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Clarksville Weekly Market Snapshot from Frazier Allen for the week of August 9th, 2015

By | August 9, 2015 | Email This Post Print This Post
 

F&M Investment Services - Raymond James - Clarksville, TNClarksville, TN – The economic data were mixed, but generally consistent with moderately strong growth. The ISM surveys went in opposite directions – the manufacturing index was softer than anticipated, while the non-manufacturing index exceeded expectations. Unit auto sales rebounded. The July Employment Report was about as expected.

Nonfarm payrolls rose by 215,000, with a net upward revision to May and June of +14,000. That put the three-month average at 235,000 (a 2.82 million annual rate). The unemployment rate held steady at 5.3%.

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F&M Bank Service
The employment/population ratio was flat, unchanged over the past six months. Average hourly earnings rose 0.2%, up a lackluster 2.1% year-over-year.

Markets remained focused on the Fed. Atlanta Fed President Dennis Lockhart (a voting member of the FOMC in 2015) said (speaking only for himself, not the FOMC) that “we are in good shape” for an initial rate hike in September. However, he also said that “I don’t think it would be a big policy error to wait somewhat longer.”

Next week, the calendar is relatively light until Thursday. The retail sales report should reflect the rebound in auto sales and is likely to be relatively strong otherwise (watch for revisions to June). The Producer Price Index should continue to suggest an absence of inflationary pressures within the production pipeline. Industrial production figures are expected to be mixed across industries, but up slightly in general.

Indices

Last Last Week YTD return %
DJIA 17419.75 17745.98 -2.26%
NASDAQ 5056.44 5128.79 6.76%
S&P 500 2083.56 2108.63 1.20%
MSCI EAFE 1875.28 1858.97 5.66%
Russell 2000 1215.85 1232.07 0.93%

Consumer Money Rates

Last 1 year ago
Prime Rate 3.25 3.25
Fed Funds 0.14 0.06
30-year mortgage 4.00 4.14

Currencies

Last 1 year ago
Dollars per British Pound 1.559 1.683
Dollars per Euro 1.091 1.334
Japanese Yen per Dollar 124.830 102.360
Canadian Dollars per Dollar 1.317 1.098
Mexican Peso per Dollar 16.394 13.323

Commodities

Last 1 year ago
Crude Oil 44.66 96.92
Gold 1086.18 1289.99

Bond Rates

Last 1 month ago
2-year treasury 0.72 0.62
10-year treasury 2.18 2.37
10-year municipal (TEY) 3.52 3.50

Treasury Yield Curve – 08/07/2015

As of close of business 8/06/2015

Treasury Yield Curve – 08/07/2015

S&P Sector Performance (YTD) – 08/07/2015

As of close of business 8/06/2015

S&P Sector Performance (YTD) – 08/07/2015

Economic Calendar

Aug 11th Nonfarm Productivity (2Q15)
Aug 12th Job Opening and Labor Turnover Survey (June)
Aug 13th Jobless Claims (week ending August 8th)
Import Prices (July)
Retail Sales (July)
Aug 14th Producer Price Index (July)
Industrial Production (July)
Consumer Sentiment (mid-August)
Aug 18th Building Permits, Housing Starts (July)
Aug 19th Consumer Price Index (July)
FOMC Minutes (July 28th-29th)

Important Disclosures

Past performance is not a guarantee of future results. There are special risks involved with global investing related to market and currency fluctuations, economic and political instability, and different financial accounting standards. The above material has been obtained from sources considered reliable, but we do not guarantee that it is accurate or complete. There is no assurance that any trends mentioned will continue in the future. While interest on municipal bonds is generally exempt from federal income tax, it may be subject to the federal alternative minimum tax, state or local taxes. In addition, certain municipal bonds (such as Build America Bonds) are issued without a federal tax exemption, which subjects the related interest income to federal income tax. Investing involves risk and investors may incur a profit or a loss.

US government bonds and treasury bills are guaranteed by the US government and, if held to maturity, offer a fixed rate of return and guaranteed principal value. US government bonds are issued and guaranteed as to the timely payment of principal and interest by the federal government. Treasury bills are certificates reflecting short-term (less than one year) obligations of the US government.

Commodities trading is generally considered speculative because of the significant potential for investment loss. Markets for commodities are likely to be volatile and there may be sharp price fluctuations even during periods when prices overall are rising. Specific sector investing can be subject to different and greater risks than more diversified investments.

Tax Equiv Muni yields (TEY) assume a 35% tax rate on triple-A rated, tax-exempt insured revenue bonds.

Material prepared by Raymond James for use by its financial advisors.

The information contained herein has been obtained from sources considered reliable, but we do not guarantee that the foregoing material is accurate or complete. Data source: Bloomberg, as of close of business August 6th, 2015.

©2015 Raymond James Financial Services, Inc. member FINRA / SIPC.

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