Research

Super Six Drives Solid Earnings Season | Weekly Market Commentary | March 4, 2024

Super Six Drives Solid Earnings Season | Weekly Market Commentary | March 4, 2024

After a slow start mired by messy bank results early on, corporate America picked up the pace and ended up delivering results well ahead of expectations. The “Super Six” was part of the story — the Magnificent Seven minus Tesla (TSLA) — but resilient profit margins are also noteworthy. Here we review fourth quarter earnings season and share some thoughts on the earnings outlook for 2024.

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Treasuries: Who’s Buying and Why It Matters | Weekly Market Commentary | February 20, 2024

Treasuries: Who’s Buying and Why It Matters | Weekly Market Commentary | February 20, 2024

As the Federal Reserve (Fed) continues with its Quantitative Tightening (QT) program, questions abound regarding the Treasury Department’s expanding funding needs. The QT program is designed to reduce the Fed’s balance sheet — now $7.7 billion down from $9 billion — after Treasury notes (mostly) were bought after economic concerns intensified during the COVID-19-related pandemic. Households and, perhaps surprisingly, foreign investors have been buyers recently, and with the amount of Treasury supply coming to market, both will need to keep buying.

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Outlook For U.S. Economy Continues To Brighten | Weekly Market Commentary | February 12, 2024

Outlook For U.S. Economy Continues To Brighten | Weekly Market Commentary | February 12, 2024

When we wrote the annual outlook last November, the data was mixed. Some metrics hinted at emerging cracks in the economy while others suggested the growth trajectory in capital markets and the economy had legs. So, the variety of the data produced the narrative that business activity in the New Year would grow on an annual basis but experience some bumps in the first half of the year. Now, enter the revisions.

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Will The January Barometer Come Through? | Weekly Market Commentary | February 5, 2024

Will The January Barometer Come Through? | Weekly Market Commentary | February 5, 2024

Yale Hirsch, creator of the “Stock Trader’s Almanac”, first discovered this seasonal pattern back in 1972, which he called the January Barometer and coined its popular tagline of ‘As goes January, so goes this year.’ Here, we assess the likelihood that this popular stock market adage delivers more gains for investors this year. The weight of the evidence leans toward yes, as we explain.

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