• Market Update

    Posted on March 2, 2018 by Gemmer Asset

      Well, the streak had to come to an end. The market decline in February ended the longest run of positive months on record. It was nice while it lasted!     The reasons are well known. Bubbling fears about inflation pushed bond yields up. Expectations for Fed policy were ratcheted up a notch as a result, especially after the massive budget deal a couple weeks ago. And just to keep things interesting, on the…
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  • Market Update

    Posted on February 16, 2018 by Gemmer Asset

    The equity markets bounced back handsomely this week. The S&P rallied +4.3% over the last five days while small-caps bounced +4.2%. EM was a standout with a +6.7% weekly gain. Interestingly, stocks were able to rally despite rising yields. The correction a week ago was blamed to some extent on rising yields. But that didn’t matter this week. Hotter than expected inflation numbers pushed the yield on the 10-year to 2.88%, up +5bps on the…
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  • Market Update

    Posted on February 9, 2018 by Gemmer Asset

      Now that was a wild week. Coming into Friday the S&P 500 had closed down seven of the previous nine trading sessions, including drops of 1.1%, 2.1%, 3.8%, and 4.1%. This last selloff was the biggest one-day decline since 2011. We are now officially in ‘correction’ territory for the first time in two years. From the high the S&P was down -11.8% at Friday’s low before the markets bounced, while the EAFE and emerging…
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  • Market Update

    Posted on February 2, 2018 by Gemmer Asset

      After a torrid start to the year, global stock markets corrected this week. The immediate catalyst was rising bond yields around the world. For the week the S&P 500 dipped -3.9% while small-cap stocks were hit for -3.8%. The developed EAFE declined in line with the U.S. indexes while emerging equities fell -5.8%.   The Fed met this week and left the Fed Funds rate unchanged. However, this didn’t prevent longer-term bond yields from…
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  • Market Update

    Posted on January 19, 2018 by Gemmer Asset

    Equity markets continued their winning ways this week with the S&P gaining +0.9% while small-cap equities advanced +0.3%. The international markets were also solid – the EAFE was up +0.8% and the EM index +1.9%. We are early in the early inning of fourth quarter earnings reports, but the most interesting aspect will be what companies do with the tax cut proceeds. There are two broad themes coming to light:   1) We are seeing…
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  • Market Update

    Posted on January 12, 2018 by Gemmer Asset

      The equity markets have started off 2018 on the front foot. Gains have been broad based with all the major asset classes advancing. Only government bonds have struggled to gain traction. So far in 2018 the S&P is up +4.2% while small-cap equities are up +3.6%. International equities are doing well with the developed EAFE up +4.5% and emerging equities up +5.1%. As we talk about in our quarterly letter that will be published…
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  • Market Update

    Posted on December 2, 2017 by Gemmer Asset

      It was an interesting rotation week. Investors and traders basically sold the winners and bought the losers. For example, small-caps have lagged all year but gained +1.2% this week. However, the hot NASDAQ closed down -0.6%. Facebook, Amazon, Netflix and Google were down between 2% and almost 5% on the week. Along the same lines, emerging equities were hit hard (-3.9%). Chinese equities led the way. But overall the broad indexes in the U.S….
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  • Market Update

    Posted on November 10, 2017 by Gemmer Asset

      The equity markets basically waxed and waned depending on the tone of the last tax related headline. This week the Senate introduced their own bill that differed markedly from the House plan, and investors started to question both the timing of passage and even passage itself. For the week the S&P dipped a fraction while small-cap stocks lost -1.3%. The international markets were similarly soft, but none of the declines were too dramatic. China…
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  • Market Update

    Posted on October 27, 2017 by Gemmer Asset

    Despite a strong rally on Friday global equities closed flat for the week. The S&P picked up +0.2% while the Russell 2000 was off -0.1%. Only the NASDAQ stands out with a +1.1% weekly gain after some major names blew past earnings estimates on Thursday. The international markets were soft for a second week in a row, due in large part to a strong dollar. Japan bucked the trend with a +2.6% gain after a…
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  • Market Update

    Posted on October 20, 2017 by Gemmer Asset

      A 30-Year Anniversary   Has it really been 30 years??!! The biggest percentage decline in the Dow ever is hard to forget. After all, you don’t often see almost a quarter of an index’s value wiped out in a single day. Some speculative biotech stock maybe, but the Dow??     But contrary to almost everyone’s expectation, a global depression didn’t come hot on the heels of the crash. Actually, the bull market ran…
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