Market Dashboard

Last update: 3/30/2020

DOW
NASDAQ
S&P
10 YR. T-NOTE

Last week's featured headlines and data

Domestic

  • For the week ending March 27, the S&P 500® TR rose 10.28%. The Dow Jones Industrial Average (Total Return) rose 12.84%. The S&P 500 TR’s year-to-date return, including price change plus dividends, was –20.96%.
  • Despite a tumultuous week that saw US cases of COVID-19 surpass China and a staggering 3.28 million unemployment claims, stocks soared as Congress pushed through a $2.2 trillion stimulus package: The Dow Jones Industrial Average jumped 21% from March 23–26, its biggest three-day rally since 1931.
  • The best-performing sectors for the week were utilities and industrials, while the worst-performing sectors were communication services and consumer staples.
  • The Federal Reserve announced further relief measures, including corporate and mortgage bond purchases and loan extensions. This came as jobs and output data revealed deeper effects of coronavirus containment measures, with US airlines and manufacturing bracing for shutdowns.
  • The global epicenter of coronavirus cases shifted to New York City as testing availability increased and hospitals buckled under caseloads. President Trump invoked the Defense Production Act to require General Motors to manufacture ventilators for coronavirus patients.
  • President Trump extended social distancing guidance through April 30 as confirmed US cases hit 140,000.
S&P 500 sector performance for the week

Click table for full image


Russell Style Indexes

Click table for full image


International

  • Released legal documents revealed the European Central Bank will lift issuer limits and widen its buying of bonds—including on instruments within 70 days of maturity—in its 750 billion euro ($819 billion) Pandemic Emergency Purchase Program (PEPP).
  • Canada saw jobless claims jump to include almost 5% of the labor force.
  • In response to the coronavirus, India instated a country-wide lockdown and the Tokyo Olympics were rescheduled. In the UK, Prime Minister Boris Johnson and Prince Charles confirmed they had contracted the virus. The UK entered lockdown, while Italy saw a slow-down in new cases and deaths.
  • Signs of strain and possible recession flared in economic indicators in Japan, France, and Germany, as euro area composites suggested a looming economic crisis may be in store.
Trailing index returns

Click table for full image


Fixed income

  • US Treasuries rallied and corporate bonds fell Friday, indicating continued investor caution despite a three-day stock rally and the passage of the largest economic relief package in US history. The yield on the benchmark 10-year US T-note closed at 0.72% on Friday, down from 0.81% on Thursday.
  • Yields on short-term Treasuries slipped into negative territory for the first time in over four years, as investor demand for cash and safe dollar assets persisted. The yield on the one-month Treasury bill settled at –0.11% and the three-month bill yield closed at –0.07% Thursday, after dropping below 0% Wednesday for the first time since Treasury yields briefly went negative in 2015.
  • Nike, McDonald’s, and Pfizer were among US blue-chip companies that sold investment-grade bonds Wednesday, showing signs of recovery in some areas of the credit market after a sequence of unprecedented Federal Reserve interventions. Although companies issued a large amount of investment-grade debt last week, the high interest rates they were required to pay raised concerns. As of Tuesday, the average investment-grade corporate-bond spread was 3.53%, up from 1.07% just a month ago, and 57% of speculative-grade corporate loans are now priced below 80 cents on the dollar, compared with 4% at the end of last year.
Weekly fixed income rates

Click table for full image


Other news

  • According to a government aid package, United and Delta pledged not to furlough employees or cut pay through Sept. 30, but United Airlines may require workforce cuts due to an anticipated slump in demand.
  • Kroger has hired 23,500 employees as of Friday, with plans to add 20,000 additional workers in the coming weeks. Walmart also hired nearly 25,000 workers as part of its push to create 150,000 part-time and full-time roles through May.
  • General Motors announced it will temporarily cut 20% of salaries to preserve cash, beginning Wednesday. The company plans to repay the salary cuts as a lump sum with interest by March 15, 2021.

The week ahead

  • ­The National Association of Realtors reports pending home sales for February.
  • The Federal Reserve Bank of Dallas releases its Texas Manufacturing Survey for March.
  • Progressive Care and others report earnings.
  • The Conference Board releases its Consumer Confidence Survey for March.
  • The Institute for Supply Management releases its Chicago Purchasing Managers’ Index (PMI) for March.
  • S&P Corelogic Case-Shiller Home Price Index reported.
  • Redbook.
  • McCormick and others report earnings.
  • ADP releases its National Employment Report for March.
  • ISM reports its Manufacturing PMI for March.
  • Construction Spending reported.
  • EIA Petroleum Status Report released.
  • MBA Mortgage Applications reported.
  • Lamb Weston and others report earnings.
  • Challenger Job-Cut Report released.
  • International Trade reported.
  • Motor Vehicle Sales reported.
  • Factory Orders reported.
  • EIA Natural Gas Report released.
  • Jobless Claims reported.
  • CarMax and others report earnings.
  • The Bureau of Labor Statistics (BLS) releases the jobs report for March.
  • ISM releases its Non-Manufacturing Index for March.
  • PMI Services Index released.
  • Baker-Hughes Rig Count.
  • Constellation Brands 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.