Last week the National Association of Realtors posted April statistics on sales of previously owned homes as well as new single-family home sales. While both were higher than the previous month, both were down year-over-year.
“While housing sales figures are being reported as lower than last year at this time, it’s interesting to see how the mortgage rates have changed since the Fed’s announcement of its bond buying program. 30-Year fixed mortgage rates are currently above 4.1%, up from 3.6% this time last year,” said David Krein, Head of Research, NASDAQ OMX Global Indexes.
INDEX MOVES THIS WEEK
- NASDAQ BIOTECHNOLOGY INDEX (NBI) is up 2.60% since Friday’s close. Year-to-date performance for the index is up 6% after being up above 20% at the end of February.
- PHLX GOLD/SILVER SECTOR (XAU) was down 5.50% as of noon on Wednesday. The price of gold is currently $1,258 per ounce, down $34 this week.
- PHLX OIL SERVICE SECTOR (OSX) was up 0.14% as of noon on Wednesday. The price per barrel of crude is currently $103.70, down $1 this week.
INDEX TO WATCH
- The internet space has been heating up of late with returns close to 10% during the past three weeks. Track the space by monitoring NASDAQ Internet (QNET). The index is up 0.89% this week.
Watch the web seminar replay on alternatives to individual bonds or broad bond funds.
Matthew J. Patterson, Managing Director, Accretive Asset Management, and Dave Gedeon, Managing Director, NASDAQ OMX Global Indexes introduce the concept of the target maturity bond funds, compare and contrast these new products to both individual bonds and traditional bond funds, and describe how investors and advisors can use target maturity bond funds to create investment solutions for both the asset accumulation and distribution phases of an investor’s life.
WATCH THE REPLAY NOW
Fed Reserve Chief Janet Yellen gave testimony to the Joint Economic Committee today, saying, “a high degree of monetary accommodation remains warranted.” She also remarked that higher unemployment rates are “far from satisfactory” and “elevated.” “The monthly Fed bond buying program was reduced by $10B to $45B last week, keeping it on track to end the program later this year. However, this week’s comments from the Fed indicate there is no plan to increase interest rates after the buying ends,” said David Krein, Head of Research, NASDAQ OMX Global Indexes.
INDEX MOVES THIS WEEK
- NASDAQ BIOTECHNOLOGY INDEX (NBI) is down -1.34% since Friday’s close. Year-to-date performance for the index is flat after being up above 20% at the end of February.
- PHLX GOLD/SILVER SECTOR (XAU) was down -2.73% as of noon on Wednesday. The price of gold is currently $1,292 per ounce, down $10 this week.
- PHLX OIL SERVICE SECTOR (OSX) was up 0.68% as of noon on Wednesday. The price per barrel of crude is currently $100.82, up $1 this week.
INDEX TO WATCH
- The price of Kansas Wheat futures has grown 39% since the end of January rising to $8.35. Track the space by monitoring the NASDAQ Commodity Kansas Wheat Index ER (NQCIKWER). The index is up 2.9% this week.
The NASDAQ OMX Commodity Natural Gas ER Index is April's top performer at 9.4% and the NASDAQ OMX Solar Index is the worst performer of April at -8.1%. Get a quick overview of the NASDAQ OMX Index performance data for our top 50 most watched indexes here.
