Market Dashboard

Last update: 7/15/2019

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Last week's featured headlines and data

Domestic

  • For the week ending July 12, the S&P 500® index rose 0.78% to 3,013.77; the S&P 500 TR was up 0.82%. The S&P 500 TR’s total return year to date, including price change plus dividends, was 21.54%. The Dow Jones Industrial Average (Total Return) rose 1.54%.
  • Federal Reserve Chairman Jerome Powell, citing low inflation and economic crosscurrents, hinted that a July rate cut was in the offing—helping to drive major stock indexes to record highs.
  • For the week, the best-performing sectors were consumer discretionary and energy, while the worst-performing sectors were health care and materials.
  • A lawsuit aimed at killing the Affordable Care Act, pursued by GOP governors and state attorneys general, opened in New Orleans. The suit began in Texas, where a federal judge declared the ACA unconstitutional.
  • A federal judge denied a Trump administration plan for drug companies to put prices in TV ads, and the administration later backed off an overhaul of rebates to pharmacy benefits managers. July 5, the S&P 500® index advanced 1.65% to 2,990.41; the S&P 500 TR was up 1.69%. The S&P 500 TR’s total return year to date, including price change plus dividends, was 20.55%. The Dow Jones Industrial Average (Total Return) rose 1.27%.
S&P 500 sector performance for the week

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Russell Style Indexes

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International

  • The European Commission adjusted eurozone growth forecasts lower for 2020 in its latest quarterly estimates.
  • The British pound dipped to a level last seen more than two years ago as fears of a hard Brexit intensified. Britain's ambassador to the United States, Kim Darroch, resigned after a series of leaked cables that were critical of President Trump.
  • The Greek center-right opposition party New Democracy won a landslide election on Sunday over the left-leaning Syriza party. The country’s incoming prime minister, Kyriakos Mitsotakis, has pledged to cut taxes and privatize some government services.
  • Turkish President Recep Erdogan fired the governor of the central bank, Murat Centinkaya, following disputes over monetary policy. Erdogan continued to undermine the central bank’s independence by telling lawmakers that he expects monetary policy makers to toe the government line in the future.
  • The UK Navy was forced to intervene after Iranian vessels attempted to block a BP oil tanker from leaving the Persian Gulf. Iran denied it tried to impede the vessel.
Trailing index returns

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Fixed income

  • US government bond yields rose on slightly lower demand for bond auctions. The yield on the benchmark 10-year Treasury note rose to 2.12% from 2.04% a week ago.
  • Sovereign yields have fallen so far in Europe that even some high-yield bonds are delivering yields of less than zero. There are now 14 euro-denominated high-yield bonds with negative yields—up from zero at the start of the year.
  • The Treasury yield curve surpassed 30 consecutive trading days in a partially inverted state, with the yield on the 3-month Treasury bill exceeding the 10-year Treasury note by as much as 0.25%—the most since May 2007.
Weekly fixed income rates

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Other news

  • Deutsche Bank announced a major cost-cutting move: trimming headcount by 18,000 and reducing its global investment banking presence.
  • The Federal Trade Commission voted along party lines to approve a record-setting $5 billion settlement with Facebook over privacy issues. The settlement also includes increased government oversight.
  • Financier Jeffrey Epstein was charged with sex trafficking. In 2008, Epstein pleaded guilty to two prostitution-related charges, but received a relatively light sentence. The prosecutor in that case was Alex Acosta, who resigned his post as Labor Secretary on Friday amid pressure from lawmakers.
  • Despite OPEC’s decision to extend crude oil production cuts into 2020, the International Energy Agency declared that more cutbacks may be necessary after the market returned to surplus.

The week ahead

  • The Federal Reserve Bank of New York releases its Empire State Manufacturing Survey for July.
  • ­China reports second-quarter GDP.
  • ­Citigroup and others report quarterly earnings.
  • The Census Bureau reports June retail sales data.
  • ­The National Association of Home Builders releases its NAHB/Wells Fargo Housing Market Index for July.
  • ­Import and export prices are reported.
  • ­Industrial production figures are reported.
  • ­Business inventories are released.
  • ­Federal Reserve Chairman Jerome Powell discusses US monetary policy at a conference in Paris.
  • ­Redbook is released.
  • ­JPMorgan Chase and others report quarterly earnings.
  • The Census Bureau reports new residential construction statistics for June.
  • ­The EIA Petroleum Status Report is released.
  • ­MBA mortgage applications are reported.
  • ­Beige Book is released.
  • ­Netflix and others report quarterly earnings.
  • The Conference Board releases its Leading Economic Index for June.
  • ­The Federal Reserve Bank of Philadelphia releases its Manufacturing Business Outlook Survey for July.
  • ­New York Federal Reserve Bank President John Williams delivers the keynote address at the 2019 Annual Meeting of the Central Bank Research Association in New York.
  • ­Jobless claims are reported.
  • ­The EIA Natural Gas Storage Report is released.
  • ­Microsoft and others report quarterly earnings.
  • The University of Michigan releases its consumer sentiment survey for July.
  • ­The Baker Hughes Rig Count is reported.
  • ­American Express 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.