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All AIs on Big Tech
Posted by George Smith, CFA, CAIA, CIPM, Portfolio Strategist Thursday, August 24, 2023 Additional content provided by Kent Cullinane, Analyst After having its price targets ratcheted up seemingly on a daily basis, much was riding on the NVIDIA’s (NVDA) earnings report following yesterday’s close. The company didn’t disappoint and reported sales and earnings results that blew […]
August 24, 2023
Navigating Under Cloudy Skies
Posted by Jeffrey J. Roach, PhD, Chief Economist Tuesday, August 29, 2023 Key Takeaways: Introduction Chairman Powell closed out his speech at last week’s Jackson Hole Symposium with a whimsical, yet fitting analogy for setting monetary policy. He said the Fed is “navigating by the stars under cloudy skies.” The markets are getting comfortable with a […]
August 29, 2023
A Look at Stock Valuations Relative to Bonds
Posted by Jeffrey Buchbinder, CFA, Chief Equity Strategist Wednesday, August 30, 2023 Key takeaways What is the ERP? Let’s start with the basics. We can measure the relationship between stock and bond valuations by comparing earnings yields to bond yields, giving us the so-called equity risk premium (ERP). The earnings yield is simply the inverse of […]
August 30, 2023
Slightly Scary September Seasonals for Stocks
Posted by George Smith, CFA, CAIA, CIPM, Portfolio Strategist Thursday, August 31, 2023 As a rollercoaster August for the markets draws to a close with what looks to be a monthly loss for the S&P 500 Index, we look at what clues seasonality data may give us for stock market performance during September and the rest […]
August 31, 2023
The High Yield Market Is Not Properly Reflecting Deteriorating Fundamentals
Posted by Lawrence Gillum, CFA, Chief Fixed Income Strategist Wednesday, September 6, 2023 A few months ago we asked the question (blog post here): Has the corporate credit market lost its mind? At the time we were perplexed by the continued resilience and outperformance of the Bloomberg U.S. Corporate High Yield Index despite the increase in downgrades […]
September 6, 2023
Services Sector Increases for Third Straight Month
Posted by Jeffrey J. Roach, PhD, Chief Economist Thursday, September 7, 2023 Additional content provided by Kent Cullinane, Analyst Key Takeaways Bottom Line: The two big challenges facing the Fed right now are the risks that inflation could become entrenched and the possibility that the consumer could falter when excess savings dry up. Given the data, the […]
September 7, 2023
Breaking Down the Breakout in Oil
Posted by Adam Turnquist, CMT, VP Chief Technical Strategist Friday, September 8, 2023 Key Takeaways: Over the last few months, improving supply and demand dynamics have reenergized crude oil. WTI just wrapped up a nine-day winning streak, marking its longest stretch of consecutive gains since 2019. During this period, crude oil amassed a 9.2% gain, an […]
September 8, 2023
Five Things: Muni Edition
Posted by Lawrence Gillum, CFA, Chief Fixed Income Strategist Tuesday, September 12, 2023 It’s been another volatile calendar year for municipal (muni) investors. While generally outperforming taxable core bonds so far this year (as proxied by the Bloomberg Aggregate Bond Index), the Bloomberg Muni Index has underperformed what could be expected from coupon payments alone. So […]
September 12, 2023
Five Reasons to Be More Cautious on Europe
Posted by Jeffrey Buchbinder, CFA, Chief Equity Strategist Thursday, September 14, 2023 Key Takeaways Five Reasons to Be More Cautious on Europe Here are five reasons LPL Research is becoming more cautious on Europe: Meanwhile, more recent data such as the purchasing managers’ index data (see below) and economic surprise indexes, show that the European economy […]
September 15, 2023