Watching the High Bar For Earnings, Inflation and Iran – July 20, 2026
Good morning, With apologies, this morning’s Morning Note will be brief. I am deeply under the weather with some sort of summer ailment—cold, flu, or simply a good old-fashioned beatdown. Speaking of a beatdown, that also describes last week’s action across the major indices, led lower by semiconductors specifically and technology more broadly. It was […]
Location, Location, Taxation: Where You Hold Your Investments Matters as Much as What You Own
When it comes to portfolio construction, we understandably spend a lot of time on asset allocation – deciding how much to carve out for equities, bonds, real estate, and alternatives. It’s a driver of your long-term returns. But there is a second, quieter decision that can quietly boost your portfolio’s bottom line without requiring you […]
Week of July 20, 2026 – Weekly Economic Commentary
The return of war, or almost-war, somewhat unexpectedly dominates the economic debate. As oil prices return to the $90/bbl levels last seen in early June—and $100 Brent crude is a distinct near-term possibility—the question of what comes next and how countries and their economies will respond looms large. Should the MOU (Cease Fire Memorandum […]
Technology’s Correction Faces Another Test – July 17, 2026
Good morning, The market narrative that emerged in June has carried over into July: profit-taking in technology—particularly semiconductors—with much of those proceeds rotating into more defensive sectors of the market. The major indices this week reflect that pattern: Semiconductors remain the lifeblood of the AI revolution. At their peak earlier this year, the Philadelphia Semiconductor […]
Earnings Season Takes Center Stage But With A Lot Of Noise – July 13, 2026
Good morning, After one of its strongest two-month rallies on record, the S&P 500 has largely stalled over the past six weeks. The index sits just 0.9% below its June 2 record high, making this the ninth-longest stretch without a new high since the start of 2021. Yet despite that drought, the S&P 500 remains […]
Markets Look Past Iran, but Tech Remains Under Pressure – July 10, 2026
Good morning, With little in the way of major economic data or earnings announcements this week, markets have been anything but quiet during the first full week of July. Another round of White House rhetoric regarding Iran, coupled with increased military activity in the region, triggered a mid-week selloff in stocks and bonds while oil […]
June 2026 Monthly Markets Update
Q2 2026 Executive Summary Stocks staged a strong recovery in Q2, with the S&P 500 gaining +15% and finishing near record highs. The Middle East conflict and oil shock that started in Q1 continued for most of Q2, but oil prices fell as the two sides worked toward a ceasefire agreement. Meanwhile, investors’ enthusiasm for […]
July Begins with a Healthier Market Than the Headlines Suggest – July 6, 2026
Good morning, June came to a close mid-week last week, just as investors were preparing for the extended holiday weekend and escaping the Northeast heat. For what is historically one of the market’s weaker months, returns were generally better than average—everywhere except technology, somewhat ironically. The defining theme of June was profit-taking in technology stocks, […]
Mid-Year Market Update
By John Lau, CPA, CFP® July 1, 2026 – The stock market delivered a strong recovery during the first half of 2026, reaching new all-time highs despite several unexpected challenges. Investors navigated geopolitical tensions, higher oil prices, persistent inflation, and changing interest rate expectations. Yet the market remained remarkably resilient. The primary driver of the […]
Tech Corrects, Broader Market Holds Firm – June 29, 2026
Good morning, As mentioned on Friday, the technology sector came under meaningful selling pressure last week despite a favorable backdrop of lower oil prices and declining bond yields. Rather than leaving the market altogether, capital rotated into more defensive areas of the economy—primarily Healthcare, Real Estate, Utilities, and Consumer Staples. The divergence beneath the surface […]
Can Earnings Broaden the Bull Market? – June 22, 2026
Good morning, Last week’s holiday-shortened, four-day trading week saw most major equity indices outperform the S&P 500, which gained 0.96%. The Nasdaq, Russell 2000, Developed International, and Emerging Markets indices returned +2.44%, +1.24%, +0.76%, and +4.16%, respectively. A host of political headlines over the extended weekend—from both the Middle East and the United Kingdom—were expected […]
Markets Rally as U.S.–Iran Agreement Reopens Strait of Hormuz – June 15, 2026
Good morning, An interim peace agreement between the U.S. and Iran was reached overnight, with formal signing expected this Friday. In the near term, the most significant element of the deal is the reopening of the Strait of Hormuz to unrestricted commercial shipping. “Interim” is the operative word. While the agreement restores the flow of […]