Equities rallied around the world last week as Q3 earnings season got underway, with several of the large US banks reporting strong trading results and record M&A deal flow. Gains in large cap stocks pushed the S&P and Dow back to within 1.5% of their all-time highs from early September, while the Nasdaq remains roughly […]
September ended on a challenging note, with Treasury yields moving higher and equity prices falling as the month drew to a close. The first trading day in October provided a respite, as yields stabilized and equities rebounded to begin Q4 with solid gains. The energy sector was a bright spot last week, delivering a 5.8% […]
Rates have risen somewhat sharply in the wake of Wednesday afternoon’s FOMC meeting, although they remain significantly below the peak from the end of March. Meanwhile, US equity benchmarks finished last week in the green after two straight weeks in the red.
Incoming economic data was mostly good last week, including inflation (CPI and import prices), retail sales, Empire Manufacturing, and the Philly Fed Business Outlook. Stock market performance was weaker, which is a fairly typical seasonal pattern, perhaps exacerbated by the fact that the market was already up more than 20% YTD coming into September.
Risk assets struggled through the holiday-shortened work week as new case counts continued to rise in the US. In an effort to improve workplace safety, the Biden Administration announced on Thursday that the Department of Labor would direct all companies with more than 100 employees to require vaccines or weekly negative tests. The constitutionality of this directive was immediately called into question by several Republican governors.
Last week was a challenging one for most risk assets, as investors recalibrated their global growth expectations in the face of the rapidly spreading delta variant of SARS-CoV-2. In the US, large cap stocks were mostly lower, with only traditional defensives like utilities (+2.6%) , staples (+1.3%), and real estate (+0.7%) registering small gains. Cyclicals […]
Risk assets of all stripes were higher last week, as US economic data continued to point towards a strong recovery while inflation fears eased a bit. Technology and cyclical stocks saw the strongest demand, while investors pared back their exposure to traditional defensives like real estate, consumer staples, and healthcare. International stocks were higher, with […]
Risk assets rallied around the world last week, with equities, bonds, andcommodities all moving higher. In US equity markets, the Dow and S&P 500both finished the week at fresh all-time highs, while the Nasdaq closed lessthan 1% off of the high set back in February. Small and midcap indices delivered strong performance on the week, […]