Market Review: 8/14/20

By Steven Doll, Portfolio Strategist

The U.S. stock market ended the week higher as investors await developments on a coronavirus relief package from congress. U.S. large-cap stocks slightly outpaced small-caps stocks, rising approximately 0.7% while small-caps rose 0.6%. International developed markets, which rose 1.6% on the week, narrowed the year-to-date gap between emerging markets which rose only 0.6%.

Interest rates recognized a spike this week amid another round of overall better-than-expected economic data. The 10-year treasury yield rose from 0.57% last week to 0.71% today; meanwhile, the 2-year treasury yield only rose from 0.13% to 0.14%.

Consequent to the spike in interest rates, the total U.S. bond market realized its first weekly drop of over 1.0% since early March. The spike also put an abrupt halt to gold’s substantial rally this year, with the safe-have metal dropping nearly 6.0% on the week.

The price of crude oil has started to regain some momentum, rising nearly 1.5% on the week on news of declining stockpiles in the U.S. However, the commodity is still down over 30% this year as falling demand and abundant supply weigh its price down.

Year-to Date Return (as of 08/14/2020)

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