Investment Management

The S&P 500 rose 2.7% last week to more new all-time highs (ATHs). Its year-to-date gain stands close to 10% on the back of easing U.S. virus restrictions and improved economic data — versus draconian — and wrong — Q4 2020 predictions of a double-dip recession in Q1 2021. The Q1 earnings season kicks off…

Despite the hyped headlines and supposed market volatility, stocks finished the first quarter at more new All-Time Highs (ATHs). With a return of 5.7% for the S&P 500 for the first quarter, 2021 ranks third in first-quarter performance during the last 10 years. With a 5.5% gain, the first quarter of 2017 now drops to…

Overall equity markets rose last week, much to the dismay of the financial press amongst a further collapse in both spot market and future month volatility. The S&P 500 rose 1.6%, with more defensive and rate-sensitive leadership, utilities and consumer staples leading the pack as interest rate momentum peaked and longer-term rates have eased. Telecom…

Equity markets were marginally lower last week as the Federal Reserve stuck to the script.  However, short term, longer-term interest rates continued to rise. The S&P 500 dropped 0.8%, with year-to-date leaders, energy and banks leading the declines. Telecom and consumer staples (defensive low-beta sectors) managed small gains. Much to the dismay of the financial…

By Chris Perras. Last week, the S&P 500 rose 2.6% last week to new highs and is now up 5.0% year-to-date. How can that be?  Long-term interest rates are rising.  The 10-year Treasury yield is slightly lower this morning at 1.62% after extending its year-to-date advance to 70 bps last week. The news services say…

By Chris Perras. Overall equity markets rose last week.  Yes, you read that correctly.  Overall, measuring from the close of Friday the 26th to the close of Friday the 5th, the S&P500 was up not down as one would think by listening to the day-to-day financial news analysts.  Yes, longer-term bond yields pushed marginally higher,…

By Chris Perras. Global equities were down across the board last week with the NASDAQ (-4.9%) leading the way. Most sectors were in the red with the biggest losses in health care (-8.2%) and tech (-8.1%). Gains in banks (+1.5% and consumer discretionary (+0.6%) helped limit the overall damage.  Peak to trough the S&P500 has…

The S&P 500 futures are pointing 0.7% lower after the index fell a similar amount last week on concern about higher interest rates with almost all TV “pundits” discussing inflation concerns. After jumping 13 bps last week, the 10-year Treasury yield is up another 3 bps to a one-year high of 1.37%. Cyclical inflation should…

The S&P 500 rose 4.6% to new highs in its largest weekly advance since November amid positive earnings results, easing COVID constraints, falling virus caseloads, improved economic data, and the potential for much more fiscal stimulus. Long term interest rates continue to rise. The 10-year rate rose last week helping to broaden the stock advance…

By Chris Perras. Sideshow Bob – GME, BB, BBBY, AMC Equity markets were down last week, starting strong but reversing Wednesday on increased volatility caused by hedge fund delevering due to raids on their short positions including GME (GameStop), AMC (AMC Entertainment), BBBY (Bed Bath), and BB (Blackberry).  The S&P 500 slumped 3.3% last. Most…