Insights

Markets Hold Firm as Rates Rise The third quarter ended on a surprisingly strong note. Despite sharply higher interest rates, oil prices near $100, continued geopolitical uncertainty and plenty of debate about AI valuations, the S&P 500 gained around 2% for the quarter while the Nasdaq was up about 2.5%. For the year, the S&P 500 has now risen nearly 12% and the Nasdaq is up over 15%.[i] While investors have plenty to worry about, corporate earnings and continued economic gr

Earnings Continue to Surprise The stock market entered August on a strong run, with the S&P 500 up about 10% for the year through the end of July, and August continued to deliver strong returns to investors with the S&P 500 up more than 2.5% for the month. Second quarter earnings gave investors yet more reason for confidence. Among more than 440 S&P 500 companies that had reported by mid-August, 86% exceeded analysts’ estimates, with earnings running about 29% above expectati

The Market Takes a Summer Break The market essentially went sideways in July as investors tried to decide which opportunities and risks deserved the most attention. The economy has continued to grow, consumers are still spending and corporate profits have remained strong. At the same time, GDP growth has slowed, interest rates remain somewhat restrictive, two major wars continue and investors are still struggling to interpret the enormous sums being spent on artificial intell

Markets Are Expensive, But Companies Keep Delivering At the halfway point of the year, despite the war in Iran and various other challenges, the S&P500 is up nearly 10% on the year, on pace for another good year. As we have mentioned several times in past newsletters, the stock market is expensive and has been for a while. But, the reason is simple -- corporate profits have been very strong and seem to keep getting stronger. In the first quarter, companies in the S&P 500 repo

Markets Keep Climbing Through the Noise The month of May gave investors a little bit of everything. Stocks moved back near record highs, corporate earnings came in better than expected, and investors seemed increasingly willing to look past war, energy shocks, and lingering inflation worries. While the mood was not exactly carefree, it certainly seemed more optimistic than cautious. The main support is earnings. Companies in the S&P 500 are finishing a very strong first-quart

Markets Climb as Earnings Rise Sharply Corporate earnings are giving investors a surprisingly strong reason for optimism. Many companies are growing profits, protecting margins, and finding ways to perform well despite complications from the war in Iran, higher oil prices, and continued tariff uncertainty. The S&P 500 and Nasdaq closed out April at fresh records. Hopes for progress in the Iran conflict, lower oil prices, and another strong round of corporate earnings boosted