TIMELY MARKET UPDATES
VIDEO: Short-term reaction or a longer-term trend change?
Over the last decade, the largest tech companies have consistently and significantly outperformed the rest of the market. Last week, seemingly catalyzed by the July 8th CPI report, we saw a complete unwind of the trade…
2Q24 Market & Strategy Review: Betting on Broadening
By many measures market indices sit at extremes. Concentration and the outperformance of growth stocks are both at historic highs—reminiscent of the tech bubble. While the valuations of the largest companies have expand…
Price Declines, Rising Unemployment, Robust Travel
A surprise decline in the Consumer Price Index (CPI) set off a massive rotation in the equity markets. Only time will tell whether this is a change in trend or a repositioning. The economy clearly isn’t…
Momentum, Energy, India
Performance of the technology sector vs the broad market is reaching extremes, as investors continue to pile into the momentum trade. Recent price action has been bizarre, with the S&P 500 price…
Economic Projections, Interest Rates, Household Net Worth
The Federal Open Markets Committee (FOMC) left the Federal Funds Rate unchanged in June. The committee also updated their economic projections, which appear stale after a spate of weaker than expected…
Jobs, Concentration, Renewable Energy
U.S. Nonfarm Payrolls smashed expectations again but there are signs below the surface that the labor market is coming back into balance. A balanced labor market with less employee turnover may allow…
Inflation Jitters: A Deeper Look
Have Inflation concerns returned? We’ve long been prepared to move on from the over analysis of monthly inflation data, confident the majority of inflation would prove transitory, leaving investors to focus on economic growth…
Stock Buybacks, Home Equity, Meme Stocks
Recent economic data has surprised to the downside, strengthening the case for rate cuts from the Federal Reserve. So far, markets are looking through the near-term weakness as companies’ profit…
Earnings, Consumer Spending, China
Earnings season is well underway, and thus far, the data has exceeded expectations. This may be partially explained by an unexpected surge in consumer spending in March, following a weak start to the…
Wage Growth, Market Breadth, Automation
Slowing wage growth and sticky inflation could become a problem for U.S. consumers. Those at the lower end of the income spectrum are already struggling. As interest rates creep back towards the highs…