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Weekly Market Review – 12/17/2018

Positive reversals, negative reversals, and record outflows from U.S. equity and bank loan funds marked a volatile week where most major indices finished in correction territory.  Weakening soft and hard data out of China and Europe continued to point to a slowdown in several overseas economies while trade, Brexit, EU budget standoffs (Italy/France) weighed on…
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Weekly Market Review – 12/10/2018

Well, that wasn’t fun.  Prior week gains on Powell’s comments and de-escalating trade conflict (news that the U.S. would delay tariffs on Chinese imports while a new trade pact was negotiated) carried a positive sentiment into Monday.  Unfortunately, that momentum turned decidedly to the south the remainder of the week with hardline comments from POTUS…
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Weekly Market Review – 12/4/2018

Two of three (oil, China, Fed) key drivers of market volatility over the past several weeks worked to soothe markets last week.  A market friendly Fed narrative (Fed pause?) and rising hopes of a deescalating trade conflict (trade truce?) drove the S&P 500 and NASDAQ to their best week in seven years, yet both remain…
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Weekly Market Review – 11/26/2018

The holiday shortened Thanksgiving week left more than a little room for ‘thanks’ as U.S. equity markets traded right back down toward the late October lows.  Energy (-5%) and technology (-6%) stocks were hit hard. Oil plummeted 10.8% on heavy U.S. production, slowing global growth, and uncertain OPEC production levels pending the upcoming OPEC meetings…
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Weekly Market Review – 11/19/2018

In a nod to real economy versus the financial economy, last week saw equity markets lose ground despite an unquestionably strong corporate earnings season.  Fed resolve on rate increases, U.S. Congressional investigations, Italy’s budget standoff with the EU, falling oil prices, Brexit negotiations, and U.S.-Sino trade conflict all factored into the volatility.   Interest rates, oil,…
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Weekly Market Review – 11/12/2018

Midterm elections largely produced the expected result and equity markets rallied on the diminished likelihood of market-adverse legislation like tax cut and regulatory rollbacks.  The yield curve flattened slightly while the 10-year U.S. Treasury yield touched its highest levels since 2011. Beyond the elections, markets absorbed a modest economic calendar and it seemed apparent that…
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Weekly Market Review – 11/5/2018

The last week of October saw global equity markets claw back over 3% in what was a very difficult month overall for risk assets.  Strong corporate earnings and a continued robust job market drove equity markets higher. Rates moved higher off the midweek flight to quality lows and the curve steepened.  It was a roller…
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Weekly Market Review – 10/29/2018

The prospect of peak earnings, some cooling economic indicators, high valuation pockets, and a more hawkish/tightening Fed drove U.S. equity markets into correction territory last week which, as we’ve stated many times, happens every 18 months on average.  While the volatility is likely to continue, we do feel this this is more likely a healthy…
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Weekly Market Review – 10/22/2018

Last week started with a good amount of encouraging market action but ultimately surrendered to the troublesome geopolitical situation with Saudi Arabia and more consternation about the course of Fed rate hikes.  From a bottom up perspective, we saw a healthy start to third quarter earnings season and mixed results on the economy with continued…
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Weekly Market Review – 10/15/2018

As BCA so eloquently stated, ‘bond bears just mauled goldilocks.’  A disparity between the financial markets view of ‘high’ rates and what rates the economy may be able to withstand resulted in quite a ride for financial markets last week.  A disappointing U.S. Treasury auction Wednesday and rising Italian yields sent global equity volatility sharply…
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