The Latest Market Commentary From Our Strategists

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Daily Blog

Friday, October 20, 2017

The housing sales numbers have been lackluster lately, constrained by limited supplies. However, September existing home sales unexpectedly snapped a three month losing streak, rising .7% to an annual rate of 5.39 million homes. Not that the Teflon market would have noticed if there was a decline. In fact, housing starts of new homes were down 4.7% in September and building permits dropped 4.5%, suggesting that the housing supply woes are not going away anytime soon. The market continues to grind higher on the accelerating global synchronized expansion. Any progress in Washington regarding tax reform will make the nonstick coating even thicker. Investors waiting for a pullback to jump in to the market had one yesterday – for a few brief hours the market was down, before closing up – again. Please read the Global Perspectives comments about this Teflon market in the latest Global Perspectives™ Quarterly Market Outlook.

Weekly Commentary & Statistics

Monday, October 16, 2017

U.S. equities inched up for the week and global stocks rallied, with stocks from 23 countries hitting historic highs. The release of the minutes from September's Federal Open Market Committee (FOMC) meeting was fairly uneventful, with the meeting's debates not differing much from the public statements.

Monthly Commentary & Outlook

October 2017

Nothing — nothing bad, that is — has been able to stick to these Teflon markets, which have demonstrated an astounding, maybe even confounding, resilience.

  • These “Teflon” markets have been perpetually repelling bad news of all stripes
  • Market resilience is further bolstered by strong fundamentals worldwide
  • Pro-business tax cuts are the elixir that may shift this market into high gear
  • Central banks may be unintentionally blocking progress on reflation
  • Prudent diversification protects against upside and downside risk

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