COMMENTARY: Turns out Wall Street loves a discount—especially when it comes from the Fed. The S&P 500 rose 1.2% for the week as investors cheered the Federal Reserve’s first rate cut since December, trimming the benchmark by 25 bps. Growth-oriented sectors, particularly Technology and Communication Services, led the advance as lower discount rates boosted appetite […]
Performance Summary: Week Ending September 19th, 2025 Read More »
September 19, 2025 Equities are at all-time highs (yet again) and the Fed has begun lowering interest rates with the goal of supporting employment. Investors continue to discount positive outcomes from Fed policy and on global trade as they bid both US and ex-US equities to fresh highs. Skepticism regarding the AI trade has given
Factor Friday: Growth Remains in the Driver’s Seat Read More »
September 17, 2025 Global equities continue to print all-time highs with EM shares leading in the near-term, US shares leadership for the longer-term cycle and EAFE shares typically functioning as the lagging safe haven trade when the tape comes under pressure. At the sector level, the dynamic has been even more exclusive with Tech and
Tactical Report: What’s Wrong with Low Vol. Stocks? Read More »
September 14, 2025 Equities finished yesterday notching another all-time high on the S&P 500. The August CPI report came in cool enough to support the Fed’s policy intentions with the market pricing in a 100% chance of a 25bp rate cut at next week’s meeting and a further 50bps of cuts into year end. From
COMMENTARY: The week’s strong S&P500 performance (+1.6%) was thus primarily attributed to elevated rate cut expectations, weekly unemployment rose and hiring cooled, signaling that monetary easing was more likely broad sector participation. Continued confidence in the technology and AI-driven corporate investment cycle, ongoing capital expenditures in AI and technology remain a tailwind for equity markets.
Performance Summary: Week Ending September 12th, 2025 Read More »
September 12, 2025 With the S&P 500 printing its latest all-time high yesterday and consensus now firm on Fed policy, it’s an excellent time to survey our factor charts to gage potential opportunities into year end. What has been clear since equities put in their April 7th low is that investor risk appetite has continued
Factor Friday: Will Fed Easing Animate the Value Trade? Read More »
September 10, 2025 In our last Worldwide Wednesday column on August 6, we remarked that some deterioration in US stock market breadth (upside participation at the stock level) was weakening and some continued rotation into ex-US exposures was likely. That dynamic shifted rather quickly as Fed chairman Powell came out with clear dovish remarks at
Worldwide Wednesday: When the Long AI Trade is On, EAFE Lags Read More »
September 7, 2025 We’ve seen several developments over the past six weeks that may signal a reprieve from the dominant Mega Cap. Growth and AI trade that has underpinned the equity bull trend since 2023. We’ve mentioned Warren Buffets move to bottom-fish UNH and several prominent homebuilders. The US Government has taken a 10% stake
Narrations of a Sector ETF Operator | Small Cap. Stocks Taking a Leadership Turn Read More »
COMMENTARY: The S&P500 hit another high on Thursday, as markets overall continued to thrive. The market gained because tech and AI stayed strong and investors expect rate cuts soon, but the weak jobs report shows the economy is cooling, which brought the market off its Thursday peak. The weekly return settles in at gain of
Performance Summary: Week Ending September 5th, 2025 Read More »
September 4, 2025 Fed Chairman Powell set the stage for US equities into year end with his Jackson Hole speech. Softer eco data is likely now a “good” thing in the near-term as it will reinforce conviction on a series of rate cuts which should loosen lending and improve financial conditions for a broader array
Thematic Thursday: The American Dream Read More »
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