Weekly Commentary

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Monday, July 13, 2015

News out of Greece continued to dominate market sentiment, resulting in a volatile but mostly positive week for equities. The CBOE Volatility Index spiked to its highest levels since January before pulling back, while yield on the benchmark ten-year U.S. Treasury rose sharply to close the week after cratering on Wednesday. Looking abroad, Chinese stocks delivered their first positive week since the mid-June beginning of a selloff that slashed indexes by 30% or more.

Monday, July 6, 2015

It was another choppy — if abbreviated — week for equity markets, which ended mostly down. The S&P 500 delivered its biggest weekly loss in three months, unable to rebound from Monday’s Greece-inspired selloff. Yield on the benchmark ten-year U.S. Treasury pulled back from recent highs as investors sought safe havens in advance of Sunday’s Greek referendum.

Monday, June 29, 2015

Domestic equity markets were choppy on the week, as a lack of resolution to the latest Greek bailout talks had investors in a skittish mood despite decent economic data flow; the health care sector was a notable exception, however, surging as the Supreme Court upheld certain elements of the Affordable Care Act. Yield on the benchmark ten-year U.S. Treasury continued to edge higher, closing at the highest level in nearly nine months.

Monday, June 22, 2015

Despite trailing off on Friday, domestic equity markets delivered their best week in some time thanks in part to a dovish Fed. Chinese exchanges, in contrast, were pummeled as investors fearful of a bubble sent stocks there to the worst week in more than seven years.

Monday, June 15, 2015

U.S. stocks broadly declined for the week, pressured by the sell-off of European stocks as Greece’s debt-default drama intensified. Only the S&P 500 index managed to break even. Asian stocks were mixed, buffeted by U.S. bond market volatility and by worries about a U.S. rate increase, which cut investment flows into emerging markets.

Monday, June 8, 2015

The U.S. economy generated 280,000 new jobs in May, a much stronger than expected result. Investors interpreted the strong job growth to imply that the Federal Reserve might begin raising interest rates sooner than expected, which sent bond prices down and caused yields to spike upward. The widely watched ten-year U.S. Treasury yield started the week at 2.1% and rose to 2.4% by Friday, the highest it had been since last October.

Monday, June 1, 2015

A difficult week coming out of the Memorial Day holiday wasn’t enough to take the shine off a successful May for domestic equity markets, as major stock indexes —led by the Nasdaq — posted solid gains for the month. Yield on the benchmark ten-year Treasury moved lower during the week but finished the month slightly higher.

Tuesday, May 26, 2015

A quiet week in the equity markets ahead of the long Memorial Day weekend saw the S&P 500 and Nasdaq set new record highs. Yield on the benchmark ten-year Treasury edged higher during the week, closing above 2.2%. Crude oil saw its nine-week winning streak snapped, posting a small loss.

Monday, May 18, 2015

Equity markets posted only mild gains for the week, but it was enough to send the S&P 500 to a new record high. Yield on the benchmark ten-year Treasury ended lower for its first weekly decline in a month. Crude oil continued to move higher, posting a record ninth consecutive weekly gain.

Monday, May 11, 2015

A sluggish week in the equity markets was rescued by a sharp Friday rally on what some observers were terming a “Goldilocks” job report — strong enough to indicate economic growth but not so robust as to incite the Fed into near-term action. Yield on the benchmark ten-year Treasury ended slightly higher but was well off mid-week highs.


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