Market Perspective for September 9, 2019

Equity markets were mixed on Monday. The Russell 2000 was the best performing index on the day, gaining 1.27 percent. The Dow Jones Industrial Average climbed 0.14 percent. The S&P 500 Index decreased 0.01 percent and the Nasdaq 0.19 percent.

SPDR Financials (XLF) jumped 1.59 percent amid a rise in interest rates. The 10-year Treasury yield closed at 1.62 percent. SPDR S&P Regional Banking (KRE) climbed 3.55 percent.

SPDR Consumer Discretionary (XLY) and SPDR Communication Services (XLC) advanced 0.37 percent and 0.32 percent, respectively. SPDR Technology (XLK) slid 0.71 percent, while SPDR S&P Software & Services (XSW) lost 1.66 percent.

Small business confidence in August will be reported on Tuesday along with the Job Openings and Labor Turnover Survey (JOLTS) for July. Producer price inflation and consumer price inflation for August are out on Wednesday and Thursday, respectively. Analysts forecast producer price inflation was non-existent in August and consumer inflation only 0.1 percent.

Retail sales growth for August are expected to have fallen from July’s accelerated pace of 0.7 percent down to 0.1 percent. Analysts predict the University of Michigan’s advance reading of September consumer sentiment will show an uptick in optimism.

SPDR Energy (XLE) climbed 2.00 percent on Monday after crude oil rose 2.63 percent. West Texas Intermediate crude traded above $58 per barrel for the first time since July 31.

iShares MSCI Emerging Markets (EEM) and iShares MSCI EAFE (EFA) advanced 0.34 percent and 0.22 percent amid a rally in foreign currencies. The U.S. Dollar Index dipped 0.15 percent and the greenback was down nearly 0.30 percent against a basket of emerging market currencies.

Earnings reports are light this week. Kroger (KR), Broadcom (AVGO) and Duluth Trading (DLTH) are the highlights.

 

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