Market Commentary

Our market commentary highlights our current views and analysis of global stock, bond, and commodity markets.

2026 Economic/Market Outlook — Key Factors Driving Markets in the New Year

Market Commentary /

2025 marked another strong year for economic growth and global stocks.  In the US, the large cap S&P 500 Index gained 16.39%, with the communications sector (including Meta, Alphabet, and Netflix) leading the charge higher, rising 32.41% (yCharts).  International stocks also delivered stellar performances, with the MSCI Europe and Emerging Markets Indexes climbing 31.95% and […]

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Investment Commentary – From Tariff Tantrum to Economic/Market Recovery

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The second quarter of 2025 kicked off with market turbulence, as the so-called “tariff tantrum” sent the S&P 500 tumbling more than 10% in the first week of April. Although markets rebounded following President Trump’s announcement of tariff relief, the early volatility through April marked one of the worst starts for equities during the “first

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Market Commentary: Stocks Chop With Trump 2.0 at the Helm

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After rallying through January and the first half of February, stocks stumbled, with the S&P 500 dropping 10% from its bull market peak, entering its first official “correction” since October 2023. The big-cap “Magnificent 7” stocks (Apple, Microsoft, NVIDIA, Alphabet, Amazon, Meta, and Tesla) led markets lower with all but Meta posting double-digit losses from January

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Market Commentary: A Green 2024 & What’s Next in 2025

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2024 wrapped up another green year for markets, with the S&P 500 price index returning 23.3% (yCharts). Strength was broader versus 2023, with the consumer discretionary, financial, technology, communications, and utilities sectors all posting +20% returns for the year as well. Conversely, cooling pricing pressures weighed on energy and materials stocks with both sectors returning

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Q4 Market Commentary – A Strong Summer Pointing to a Strong Fall

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Stocks, bonds, and precious metals rallied during the third quarter with the S&P 500 up 5.25% and the Bloomberg US Barclay’s Aggregate Bond Index up 5.81% (YCharts). Stock market gains were broadly based across sectors and industries, in contrast to the first half of the year, when profits were narrowly concentrated among AI stocks and

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