Thus far, earnings reports have bolstered the case for US economic resiliency. While almost all company commentaries acknowledge some impact on profitability from rising costs, including rising interest rates, few earnings reports are signaling undue financial stress. Last week, stocks and bonds were up. The MSCI Emerging Markets index outperformed the MSCI EAFE and S&P 500. Across U.S. Russell style & market cap indices, small cap growth did the best, but the quality factor led more broadly. As for fixed income, the 10 year treasury yield fell 23 bps on the week to 3.82% and the 2 year – 10 year treasury yield spread steepened to -91 bps. Initial Q2 results from S&P 500 companies are strong. Financials had some better-than-expected earnings results but increases to loan loss provisions caused prices to not respond as favorably. On the wealth planning front, we discuss the IRS releasing penalty waivers for some Inherited IRAs and IRA owners.
Click Here to Read the July 24, 2023, Economic Commentary
Click Here to Read the July 24, 2023, Investment Commentary
Click Here to Read the July 24, 2023, Wealth Planning Commentary
