fifth-consecutive rate cut since July. 
  • In a surprise move, South Africa’s central bank cut interest rates by 0.25%. The country’s currency, the rand, fell by 0.75% against the US dollar on the week.
Trailing index returns

Click table for full image


Fixed income

  • On Thursday, the US Treasury Department announced plans to issue 20-year bonds in the first half of 2020 to help fund the federal budget deficit. After spending $1.02 trillion more in 2019 than it took in, the US government is facing its highest calendar-year deficit in seven years.  
  • Yields on US government debt rose on Friday amid investor expectations for a growing supply of government debt and a strong housing starts number for the month of December. The yield on the 10-year T-note climbed from 1.81% on Thursday to 1.84% Friday. 
  • The recent uptick in appetite for riskier debt may have created an opportunity for US energy companies to refinance debt and push out maturities. According to LCD, a unit of S&P Global Market Intelligence, nearly $6 billion of bonds were sold last week between seven high-yield energy companies.
Weekly fixed income rates

Click table for full image


Other news

  • Global investment manager BlackRock announced plans to make climate change a central part of its strategy. The initiative includes removing coal producers from its portfolios and taking a tougher stance against companies that don’t disclosure climate change risks and plans along industry standards.
  • Shares of French carmaker Renault fell amid worries that its global alliance with Nissan could dissolve in the fallout over former chairman Carlos Ghosn’s ouster and subsequent arrest. 
  • Electric vehicle stocks got a boost after China’s government signaled it won’t continue scaling back subsidies for the industry.

The week ahead

  • US stock and bond markets closed in observance of Martin Luther King Jr. Day. 
  • New Oriental Education & Technology Group and others report earnings.
  • The World Economic Forum’s 50th annual meeting convenes in Davos, Switzerland. 
  • The Bank of Japan announces its monetary policy decision.
  • Redbook.
  • Capital One and others report earnings.
  • The National Association of Realtors reports existing home sales for December.
  • The Federal Housing Financing Agency releases its House Price Index for November.
  • MBA Mortgage Applications reported.
  • Johnson & Johnson and others report earnings.
  • The European Central Bank announces its monetary policy decision.
  • Leading Indicators reported.
  • EIA Petroleum Status Report released.
  • EIA Natural Gas Report released.
  • The Federal Reserve Bank of Kansas City releases its manufacturing survey for January.
  • Jobless Claims reported.
  • Intel and others report earnings.
  • Markets throughout Asia, including China and South Korea, are closed in observance of the Lunar New Year.
  • IHS Markit reports its US Composite Purchasing Managers’ Index for January.
  • Baker-Hughes Oil Rig Count.
  • American Express 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.