Market Commentary

July 24th, 2017 - Market Update

Last week saw most major U.S. equity indices post new highs while interest rates drifted lower for the second week in a row. The S&P 500's return thus far in 2017 has been driven largely by technology (23.7%) and healthcare (18.6%), while energy and telecom stocks are both down double digits. The weak dollar trend continued last week with both the Euro and Yen moving higher versus the U.S. dollar. [...]

July 17th, 2017 - Market Update

U.S. equity markets closed at fresh record highs last week while Treasury yields declined. A good start to corporate earnings, moderate economic data, and what was deemed dovish testimony from Janet Yellen all played into the week's narrative. U.S. dollar weakness continued to play a supporting role in non-U.S. equity market strength. Both developed and emerging markets posted strong gains on the week with the latter leading all asset classes thus far in 2017, up over 24%. [...]

July 10th, 2017 - Market Update

Last week delivered the July 4th holiday and kicked off the second half of 2017. The mid-week day off most definitely translated into high volumes of email auto-responses and relatively low trading volume on U.S. exchanges. U.S. equity markets managed to post small gains, largely due to a rally in financial stocks which benefited from a steepening yield curve. [...]

July 3rd, 2017 - Market Update

Global central bank narratives last week drove bond yields higher and put a charge of volatility into equity markets. The tech selloff continued and interest rate sensitive sectors (utilities) struggled while energy stocks enjoyed a bear market bump in the price of oil. The yield curve steepened, which is probably a welcomed development for FOMC members looking to raise rates in September. [...]

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