Take a look at last week’s market recap from Joe Gallemore, CIMA® Partner & Director of Investment Management for Argent Bridge Advisors. Watch the video now!
Joe’s Notes:
- Stock indexes were mostly down last week. We saw an uptick Monday followed by 4 straight days of small declines. A couple possible reasons for this string of down days…
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- Earnings reports were very strong for Q4 and Q1 as the economy came out of total shutdown. So as we enter earnings season after the end of Q2, results are expected to be much more mixed and modest relative to the previous two quarters.
- The focus continues to increase on when the Federal Reserve will raise interest rates (which is something that has a dampening effect on stocks). With the crescendo of focus, it seems investment strategists out there are moving into two camps: one that thinks rate hikes will come sooner, and one that thinks they will happen later. And those two camps are repositioning portfolios accordingly, which may cause some volatility
- One very bright spot from last week was Emerging Markets stocks which gained +1.7% last week. In the last Cup of Joe, we talked about EM being an area of opportunity so it was good to see this asset class moving independent of the others.
- Finally, a peak behind the curtain into this week of July 19th… we’ve seen a reversal of the downtrend with 3 straight positive days and several good earnings reports. Hopefully, this positive momentum continues.
