Q1 Shocks: Energy, Inflation, Growth?

Highlights: Q1 2026 Performance  Equities  The first quarter was eventful for markets. Stocks traded higher to start the year, with the S&P 500 posting a modest gain in January. However,

The Big Question for Markets: When Will the Middle East Conflict Be Resolved?

U.S. equity indexes finished a volatile, headline-driven week mixed, as a relatively light economic calendar left investors largely focused on shifting geopolitical developments, oil price volatility, and continued pressure on large-cap technology stocks. Equities

Strait of Hormuz: Risk Markets Veer Off the Straight and Narrow 

U.S. equity indexes finished lower in a volatile week shaped by geopolitical tensions and resulting volatility in oil prices, persistent inflation concerns, and a somewhat hawkish interpretation of the Federal Reserve’s latest

Monitoring Inflation Shock Potentially Transitioning to Growth Shock

Executive Summary  The S&P 500 fell for the third week in a row, with the Nasdaq down eight times in the last nine weeks. The dollar strengthened against the major

Triple Whammy Shocks: Geopolitical, Labor and Private Credit

Executive Summary  Last week, stock and bond prices were down and yields were up. Three simultaneous shocks are feeding off each other: oil at $100/bbl (up 35% in a week), a February jobs

Market Leadership Broadens as Rotation Continues

Executive Summary  The S&P 500 Index declined -0.8% in February, but the headline masked broad underlying strength. The equal-weighted S&P 500 gained +3.5%, Large Cap Value rose +2.6%, and the

AI Disruption Pauses While the US Economy Remains Resilient

Executive Summary  Last week, the S&P 500 returned +1.0%.  Markets continued to be whipsawed as traders assess the impact of AI across a number of industries; oil rose and perceived inflation risks kept

Market Rotation Accelerates as Manufacturing Rebounds and Al Volatility Rise

Executive Summary  Stocks traded sideways this week before a late-week sell-off. The S&P 500 gained +0.5%, but it continued to lag the Russell 2000 and Equal Weight S&P 500. It’s now underperforming both indices by

AI Disruption, Fed Pause, and Rotating Equity Leadership: What’s Driving Markets Now

Executive Summary  Over the next few months, the market is navigating a delicate balance of a strong economy, soft labor market conditions, AI disruption vs. destruction, and a Fed pause.

Markets Reprice Risk as Fed Signals Caution and Breadth Broadens

Executive Summary   The S&P 500 returned +0.3% for the week, recovering from a mid-week wobble. The Fed held interest rates steady and signaled no rush to lower rates amid a