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Market Outlooks
Weekly Investment Commentary: Markets continue to rise, but so do inflation risks
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U.S. equities added to 2021 gains last week, with the S&P 500, Nasdaq and Russell 2000 again reaching intra-week record highs. This performance corresponded with a steady VIX reading in the relatively low mid-20s. Sector returns were mixed, led by energy and technology, which added 4.9% and 2.3%, respectively, while utilities lost 1.5%.
Market Outlooks
Global Weekly Commentary: Fiscal boost is not a market risk – yet
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The prospect of another large U.S. fiscal package has fed debates about potential economic overheating. We believe central banks for now have strong incentives to lean against any rapid rise in nominal yields even as inflation rises, supporting our tactically pro-risk stance. Yet rising debt levels may eventually pose risks to the low-rate regime. This is part of why we strategically underweight government debt.
Market Outlooks
Global Weekly Commentary: Why we favor tech and healthcare
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The pandemic has turbocharged transformations that were already under way – from sustainability to inequality. Yet markets have not fully priced in the durability of these trends, we believe, even with the glimpse into the future offered by the pandemic.
Market Outlooks
Weekly Investment Commentary: U.S. equities rebound as investors focus on fundamentals
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In a reversal from last week, U.S. equities experienced their best week since November 2020. Losses due to the volatility surrounding GameStop headlines were completely erased, as the S&P 500, Nasdaq and Russell 2000 all reached record highs. All 11 sectors experienced gains, 10 advancing by greater than 2%, with six advancing almost 5% or more.
Market Outlooks
Weekly Investment Commentary: The rise of the individual investor
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Thanks to a bout of volatility, U.S. equities experienced their worst week of trading in three months and ended January on a negative note. Broad indexes sought to sustain fresh highs to start the week, but soon realized losses largely due to the unexpected force of individual investors.
Market Outlooks
Global Weekly Commentary: Valuation: not a worry for now
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Equity valuations have been top of mind after major stock indexes have scaled new highs. Last week’s volatile market moves as a result of technical deleveraging added fuel to these concerns. We do not see risk asset valuations as obviously stretched overall, and expect low interest rates – and a vaccine-led restart – to support risk assets over the next six to 12 months.
Market Outlooks
Weekly Investment Commentary: Equity markets experience a sense of déjà vu
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U.S. equities hit new highs last week before pulling back on Friday. Broad indexes were positive for the holiday-shortened week with leadership shifting from coronavirus-impacted cyclical and value stocks that have led recently, back to growth and defensive stocks that dominated most of 2020.