Investment Management

September Shakedown: September has history of being the most difficult month for markets. Right as the real-time data was saying that inflationary was peaking and slowing, August CPI was reported worse than expected. Equity markets fell last week with the core inflation momentum likely to force another 75-basis point increase this week. The S&P 500…

Last week, U.S. stocks rose ranging from 2.7% for the Dow Industrials to 4.1% for the NASDAQ. The S&P 500 split the two and gained +3.6%. So far this Monday morning, Treasury yields are lower along the curve, ranging from -2.8 basis points for 5-years to -1.3 basis points for 30-years. Last week, yields rose…

Stocks dropped last week into the seasonally weak long Labor Day weekend. More hawkish talk from Fed Chair Powell at Jackson Hole continued to weigh on asset markets. Consumer staples and utilities posted the lone gains in a defensive week. Last week, U.S. markets were down from -3.0% for the DJIA to -4.2% for the…

After reaching an exactly 2-month rally to a 4-month high on August 16, the S&P 500 has lost momentum with an increase in volatility (as expected), ending the week 4.0% lower. Almost all the damage done was done on Friday after Fed Chair Powell’s Jackson Hole speech. The Nasdaq (-4.4%), the Dow finished with a…

We titled last week’s update “Stall Speed” after a strong 2-month rally from the June 16th lows. Sure enough, equity market momentum fizzled last week into option expiration. While the S&P 500 added 0.1% Friday, it was a very mixed bag. Declines in technology and materials offset gains elsewhere. The economic data was mixed. Jobless…

Equity markets continued their 2-month rally last week as hints of “FOMO”, fear of missing out, bubbled to the surface. A softer-than-expected July CPI report was medias easy answer to “why?”. Of course, the markets were already up almost +13%, off their mid-June closing lows BEFORE the government data was released. CPI printed 8.5% year…

Equity markets gained slightly last week. The post-FOMC rally carried over, but eventually ran into the reality of continued tightening. The S&P 500 added 0.4%. The S&P is up 14% from June 16th June low. However, it was a deep hole to begin the year and it’s still down 13% for the year. With “real…

Despite a down start to the week, stocks finished higher for the second straight week, following through on the previous weeks early and massive “breadth thrust”. The S&P500 closed the week and  the month of July at 4130, where it stood in early My when the market “broke down”. The S&P was up 9% for…

U.S. equities rose last week.  The S&P 500 rose 2.5% last week to take July’s gain to almost 5%.  The Nasdaq moved 3.3% higher. The Russell 2000 small caps gained the most ground with a 3.6% rally last week. Earnings season has begun and becomes fevered this week.  The Federal Reserve also meets mid-week and…

Equity markets bounced Thursday and Friday but still ended marginally down on the week. The S&P 500 fell 0.9%, with energy and telecom most down. The S&P index is down 18.9% on the year, with all sectors but energy in the red. The index is positive for July with a month-to-date gain of 2.1%. All…