Market Dashboard

Last update: 5/20/2019

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10 YR. T-NOTE

Last week's featured headlines and data

Domestic

  • For the week ending May 17, the S&P 500® index fell 0.76% to 2,859.53; the S&P 500 TR fell 0.69%. The S&P 500 TR’s total return year to date, including price change plus dividends, was 14.98%. The Dow Jones Industrial Average (Total Return) retreated 0.61%.
  • Stocks sold off early in the week on US-China trade concerns before eventually gaining ground. The best-performing sectors for the week were real estate, consumer staples, and utilities, while financials and industrials were the worst performers.
  • After President Trump hiked tariffs on $200 billion of Chinese goods, China retaliated with tariffs on $60 billion of US imports. The White House also moved to pay off tariff-affected farmers, while lifting steel and aluminum tariffs on Mexico and Canada.
  • The Supreme Court affirmed that lawsuits filed against Apple alleging that its app store is a monopoly could be brought to court. The suits began in 2011 and could take years to resolve.
S&P 500 sector performance for the week

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Russell Style Indexes

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International

  • Chinese authorities signaled that the country has little interest in resuming trade talks with the US if the Trump administration continues to threaten more tariffs. The next opportunity for both sides to come together could be at the G-20 summit in late June.
  • The Trump administration moved to limit Huawei Technologies’ access to the US market, while Google revoked Huawei’s Android license. The US has long asserted that Huawei poses a national security risk.
  • Four oil tankers were attacked near the Strait of Hormuz. The specifics are unclear, although a US source blamed Iran, which denied involvement.
  • British pound sterling dropped to a three-month low against the euro as the risk of a no-deal Brexit increased. British Labour Party leaders said they would not back Prime Minister Theresa May’s latest attempt to get an EU withdrawal agreement through Parliament.
Trailing index returns

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Fixed income

  • US Treasury yields advanced slightly on the week, aided by strong consumer sentiment data. The benchmark 10-year Treasury note closed the week at 2.39%.
  • Investors pulled $2.6 billion from US high-yield bond funds, which have seen net outflows in three of the past four weeks. However, high-yield is still the top-performing fixed income segment for the year.
  • Investment-grade corporate bond funds saw a 16th consecutive week of positive inflows, with investors adding $3.3 billion last week.
Weekly fixed income rates

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Other news

  • Some 44 states joined in a lawsuit charging that Teva Pharmaceutical, along with 19 other generic drug producers, engaged in widespread price fixing.
  • Bayer was on the losing end of a third trial centered on the herbicide Roundup. A jury in California awarded $2 billion to a couple that claimed the product gave them cancer. The award could ratchet up pressure on Bayer to settle similar lawsuits. Bayer is planning to appeal.
  • Goldman Sachs said it would pay $750 million to acquire United Capital Financial Partners, a California-based roll-up of registered investment advisors.
  • The Trump administration canceled $929 million in federal grants earmarked for California’s high-speed rail project. California Governor Gavin Newsom denounced the decision as “political retribution."

The week ahead

  • Markets in Canada are closed in observance of Victoria Day.
  • ­The Federal Reserve Bank of Chicago releases its National Activity Index for April.
  • ­Federal Reserve Chairman Jerome Powell delivers a keynote speech at the annual Financial Markets Conference held by the Atlanta Federal Reserve Bank in Amelia Island, Florida.
  • ­SpartanNash Co. and others report quarterly earnings.
  • The National Association of Realtors reports existing-home sales data.
  • ­Boston Federal Reserve Bank President Eric Rosengren speaks at the Economic Club of New York.
  • ­Redbook is released.
  • ­Home Depot and others report quarterly earnings.
  • The Federal Open Market Committee releases minutes from its April 30–May 1 meeting on monetary policy.
  • ­St. Louis Federal Reserve Bank President James Bullard addresses the Foreign Correspondents' Club of Hong Kong in Hong Kong.
  • ­MBA mortgage applications are reported.
  • ­The EIA Petroleum Status Report is released.
  • ­Advance Auto Parts and others report quarterly earnings.
  • The Census Bureau releases new home sales data for April.
  • ­IHS Markit reports its US Composite Purchasing Managers’ Index.
  • ­The EIA Natural Gas Report storage report is released.
  • ­Jobless claims are reported.
  • ­Best Buy and others report quarterly earnings.
  • Durable goods orders are reported.
  • ­The Baker Hughes Rig Count is released.
  • ­Foot Locker 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.