Perspective

Clear insight

Q1 2019 Market Commentary
Global markets ended the first quarter of 2019 with very positive returns and domestically, the DJIA, S&P 500, Russell 2000, and NASDAQ all rewarded investors with double digit gains. The S&P 500 recorded its strongest quarterly performance in a decade, rising over 13% and leaving the index 3% off its all-time high. NASDAQ did not perform as well as the DJIA or S&P 500 on the final week of the quarter, but its 16.5% gain for the first quarter was nothing shy of remarkable.
Read More

Q4 2018 Market Commentary
As we reflect on 2018, it is tempting to sugarcoat the year by simply reporting that it was a record-setting year for stocks – because so many investors would rather quickly forget the end results.
So here are the end results: 2018 was the worst year for stocks since 2008 and only the second year that both the DJIA and the S&P 500 fell in the same year.
Read More

Q3 2018 Market Commentary
A fantastic third quarter pushed 2018 into a solid year as the broad-based S&P 500 finished the third quarter with a 7.2% gain - its best quarter since 2013. Very good corporate earnings, historically low unemployment, increased wage growth and still relatively low interest rates have all caused the U.S. markets to handily outpace global markets. Lost in all the good news is that the bull market is still very much alive, as the S&P 500 is up over 14% since February, when the bears were starting to make noises.
Read More

Q2 2018 Market Commentary
Returns have been muted for 2018 year to date, as we have seen increased volatility from escalating trade tensions between the U.S., China, the European Union, Canada and Mexico. Synchronized global expansion is showing signs of divergence, with emerging economies lagging behind due to a stronger dollar and the increased volatility. The new tax legislation passed earlier this year is encouraging businesses to increase capital investments, and fundamentals remain strong. The second quarter also saw continued growth in corporate earnings, and unemployment and inflation have remained at historically low levels.
Read More

Q1 2018 Market Commentary
After 2017’s stellar, near-perfect performance against a benign backdrop, we are seeing a return to a more normal volatility pattern in the markets, fueled by concerns that the announcement of U.S. tariffs may result in a trade war with China. Synchronized global expansion has continued through the first quarter, with emerging economies pulling slightly ahead amidst a mostly flat quarter due to the increased volatility. Last month, Congress passed a $1.3 trillion spending bill, which, coupled with the new tax legislation, should provide incentive for businesses to increase capital investments. The first quarter also saw continued growth in corporate earnings, and unemployment and inflation have remained low.
Read More

Q4 2017 Market Commentary
2017 turned out to be a banner year, thanks to a near-perfect alignment of three key economic factors – low inflation, low volatility and ample liquidity. Global expansion synchronized and gained momentum in the third and fourth quarters, as nearly all major asset classes and markets, including the US, and many developed and emerging economies posted positive returns for the year. The Dow climbed upwards into new territory, setting 71 separate record highs, corporate earnings grew, and unemployment has remained low. In December, Congress passed sweeping tax reform legislation on a scale not seen since the Reagan era.
Read More

The Equifax Data Breach and What It Means to You
One of the “Big Three” credit bureaus, Equifax’s databases were hacked several times this year, exposing consumers’ personal data, including Social Security numbers, home addresses, credit card numbers and birthdates. This is one of the largest data breaches in history, with more than 145 million consumers affected, or roughly half the US population.
Read More

Q3 2017 Market Commentary
Global expansion continued to gain momentum in the third quarter, as nearly three-fourths of all countries, including the US, and many developed and emerging economies saw solid, steady growth. The Dow has continued to push higher into record territory, breaking 23,000 for the first time while broad market volatility, inflation and unemployment have remained low. In contrast to the positive outlook for markets, the ongoing divisiveness, scandals and negative press in Washington has derailed much of the administration’s ambitious agenda this year. Geo-political events remain the primary risk factor facing markets, from escalating tensions with North Korea, to potential friction with trading partners in North America and China.
Read More

Q2 2017 Market Commentary
Summer has arrived, and the overall economic outlook for 2017 is positive. Global expansion is gaining momentum as the US, developed and many emerging economies are seeing steady, modest growth. The Dow has continued to push higher into new territory and volatility has remained low. The administration’s ambitious agenda of deregulation, tax reform and fiscal spending has all but stalled as the legislative battles surrounding healthcare and the steady stream of scandals and negative press threaten to push most agenda items into next year. The primary risk facing the markets are geo-political in nature, with North Korea being the main concern.
Read More

Q1 2017 Market Commentary
The New Year is off to a good start as the overall economic outlook for 2017 is positive. An ambitious agenda of deregulation, tax reform and fiscal spending from the new administration combined with strengthening fundamentals has pushed the post-election market rally into record- setting territory. The Dow passed 20,000 for the first time in January, and volatility has been muted for now. Global expansion is gaining momentum as the US, developed and many emerging economies are likely to see steady, modest growth. Most of the risks facing the markets are geo- political this year, as legislative battles in Congress, Trump’s unpredictability, pivotal elections in the UK and Eurozone, and the fast pace of unfolding world events such as in Syria and North Korea will drive headlines.
Read More

Q4 2016 Market Commentary
2016 certainly was the year for interesting times. Beginning with the worst January performance since records have been kept, the markets rebounded through the spring. Summer brought more drama and market volatility to global markets as the surprise outcome of the Brexit vote sent markets tumbling. A week later, markets had recovered, and the Dow resumed its push into record high territory. Not to be outdone, fall saw the most contentious and vitriolic election season in memory, culminating in the unexpected win of Donald Trump. The upset victory triggered a market rally in anticipation of a pro-business friendly policy agenda from the new administration, with the Dow closing the year out within striking distance of 20,000.
Read More

Q2 2016 Market Commentary
Summer brought more drama and market volatility to global markets during the second quarter of 2016, as the surprising outcome of the Brexit vote sent markets tumbling. The Dow dropped 611 points the day following the vote, and Britain saw its largest one-day drop in the British pound to lows not seen in over three decades. By the quarter’s end a week later, markets had recovered, and the Dow has resumed its push into record high territory. As of this writing, the Dow has just hit six consecutive all-time highs.
Read More

Q1 2016 Market Commentary

Q4 2015 Market Commentary

Q3 2015 Market Commentary

Q2 2015 Market Commentary