Bonds Crack, Stocks Finally Blink – May 18, 2026
Good morning, Equities spent most of last week as a picture of resilience. Bonds around the world, however, began to crack under the weight of rising inflation concerns. By Friday, that divergence became increasingly difficult to ignore. The steady climb in equities — powered by AI enthusiasm, resilient earnings, and a U.S. consumer that continues […]
Bond Markets Send a Warning as Equities Hold Steady – May 15, 2026
Good morning, The notable developments this week have been firmer inflation data and what appear to have been productive U.S.-China meetings — although few would have predicted Taiwan would emerge as the central issue rather than Iran’s nuclear ambitions and the Strait of Hormuz. Through yesterday’s close, the major equity indices were modestly higher for […]
Bond Markets Send a Warning as Equities Hold Steady – May 13, 2026
Good morning, The notable developments this week have been firmer inflation data and what appear to have been productive U.S.-China meetings — although few would have predicted Taiwan would emerge as the central issue rather than Iran’s nuclear ambitions and the Strait of Hormuz. Through yesterday’s close, the major equity indices were modestly higher for […]
Markets Remain Resilient Heading Into Inflation Reports and China Meeting – May 11, 2026
Good morning, The U.S. and Iran appeared to move further away from a diplomatic resolution over the weekend. Yet markets are largely nonplussed this morning, with futures trading roughly flat after recovering from modest overnight weakness. Despite headlines suggesting a peace deal remains elusive, equity traders have continued to price energy lower since the start […]
April 2026 Monthly Markets Update
Executive Summary: April 2026 Stocks rebounded on ceasefire headlines, with numerous broad indices setting record highs. The rally erased all of March’s losses and was powered by Growth and semiconductor stocks. Bond markets were quiet on the surface but active underneath. Treasury yields moved higher across the yield curve, but high-yield spreads tightened, erasing nearly […]
Markets Climb as Growth Narrative Holds Firm – May 8, 2026
Good morning, So far this week, the narratives driving markets remain firmly in place — growth stock leadership, the go/no-go status of the Strait of Hormuz, and incoming macroeconomic data. Collectively, those forces have continued to support equities, with the S&P 500, Nasdaq Composite, Russell 2000, EAFE, and Emerging Markets indices returning +1.49%, +2.76%, +0.96%, […]
Uncomfortably Bullish: Markets Balancing Growth, Inflation & Geopolitics – May 4, 2026
Good morning, Markets are no longer trading on a single narrative; instead, they are balancing a stack of competing forces. Chief among them: the surge in AI-driven capital spending, evolving global central bank policies, the ongoing closure of the Strait of Hormuz, and a surprisingly powerful earnings season. At its core, the market is navigating […]
A Strong Economy… But Not a Simple One
By John Lau, CPA, CFP® May 1, 2026 – April gave us a clearer picture of where things stand—and where the tension is building. We saw a series of important economic reports, including the Q1 GDP estimate, jobless claims, and Core PCE inflation (the Fed’s preferred measure). While each report told a slightly different story, […]
Earning The Benefit Of The Doubt – May 1, 2026
The U.S. equity market—measured by the S&P 500—pushed through the 7,000 level in April, notching multiple record highs and its strongest monthly gain since 2020. Markets largely looked past the ongoing conflict in Iran, instead doubling down on the AI-driven growth narrative, with technology and semiconductor stocks leading the charge. Early evidence suggests AI is […]
A Quiet Open Before a Potentially Historic Week – April 27, 2026
Good morning, Last week offered a split-screen market performance. Major U.S. equity indices finished little changed on average, while international developed markets were hit hard—falling roughly 3% on renewed concerns over global energy supplies. Then the U.S.-Iran peace talks broke down over the weekend. Despite the geopolitical backdrop, U.S. futures are flat this morning as […]
A Better Mood This Morning – April 20, 2026
Good morning, At the moment, markets appear to be in a better mood. Oil and the U.S. dollar are falling, while stock futures and bonds are moving higher in early trading. The shift seems tied to renewed hopes that diplomatic talks may resume. This week has been somewhat surprising. With the Strait still closed and, […]
Strait of Hormuz Back in Focus—Markets Take It in Stride For Now – April 20, 2026
Good morning, Integrity is not a word often associated with Iran’s current regime—and this morning’s modest decline in futures (~0.50%) reflects more resignation than surprise. The Strait of Hormuz was closed less than 24 hours after an agreement to reopen it. Markets have seen this movie before. It will likely reopen again relatively soon—but not […]