MWM Weekly Update

The Week of July 13, 2020

MWM Weekly Update

The Week of July 13, 2020

In the Markets

LAST WEEK
  • Last Monday proved to be a good start to the week for equities as each of the major benchmark indexes posted solid gains. The Nasdaq reached a record high as surging tech stocks drove that index up 2.2% for its fifth consecutive gain. The Dow finished the day up nearly 1.8%, and the S&P 500 climbed 1.6%.
  • Last Tuesday saw the end of a five-day winning streak as stocks slid, despite reports from the White House and Senate promoting a new round of stimulus. An increase in COVID-19 outbreaks seemed to dim investor hopes for a quick economic recovery. Sectors taking a particular hit were industrials, energy, and financials. The small caps of the Russell 2000 lost nearly 2.0%, the Dow fell 1.5%, the S&P 500 dropped 1.1%, and the Nasdaq dipped 0.9%.
  • Equities rebounded last Wednesday as Apple and Amazon sent the Nasdaq to another record high. Gold shot past $1,800 per ounce, crude oil closed at nearly $41.0 per barrel, and Treasury yields dipped.
  • Last Thursday saw stocks fall on fears that the rising number of COVID-19 cases will undercut the economy. The Dow dropped 1.4%, the small caps of the Russell 2000 fell 2.0%, the Global Dow gave back 0.8%, and the S&P 500 lost 0.6%. Industrials, energy, and financials were market sectors hit particularly hard. Only the Nasdaq closed higher, gaining 0.5% as tech stocks held their own. Crude oil prices plunged 2.6%. Treasury yields fell as bond prices surged.
  • Stocks climbed higher last Friday following the release of promising clinical results for COVID-19 treatment by Gilead Science. Finance, banks, energy, communications, and industrials performed well on the day. Each of the major indexes enjoyed solid daily gains, led by the Russell 2000, which closed last Friday up 1.7%.
  • Despite its strong showing last Friday, the Russell 2000 ended last week as the only index in the red. The Nasdaq led the way, gaining 4.0%, followed by the S&P 500, the Global Dow, and the Dow. Investors seem to be clinging to any positive news to offset the record number of reported virus cases and ongoing discord with China, particularly as it relates to that country's dealings with Hong Kong.

Source: Broadridge Investor Communication Solutions, Inc.

THIS WEEK
  • This week the Consumer Price Index is likely to show some upward price pressure in June. Also, industrial production is expected to climb in June as more businesses reopened.

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Investment Term of the Week

Thought of the Week

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The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represent approximately 8% of the total market capitalization of the Russell 3000 Index. The Global Dow is an equal-weighted stock index. It is composed of the stocks of 150 top companies from around the world as selected by Dow Jones editors and based on the companies' long history of success and popularity among investors.

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