: COMMENTARY: The S&P 500 index finished up 1.5% for the week ending July 25, 2025, notching record highs every single day—a feat not seen since 2021. The main drivers and market/economic highlights for the week included: Strong Corporate Earnings: Robust earnings, especially from major blue-chip and technology firms, fueled investor optimism. Hopes Around Global […]
Performance Summary: Week Ending July 25th, 2025 Read More »
July 25, 2025 The more things change, the more they stay the same. Global trade realignment continues to shape the narrative around the business cycle, but despite more reasons to worry about inflation, CPI and interest rates have continued to show softness. The US 10yr yield is ticking down to long-term support (chart below) despite
Factor Friday: Back to (New) Normal Read More »
July 23, 2025 As the dialogue on tariffs has evolved over the past months, investor perspective has evolved from a glass half empty (Q1’s near 20% correction) to a glass half full (April/May recovery) to something more optimistic (New all-time highs for US and EAFE equities). At a conceptual level, realignment on global trade away
Worldwide Wednesday: EM Asia Ramping for more Growth Read More »
July 20, 2025 As July ticks on with equities sitting near all-timer highs, there’s a temptation to worry. The volatility of March and April has subsided with the VIX and MOVE indices for equity and bond volatility retracing to pre-decline levels (chart below). The sharp rotation into min vol. stocks, bonds and ex-US equities has
Narrations of a Sector ETF Operator | Are Investors Being Complacent? Read More »
COMMENTARY: The S&P 500 recorded a positive week (+0.59%) as confidence rebounded, led by strength in the technology sector, easing trade friction, and robust corporate results. Support from the Federal Reserve’s policy clarity and improving inflation data contributed to the equity rally and helped drive the broad index higher. The Energy sector, in sharp contrast,
Performance Summary: Week Ending July 18th, 2025 Read More »
July 18, 2025 Big Tech is dead…Long live Big Tech! Recent export concessions for NVDA have sparked renewed buying in Large Cap. Tech and Growth names more broadly. This is shaping the US equity market’s leadership profile in a way that’s eerily similar to 2023. We can see in our Growth/Value chart below that Growth
Factor Friday: Large Cap. Tech Reasserting Its Dominance Read More »
July 16, 2025 As the S&P 500 consolidates new highs and positive expectations ramp on global trade resolution we’ve seen ex-US equities in aggregate struggle to keep pace with domestic equities. In our last WWW column we talked about the idea that ex-US equities are likely to remain a haven trade. We also, outlined areas
Worldwide Wednesday: ex-US Bull Market Led by Banks and Tanks: Bank Focus Read More »
July 13, 2025 As the S&P 500 consolidates just below fresh all-time highs, we are seeing some near-term buying in the Small Cap. space. The chart below shows various Russell and S&P benchmark indices by size and their performance against the broad market R3K since the April 7th low for equities. The Russell 2000 briefly
COMMENTARY: The S&P 500’s modest decline of 31 basis points for the week ending July 11, 2025, was driven by heightened trade policy uncertainty, anticipation of Q2 earnings reports, and concerns about rising inflation due to new tariffs. While the market absorbed much of the tariff news without severe disruption, sentiment turned cautious, particularly in
Performance Summary: Week Ending July 11th, 2025 Read More »
July 11, 2025 Interesting things are happening now that the S&P 500 is out to new all time highs having put the global trade war correction in the rearview mirror. The bull trend that began in early 2023 lives again, but we are seeing changes in the leadership profile of the US equity market from
Factor Friday: Shall the Meek Inherit the Earth? Read More »
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