Economic Commentary – March 10, 2025
It is a measure of how worried investors are about economic growth when Fed Chairman Powell pushes the equity markets UP by signaling no that interest rate cuts are coming any time soon. A few short months ago, this message from the Fed would have been viewed as a cold, wet blanket on a smoking hot […]
Investment Commentary – March 10, 2025
Equities The S&P 500 returned -3.1% as uncertainty over tariffs and weak economic data roiled markets. The U.S. dollar saw its longest losing streak since last September, ending the weak down 3.5% while treasury yields climbed amid worries that tariffs would spark inflation. The ‘Magnificent 7’ stocks again dragged on the market, returning -4.5%. Financials […]
Economic Commentary – March 3, 2025
The data keeps piling up on the side of economic caution and weakness for this first quarter of 2025. Retail sales, residential real estate (including home improvement), consumer spending (including on services), business spending, and inventories all have indicated a slower pace for US economic activity for the start of the year, coming off a […]
Investment Commentary – March 3, 2025
Equities The S&P 500 returned -1.0%; the damage would have been worse if not for a 1.6% window-dressing rally in the final two hours of month-end trading. The NASDAQ dropped -3.5% as the Mag 7 stocks fell 4.0% for the week. Treasury yields fell to their lowest level of the year amid a host of […]
Investment Commentary – February 24, 2025
Executive Summary The S&P 500 hovered near its all-time highs, while the bond market ended the week with gains (price up / Yield down) as weaker-than-expected retail sales rekindled hopes for Federal Reserve rate cuts. A rally in Treasuries drove the 10-Year Yield below 4.5%, marking its fifth consecutive week of gains—the longest streak since […]
Economic Commentary – February 24, 2025
Was last Friday’s US Purchasing Managers Index for Services the proverbial shot across the bow? It was certainly an attention-grabber, coming in below expectations and indicating the first monthly contraction in the service sector in two years. Although it is not unusual to see a certain amount of drop-off in January spending following a robust holiday […]
Investment Commentary – February 18, 2025
Executive Summary The S&P 500 hovered near its all-time highs, while the bond market ended the week with gains (price up / Yield down) as weaker-than-expected retail sales rekindled hopes for Federal Reserve rate cuts. A rally in Treasuries drove the 10-Year Yield below 4.5%, marking its fifth consecutive week of gains—the longest streak since […]
Economic Commentary – February 18, 2025
It is more than a bit unusual, in an economy growing almost 3% and an unemployment rate at 4%, to suddenly see so many Google (and ChatGPT) searches on the subject of US Unemployment Benefits. Normally, questions about unemployment benefits materialize when an economy is weakening, the unemployment rate is rising and in the context […]
Economic Commentary – February 10, 2025
The most notable number for this week is the number from Friday of last week— but NOT the nonfarm payrolls number, despite its importance. The Michigan Survey of Consumer Confidence caught almost everyone unaware, both the decline in the figure and, especially, the sharp spike in one-year inflation expectations. Although there has been much complaining […]
Investment Commentary – February 10, 2025
Executive Summary Non-U.S. equities are benefiting from central banks cutting rates and economic data that is holding in ok. The Bank of England cut interest rates last week, and some of its committee members wanted a bigger cut. Overall, it sent dovish ripple effects across markets, resulting in another higher bounce in broader European equities. […]
2025 and Beyond: Investment and Wealth Planning Outlook Webinar
Jan 24, 2025 – Chief Investment Officer Stuart Katz and Head of Wealth Planning Mallon FitzPatrick have a conversation moderated by Chief Economist Jeanette Garretty as they offer their perspective on markets and wealth planning. Disclosures Investment advisory services offered through Robertson Stephens Wealth Management, LLC (“Robertson Stephens”), an SEC-registered investment advisor. Registration does not […]
Investment Commentary – January 27, 2025
Last week, stocks experienced a slight pause near record highs, but the market still secured its strongest start to a presidential term since Ronald Reagan took office in 1985. In addition, On Friday, the S&P 500 slipped 0.3%, the Nasdaq 100 dropped 0.6%, and the Dow Jones Industrial Average declined 0.3%. A Bloomberg Index tracking […]