Stableford Capital Insights

Things are going well, no doubt. But is all as well as it seems? Once again equities are very narrow, with a handful of large capitalization stocks leading the charge. Read the January Market Commentary for a detailed overview of the situation.

Federal spending was substantial in 2023, particularly late in the year. Job growth has largely centered around government and healthcare, not cyclical sectors that might indicate a path to future growth. Read the December Market Commentary for a detailed overview of the situation.

Tighter financial conditions are impacting both stocks and the real world where higher interest rates are impacting auto loans, credit cards and overall business conditions. Read the October Market Commentary for a detailed overview of the situation.

After one- and one-half years of raising rates, the fed is finally getting the slowing economy it wants. But is it too much? Read the September Market Commentary for a detailed overview of the situation.

It was a November to Remember! If someone told you in March that the S&P 500 would be hitting all-time highs in late 2020 while Covid-19 cases surged and offices and restaurants remained vacant, how would you have responded? Well, here we are. The S&P 500 increased 10.8% in November, an enormous move after 2 consecutive negative months. Stepping back, it makes sense: Equity markets are forward-looking. So, where do we go from here? Read more here.

Despite a hot economy, two months of strong numbers and the potential for re-acceleration in inflation Fed Chair Jay Powell chose to ignore the unruly data points during the March Fed meeting presser. All this jawboning kept rates subdued during March. Ten-year U.S. Treasury yields fell 5 basis points.

The economy is performing better than expected by most measures. Equities reflect this. However, they are starting to feel a bit stretched on valuation, driven by the promise of “AI”. Read the February Market Commentary for a detailed overview of the situation.

The significant November rebound in equities stands in stark contrast to the disappointing earnings season and 5% rates that drove October lows. Read the November Market Commentary for a detailed overview of the situation.

As the summer closes, there are two news items that are expected to impact the markets. The first is the message from the federal government that they intend to taper its bond purchases. The second is the negative Michigan Consumer Sentiment survey about consumer confidence. Learn how each will likely affect the market to prepare for the coming changes.

June 2021 is ending the month on an unconvincing run as breadth diminished, even as the overall index increased. This narrowing participation strikes us as a sign of risk, as investors remain unconvinced about future strength and where rates will go. As a result, equities remain in equity-rotation limbo. Review Stableford Capital’s June Market Commentary to inform your decisions.