Large company U.S. and foreign stocks had small gains this week while small company stocks had significant gains and emerging markets stocks had small losses. Treasury yields rose modestly higher as the Fed’s upcoming unwinding of their balance sheet starts in October. Crude oil prices rose and gold fell.
In the numbers, this week:
- The Commerce Department reported
- Purchases of new single-family homes dropped 3.4% in August. However, for the first eight months of 2017 new home sales were up 7.5% from 2016.
- The median price for a new home rose to $300,200.
- Orders for durable goods orders increased a seasonally adjusted 1.7% in August. This number can be quite volatile from month to month. However, for the first eight months of this year durable goods orders are 5.0% above last year.
- U.S. second quarter Gross Domestic Product was revised up from 3.0% to 3.1%. Many economists are predicting the second quarter will be lower due to hurricanes.
- The Labor Department reported initial claims for unemployment rose 12,0000 to 272,000. The rise may be attributed to Hurricane Maria in Puerto Rico.
- The Energy Information Administration’s Weekly Petroleum Data report is here wpsrsummary (4).
- The Energy Information Administration reported
- Weekly field production of crude oil rose 37,000 barrels per day in the prior week.
- Natural gas in storage rose 62Bcf last week from the prior week. This is in-line with the 5-year average this time of year.
- Baker Hughes reported that oil drilling rigs rose 6 to 750. Gas drilling rigs fell 1 to 189.
Please call us if you have any questions.
Loren C. Rex, CFP®, AIF®, MA Erik Smith
President Managing Partner
Generations Financial Planning & Wealth Management 269-441-4143
77 E. Michigan Ave, Suite 140
Battle Creek, MI 49017
Carrie Fuce, Assistant 269-441-4091
Toll Free: 800-513-8180
Visit our Website: www.genfinplan.com
Registered Representative of and securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC. Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Cambridge and Generations Financial Planning & Wealth Management are separate companies and are not affiliated.
These are the opinions of Loren Rex and Erik Smith and are not necessarily those of Cambridge, are for informational purposes only, and should not be construed or acted upon as individualized investment advice.