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 […]
Iran Deal Nearing – Markets Rally – SpaceX Launches – June 12, 2026
Good morning, A momentous event is upon us today—no, not a peace agreement with Iran, but rather the largest IPO in history: SpaceX. Any Morning Note written this morning would be hard-pressed not to mention it, so here are a few Bloomberg highlights to satisfy the curiosity of Elon enthusiasts—or perhaps simply add another layer […]
Correction, Not Conclusion – June 8, 2026
Good morning, Friday’s stronger-than-expected May employment report appeared to have an outsized impact on markets. Following a more than 20% advance in the S&P 500 Index over just three months, some degree of pullback was to be expected. The jobs report served as the catalyst—not the underlying reason—for the S&P 500’s -2.6% decline on Friday. […]
May 2026 Monthly Markets Update
Chips and Geopolitics: May’s Risk On Cocktail Executive Market Summary: May 2026 Stocks Set New Highs as Geopolitical Tensions Ease May was a strong month for equities, with most major indexes setting fresh all-time highs. The S&P 500 and tech-heavy Nasdaq 100 set new highs each week, with the Dow Jones and Russell 2000 also […]
Employment Day and a Market That Refuses to Tire – June 5, 2026
Good morning, Today is Employment Report Day, typically one of the most important and closely watched macroeconomic releases each month. While the AI trade and inflation have been the primary drivers of stock and bond price movements recently, employment data still commands respect—perhaps even more so with less than two weeks remaining before Kevin Warsh’s […]
May 2026 Monthly Letter
Following April’s powerful rebound from the March selloff, markets remained constructive in May, though not quite as euphoric as the month before (see returns chart below). The primary drivers of last month’s gains were continued geopolitical de-escalation and a corresponding shift in investor focus. As concerns surrounding the conflict receded, markets were increasingly able to concentrate on […]
Peace Rumors Lift Markets Into Holiday-Shortened Week – May 26, 2026
Good morning, Following the S&P 500’s 8th straight week of gains, there is at least a hint of peace in the air this morning as markets begin the holiday-shortened week. Futures are higher by roughly +0.70% an hour before the cash market opens. We have heard versions of these accord rumors before; however, one notable […]
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 […]