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Earnings Strength Anchors a Volatile Market

Executive Summary  The stock market has stayed resilient with sporadic pullbacks and shots of volatility. We expect this choppiness to continue into year-end. The real story remains the same: The

Investment Commentary – November 3, 2025

Executive Summary Last week, large-capitalization S&P 500 stocks advanced 0.7%, but small stocks lagged.  The three material items for the week included broadly positive big tech earnings, the Fed meeting

Investment Commentary – October 27, 2025

Executive Summary Investors are gearing up for a pivotal week, as Big Tech earnings and an expected U.S. interest rate cut could set the country’s economic trajectory for the rest of

Investment Commentary – October 20, 2025

Equities The S&P 500 returned 1.1% for the week amid continued optimism around AI, a strong start to the earnings season, from large banks, and increasing hopes for further rate

Investment Commentary – October 13, 2025

Executive Summary Last week, stocks declined while bonds appreciated (price up / yield down).  The MSCI Emerging Markets and MSCI EAFE indices outperformed the S&P 500.  Across U.S. Russell style

Investment Commentary – October 6, 2025

Executive Summary Equity Markets Risk On Last week, global equity funds experienced the best week of inflows in nearly a year, led by U.S. technology and financial stocks. The third

Investment Commentary – September 29, 2025

Executive Summary  The Fed cut interest rates as expected by 0.25% to 4.25%. The market response was bullish for riskier assets but did not do much for bonds. The bond

Investment Commentary – September 22, 2025

Executive Summary  The Fed cut interest rates as expected by 0.25% to 4.25%. The market response was bullish for riskier assets but did not do much for bonds. The bond

Investment Commentary – September 8, 2025

Executive Summary Financial markets have weathered months of policy-driven volatility, and after a nearly 20% decline, the S&P 500 has regained all its losses and set numerous all-time highs. What

Investment Commentary – September 2, 2025

Executive Summary The S&P 500 closed out August near an all-time high, defying consensus commentary that was pessimistic. Coming into the month, many investors were bracing for seasonal weakness, the