With additional contributions by Kent Cullinane, Analyst, Research. With June, the second quarter (Q2), and the fi rst half of the year behind us, weconducted a deeper dive into fund fl ows over these periods. Flows measure the netmovement of cash into and out of investment vehicles, such as mutual funds andexchange-traded funds (ETF). We analyzed fl ows to gain insight on investor demandand sentiment surrounding asset classes, sectors, and other classifi cations of markets...
During the years immediately following the depths of the pandemic, when mortgage rates were unnaturally low, millions of households were moving out of high cost of living areas and relocating to lower cost of living areas. We call that the “Great Reshuffle.” The U.S. Postal Service processed roughly 36 million address changes in 2021, according to their website . But in 2023, the postal service processed only about 28 million. Read More
As we reach the halfway point of 2024, a sense of persistence defines the economic and market landscape. Trends from late 2023 have continued, with surprisingly resilient economic growth mixed with stubborn but decelerating inflation. Equity markets have thrived and regained all the lost ground from 2022. Read More
Developments in artificial intelligence may be the antidote for an aging population, but it takes time for these advancements to work themselves into the fabric of our nation's businesses. The impact of new developments can persist in markets, so investors need to carefully discern what could be different this time around. Read More
The Texas Stock Exchange (TXSE) is saddling up as a new electronic stock exchange tobe located in Dallas. Underpinned by a signifi cant investment of $120 million fromindustry heavyweights like BlackRock and Citadel Securities, the TXSE aims to shakeup the status quo and provide another competitive alternative to the globallyrecognized New York Stock Exchange (NYSE) and NASDAQ. Read More
Another day and another record high for the broader market. Decelerating consumerinfl ation and limited surprises from the Federal Reserve (Fed) drove the S&P 500 up0.9% yesterday, marking its 28th record high of the year. Buying pressure wasrelatively widespread and powered by above-average volume, somewhat of ananomaly amid the recent rally above the March highs. Read More
With the S&P 500 generating six record highs over the last seven trading sessions — bringing the index’s record-high tally for the year to 31 — it shouldn’t come as a surprise that implied volatility is historically low. Receding expectations for market volatility have primarily been supported by easing inflation pressure, relatively less ambiguous monetary policy, impressive earnings, and a resilient U.S. economy. Read More
After a solid 2023 in which the Bloomberg Municipal Index was up over 6% (including a positive 8% in November and December), it’s been a slow start to the year in 2024. Changing Federal Reserve (Fed) rate cut expectations and already rich relative value ratios (versus Treasury yields) have, so far, offset still high tax-equivalent yields and solid fundamentals for the asset class. But with the unofficial kick-off to summer behind us, the muni market...
Gold has captured most of the spotlight in the metals complex this year after breaking out to record highs in March. However, copper may be an even more interesting story as the industrial metal has climbed steadily higher in the shadows of the yellow metal, amassing a 19% year-to-date return and topping gold’s gain of around 15% (as of June 5). READ MORE
The technology sector was all the rage last week thanks to strong results from artificial intelligence (AI) darling NVIDIA (NDVA). Generally, a top-performing sector over the past decade, it’s hard to overstate technology’s importance to the market. While the official S&P classification results in a roughly 30% weight for the technology sector in the S&P 500 Index, adding tech-focused powerhouses such as Alphabet (GOOG/L), Amazon (AMZN), Meta (META), Netflix (NFLX), Tesla (TSLA), and others, pushes...
The post-pandemic economy is treating people very differently, creating a headache for central bankers. The extreme differences can often get traced back to living situations, as renters have a very different experience than homeowners. Since millions of homeowners refinanced mortgages to extremely low rates a few years ago, the economy is less sensitive to interest rate policy. In fact, the Jackson Hole Economic Policy Symposium sponsored by the Kansas City Federal Reserve in August will...
When I read the weekend press, I pay attention to several things. Is there turmoil to talk about? Are there earnings to talk about? Are there conflicting economic reports coming out that require us to be prepared for different possible outcomes? This weekend the press was about retirement. What does it mean to you? Should you work longer? Did your spouse pass? Basically, there was so little to discuss that there was the need to...
