Market Dashboard

Last update: 9/16/2019

DOW
NASDAQ
S&P
10 YR. T-NOTE

Last week's featured headlines and data

Domestic

  • For the week ending September 13, the S&P 500® TR advanced 1.02%. The S&P 500 TR’s total return year to date, including price change plus dividends, was 21.73%. The Dow Jones Industrial Average (Total Return) rose 1.65%.
  • Stocks soared as the result of a perceived trade thaw between the US and China. China said it would exempt 16 US products from tariffs, while President Trump agreed to delay levies on some Chinese imports.
  • For the week, the best-performing sectors were financials and energy, while the worst-performing sectors were real estate and consumer staples.
  • After a US soldier was killed in Afghanistan by a car bomb, President Trump tweeted that he was canceling a secret meeting with the Taliban at Camp David to complete a peace treaty. The president’s third national security adviser, John Bolton, was subsequently fired.
S&P 500 sector performance for the week

Click table for full image


Russell Style Indexes

Click table for full image


International

  • In his last major act as president of the European Central Bank, Mario Draghi pushed through interest rate cuts and restarted quantitative easing. Draghi also emphasized the need for added fiscal stimulus.
  • The United Kingdom’s Parliament blocked an attempt by Prime Minister Boris Johnson to call a snap election, while passing a law banning the UK from leaving the European Union without a formal agreement. The British pound sterling rallied on the news.
  • OPEC on Wednesday cut its forecast for energy demand in 2020 due to a predicted economic slowdown. Cartel members also hinted at the need to curtail supply.
  • China removed one more hurdle to foreign investment by abolishing the investment quota restriction for qualified institutional investors.  
Trailing index returns

Click table for full image


Fixed income

  • The yield on the benchmark 10-year Treasury bond finished the week at 1.90%—up from 1.47% at the start of September—reflecting investors’ newfound willingness to assume risk.
  • Investors pulled $46.2 billion in assets from stock funds in August—the year’s largest monthly outflows—while adding $13.5 billion to taxable bond portfolios.
  • Moody’s downgraded Ford Motor Co.’s debt to speculative, citing weak expectations for earnings and cashflow as the company pursues a costly restructuring plan.
Weekly fixed income rates

Click table for full image


Other news

  • The planned initial public offering of coworking-space firm WeWork continued to generate criticism. SoftBank Group, which invested $2 billion investment in the start-up, urged the company to postpone its IPO, which may give it a valuation below $20 billion.
  • Activist investment management fund Elliott Management took a $3.2 billion stake in AT&T and immediately pressed the company to sell off units and refocus on telecom. AT&T says it is already working on a restructuring plan.
  • The California legislature neared passage of a bill ordering rideshare companies like Lyft and Uber to reclassify drivers as contract employees. The bill would require the companies to pay their huge roster of drivers a minimum wage and overtime.
  • The Sackler family, owner of OxyContin-maker Purdue Pharma, agreed to pay $3 billion to settle lawsuits filed against Purdue for its involvement in the opioid epidemic.
  • Apple unveiled the iPhone 11 and new iPad and Apple Watch versions during an event held at its headquarters in Cupertino, California. Apple also announced the launch of its streaming platform, which sent shares of competing streaming services lower.
  • Hong Kong Exchanges and Clearing Ltd. made a surprise offer for London Stock Exchange Group Plc, valuing one of Europe’s largest exchanges at $36.6 billion.

The week ahead

  • Japanese markets are closed in observance of Respect for the Aged Day.
  • ­The Federal Reserve Bank of New York releases its Empire State Manufacturing Survey for September.
  • ­Coca-Cola holds an investor meeting in London to discuss its approach to sustainability.
  • ­Tarena International, Inc. and others report earnings.
  • The 74th United Nations General Assembly convenes in New York.
  • ­The National Association of Home Builders releases its NAHB/Wells Fargo Housing Market Index for September.
  • ­Redbook is released.
  • ­Industrial production is reported.
  • ­Adobe and others report earnings.
  • The Federal Reserve announces its decision on interest rates.
  • ­The Census Bureau reports residential construction data for August.
  • ­MBA mortgage applications are reported.
  • ­The EIA Petroleum Status Report is released.
  • ­General Mills and others report earnings.
  • The Bank of England and Bank of Japan both announce decisions regarding monetary policy.
  • ­The Conference Board releases its Leading Economic Index for August.
  • ­The National Association of Realtors reports existing-home sales for August.
  • ­Jobless claims are reported.
  • ­EIA Natural Gas Storage Report is released.
  • ­Darden Restaurants, Inc. and others report earnings.
  • The Federal Reserve releases its Financial Accounts of the United States report for the second quarter.
  • ­Baker Hughes Rig Count is reported.
  • ­Quadruple witching day, with market index futures, market index options, stock options, and stock futures expiring.
  • ­Anixa Biosciences, Inc. and others report 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.