Market Newsletters

Overview   What a blast November was! A perceived monetary policy “pivot” from the Federal Reserve (FED) triggered a bond rally.  This in turn pushed equities up sharply, on a worldwide basis. The S&P’s 500 gained 9.13% in November. The Nasdaq Composite rose...

Overview   October was the third consecutive month of losses across equity and bond markets. The pain has been acute, even if, as of this writing, both markets appear to have bounced off their lows. The S&P’s 500 lost 2.10% in October. The Nasdaq Composite...

Overview   Statistically speaking, September tends to be a negative month for equity investors. The 2023 vintage fitted the pattern. The S&P’s 500 lost 4.77%. The Nasdaq Composite declined 5.77%. Finally, the Russell 2000 (Small Cap Stocks.) dropped 5.01%. In...

  Overview   August was unequivocally unpleasant, performance-wise, for most investors. All major asset classes experienced declines, some of them particularly sharp ones. The S&P’s 500 dropped 1.59%. The Nasdaq Composite declined 2.05%. Finally, the Russell...

  Overview   Better than expected news on inflation and growth, released during the second part of July, contributed to particularly tonic equity performances worldwide this past month. In July, the S&P’s 500 rose 3.21%. The Nasdaq Composite added 4.08%....

    Overview   The resolution of the debt-ceiling debate, in early June, together with somewhat encouraging economic news throughout the month contributed to propelling equities forward worldwide. In June, the S&P’s 500 rose a potent 6.61%. The Nasdaq...

    Overview   Confusion remained the operative word for equity markets during the month of May. This confusion came from the on-going attempt to anticipate the next move from the Federal Reserve and, in a new twist, from the debt-ceiling negotiations between...

Overview   Mixed and confused! In April, that is how US equity markets behaved. The S&P’s 500 rose 1.56%, the Nasdaq Composite squeezed a meager .07% gain while the Russell 2000 (Small Cap Stocks.) dropped 1.80%. The USD dropped .90% against a basket of key...

    Overview What an exciting month March was! A (mini) banking crisis, sparked by the collapse of a little-known California bank, made equity markets particularly difficult to navigate. Nevertheless, the month finished relatively well in the end, as shown by most...

    Overview In February, equity markets reversed partially the gains they had accumulated in January, succumbing to another bout of anxiety over the US Central Bank’s (Fed) monetary decisions over the coming weeks and months.The S&P’s 500 declined 2.44% and the...

    Overview In January, US and World equity indices had one of their best months in a long time. Economic data pointing to a resilient US economy, a better performing European one and China’s removal of any Covid-related restrictions provided a favorable environment...

Overview US and World equity indices were down in December, for the most part. An increasingly loud drumbeat of recession talk spooked investors. The S&P’s 500 slumped 5.76%. The Nasdaq Composite collapsed 8.67%. Internationally, the situation was not as dire. The...