• Market Recap

    Posted on May 6, 2022 by Gemmer Asset

    Printable Version   Market Recap   You’d think this was a boring week if you looked at just the S&P 500 return and didn’t watch trading during the day (which no one should – it will drive you nuts!!). But it was actually one of the most volatile weeks since the COVID crisis.   There was a lot of nervousness coming into this week due to the Fed meeting. While stocks dipped slightly after the…
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  • Market Recap

    Posted on April 29, 2022 by Gemmer Asset

    Printable Version   We are all probably glad to close the book on April, at least from a market perspective. Almost all asset classes lost ground during the month, but some of the heaviest selling was in leaders of the last few years. The so-called FANG group of Facebook (now Meta), Amazon, Netflix, and Google were all sharply lower in April. Facebook lost -7%, Amazon roughly -25%, Netflix -47%, and Google -16%. Apple and NVDIA…
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  • Market Recap

    Posted on April 22, 2022 by Gemmer Asset

    Printable Version   It was a rough week for everyone. Bonds, stocks, commodities – basically everything was down. There wasn’t a ton of economic news to drive the selling. The main report was existing home sales which was a touch soft, but not dramatically so (down -2.7% in March versus February).     Inventories remain exceptionally tight, with the months supply ticking up to just over 2 (red line below).     But of course,…
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  • Market Recap

    Posted on April 1, 2022 by Gemmer Asset

    Printable Version   The quarter ended on a downer on Thursday, but stocks were broadly higher in March after losing ground in January and February. Bonds struggled all quarter, and year-to-date loses for the fixed income indexes matched or exceeded those for most equity indexes – an unusual occurrence.   The week was filled with economic news. Some of the highlights:   Labor Market Remains Strong   Another solid report with 431,000 jobs added last…
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  • Market Recap

    Posted on March 25, 2022 by Gemmer Asset

    Printable Version   Large-cap U.S. stocks pushed higher this week and bond yields jumped. Most equity sectors performed reasonably well, with energy leading the way. Healthcare was the only sector in the red. Over the last month every sector is in the green, with gains ranging from +2.4% (consumer defensive) to +14.1% (energy) . Why the rally? Of course, there are no end of pet theories floating around, but in our mind it boils down…
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  • Market Recap

    Posted on March 4, 2022 by Gemmer Asset

    Printable Version   I’m not sure where you start with a weekly letter like this. The news out of Ukraine is heartbreaking and becomes more so as each day passes. The twists and turns in the financial markets pale in importance to the humanitarian crisis underway. If financial matters are the furthest thing from your mind this week, then this letter is worth skipping. End the week with the following thought – when you see…
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  • Market Recap

    Posted on February 18, 2022 by Gemmer Asset

    Printable Version   Market Recap   A tough week for most stock markets around the world as jitters about Russia and Ukraine added to worries about inflation and central bank policy. In our world of omnipresent social media, it feels like everyone has gone from a COVID expert to an Eastern European/Russian history guru in the last couple weeks. Such is human nature I guess. But headlines about Russia conducting strategic defense drills over the…
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  • Market Recap

    Posted on February 4, 2022 by Gemmer Asset

    Printable Version   Market Recap   Volatility has certainly returned with a vengeance and days are either complete risk on or risk off. For example, we had a big swoon on Thursday after a poor earnings report from Facebook (now Meta Platforms, Inc.). The stock fell roughly -26%, wiping out over $250bn of market-cap in a single day. You only have to go back to 2015 to find a time when the entire company was…
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  • Market Recap

    Posted on January 22, 2022 by Gemmer Asset

    Printable Version   Market Recap   Another rough week for the equity markets with high profile blowups at Netflix and Peloton. Speculative growth stocks in general were mauled again, but for the first time you started to see some of the generals crack as well (Apple, Google, Amazon, etc.). Trading volume in the QQQ, an ETF that tracks the NASDAQ 100 was off the charts on Friday. It traded $50bn today alone, a new record…
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  • Market Recap

    Posted on January 14, 2022 by Gemmer Asset

    Printable Version   Market Recap   January continues to be soft with losses across most equity and fixed income asset classes. But for the first time in a while international stocks are outpacing domestic equities, and value continues to beat growth by a decent margin.   A few economic reports of note. Retail sales came in soft – down -1.9% in December month-over-month. This was much weaker than expected, but sales are up +16.9% year-over-year,…
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