Category Archives: Market Recap

Market Recap

Posted on November 16, 2018 by Gemmer Asset

  It was a volatile week for stocks, bonds, and commodities. Oil prices in particular managed to lose over 8% at one point on Tuesday.  In general stocks were lower while bonds gained ground. Emerging equities stood out with a gain for the week.   Softening Global Growth…   The startling volatility in oil prices reflects at least three things. First, the supply outlook took a bearish turn a few weeks ago. Secondly, speculators in…
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Quick Market Recap & Oil’s Fall From Grace

Posted on November 10, 2018 by Gemmer Asset

  Markets in general had a decent week. Yes, there was volatility but as of Friday’s close, the S&P ended the week up +2.2%. Despite growth stocks getting clobbered on Friday (the NASDAQ was down -1.7%), their return for the week was +1.3%. The only two major asset classes to suffer meaningful weekly losses were emerging market stocks and commodities (more below), down -2.5% and -1.2% respectively.   Oil’s Fall From Grace   WTI Crude…
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Market Recap

Posted on November 2, 2018 by Gemmer Asset

  Global equity markets generally bounced this week, although they closed on a soft note Friday. For the week the S&P 500 advanced +2.4% while small-caps added +4.3%. The overseas markets were also solidly higher. The developed EAFE gained +3.1% while emerging was up +5.6%. China rallied +3.0% on hints of a trade thaw (and they were just hints, and Kudlow largely squashed them on Friday) while Brazil gained +3.2% after the election came to…
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Market Recap

Posted on October 19, 2018 by Gemmer Asset

  Putting the Selloff in Context   The equity markets tried to bounce this week but it all fizzled out by Friday. For the week the S&P was flat while small-cap equities had a fractional loss. The developed overseas markets held up reasonably well, but emerging took another hit. The index was off -1.5% and China slid over -2% for the week.   To put things in perspective, since the equity market high on 9/20/18,…
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Investing Principles

Posted on October 13, 2018 by Gemmer Asset

Every once in a while it’s good to re-examine why you do the things you do.  Over the past few days the markets hit a bit of a rough patch.  Nothing catastrophic, just a bit more volatility than we’ve grown accustom to.  Times like these are perfect for revisiting basic investing principles, taking a step back and looking at the big picture.  With that being said, we thought this blogpost would be a good opportunity…
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Market Recap

Posted on October 5, 2018 by Gemmer Asset

  Rising Rates Causing Indigestion   The story of the week was the bond market. U.S. Treasury bonds sold off sharply as interest rates increased across the curve. For the week the yield on the 10-year Treasury increased from 3.06% to 3.22%, a +16bps increase. Two-year yields were up +6bps. As a result, intermediate-term Treasury bonds lost -1.2% for the week while long-term bonds were down -3.4%.   For most of the year rising rates…
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Market Recap

Posted on September 21, 2018 by Gemmer Asset

  New Highs Despite Rising Trade Tensions   It was a mixed week for the U.S. equity indexes, but the S&P and Dow did manage to hit new highs. For the week the S&P added +0.9% but small-caps and the NASDAQ lost -0.6% and -0.3% respectively. The overseas markets performed much better for a change. Japan gained +3.4% while the EAFE was up +2.8% and the emerging world +3.0%. A softer dollar for the first…
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Market Recap

Posted on September 14, 2018 by Gemmer Asset

  Is Growth and Inflation Softening at the Margin?   The equity markets were generally higher this week while bonds lost ground. For the week the S&P added +1.2% and small-caps gained +0.5%. The overseas markets also performed well with the EAFE up +2.0% and emerging +1.0%.   In general, the economic reports have been decent with growth a touch on the soft side and inflation moderating, at least for a month. Big picture wise,…
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Market Recap

Posted on August 17, 2018 by Gemmer Asset

  August has a habit of throwing up surprises for investors. Those of a certain age might remember Augusts of 1998 (Russian default), 2007 (first redemption freeze of sub-prime crisis), 2011 (U.S. sovereign downgrade) and 2015 (renminbi devaluation/S&P 500 flash crash). The chart below shows the drawdowns in equities, EM assets, and hedge funds in each August going back to 1997.     This August is giving us another emerging market scare. The currencies of…
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Market Recap

Posted on August 3, 2018 by Gemmer Asset

  A mixed week for equities. U.S. stocks were generally higher with the S&P picking up +0.8% and small-caps +0.6%. The NASDAQ managed a +1.0% gain as Apple’s market cap surpassed $1 trillion as you can see below – read more here, the first U.S. company to achieve this feat.     It is hard to believe that Steve Jobs died in 2011 when Apple had a market cap of ‘just’ $300bn.   International equities,…
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