The Latest Market Commentary From Our Strategists

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Daily Blog

Thursday, May 16, 2019

Bearish investors can’t catch a break. The latest is President Trump’s declaration of a national economic emergency that bans “foreign adversaries” of technology firms that pose “unacceptable risks” to national security. What happens? Yes, the market soars — again. What is to worry about? S&P 500 corporate earnings continue to surprise on the upside with big box retailers leading the way; the Philadelphia Fed Manufacturing index rebounded today to a four-month high of 16.6; and Eurozone GDP stabilized at a 1.2% annual rate. Meanwhile, inflation readings are lower, sending mortgage rates to two-month lows.

We said before, don’t “Washington proof” your portfolio — focus instead on the fundamentals. Overly risk conscious investors are missing out on rising markets. Stick to the plan and follow the fundamentals.

Please see Voya Global Perspectives page 6 “Advancing Earnings Drive the Market.”

Weekly Commentary & Statistics

Monday, May 13, 2019

Most stock indexes were down for the week, with trade-sensitive materials and technology as the worst performers.

Quarterly Commentary & Outlook

April 2019

During the first quarter of 2019, a field of green across the board replaced the steep market declines of 4Q18. Double-digit equity returns rewarded investors in U.S. and international markets alike.

  • Slowing global economic growth is a function of the eighth fed funds rate increase in two years
  • Now that the Federal Reserve seems on hold, markets have breathed a sigh of relief
  • Fundamentals tell us the market backdrop is strong, not so dire as portrayed in some media
  • It seems “bear market” concerns have shifted to fear of missing a continuing rally

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