Covenant Weekly Market Synopsis as of February 24, 2017

February 26, 2017

Although equity markets continued to rally on the week, fixed income investors are singing a different tune. Domestic stocks led the way, highlighted by Friday’s eleventh consecutive positive session for the Dow Jones Industrial Average – its longest winning streak since 1987. The S&P 500 ended the week with a 0.7% gain, while global equities […]

Covenant Weekly Market Synopsis as of February 17, 2017

February 20, 2017

Domestic economic data releases were generally upbeat this week while a flock of Fed speeches (seven in all) did little to impede the stampeding bull market. Global equity markets rose about 1.5%, pushing MTD gains north of 3% and domestic indices to new highs. Yields on longer-dated U.S. Treasuries ticked higher (though remain lower than […]

Covenant Weekly Market Synopsis as of February 10, 2017

February 13, 2017

It was a “phenomenal” week for risk assets… well at least for the final two days following President Trump’s meeting with airline executives in which he said an announcement would be made within 2-3 weeks that would be “…phenomenal in terms of tax”. Although no details were offered about the plan (will it involve a […]

Covenant Weekly Market Synopsis as of February 3, 2017

February 6, 2017

One of the many adages on Wall Street is that as goes January, so goes the year. If that old saw holds true, then 2017 should be a decent year as developed market equity indices gained between 2% – 3% and emerging markets jumped 5.5% in January. Yields on US Treasuries were relatively stable on […]

Covenant Weekly Market Synopsis as of January 20, 2017

January 23, 2017

In contrast to a huge week in politics that ended with the peaceful transition of power to the new administration, markets were fairly quiet and that is a good thing. Most developed market indices ended marginally lower, while the yield on the long end of the Treasury Curve rose by a handful of basis points. […]

Covenant Weekly Market Synopsis 1.20.17

January 20, 2017

In contrast to a huge week in politics that ended with the peaceful transition of power to the new administration, markets were fairly quiet and that is a good thing. Most developed market indices ended marginally lower, while the yield on the long end of the Treasury Curve rose by a handful of basis points. […]

Covenant Weekly Market Synopsis as of January 13, 2017

January 16, 2017

The Trump reflation trade lost some steam last week (and more this morning), although it is worth noting that broad equity indices in the U.S. and internationally have already posted gains of around 2% or better thus far in 2017. The yield on US Treasuries declined a titch, in a continuation of the moderating yield […]

Covenant Weekly Market Synopsis 1.13.17

January 13, 2017

The Trump reflation trade lost some steam last week (and more this morning), although it is worth noting that broad equity indices in the U.S. and internationally have already posted gains of around 2% or better thus far in 2017. The yield on US Treasuries declined a titch, in a continuation of the moderating yield […]

Covenant Weekly Market Synopsis as of January 6, 2017

January 9, 2017

Risk assets got off to a good start in the first week of trading. Domestic, international and emerging market stocks all moved higher by around 2%, shaking off some of the softness witnessed in the final week of 2016. The yields on US Treasury bonds were volatile (expect a lot of that this year), but […]

Covenant Weekly Market Synopsis as of December 30, 2016

January 2, 2017

Like most years, 2017 is starting with an optimistic tone…. and why not?  Uncertainty regarding the presidential election has been replaced with anticipation of a more business-friendly administration characterized by lower taxes and less regulation.  In response, the S&P 500 rocketed 7.9% post-election to finish the year the year up 12.0% (including dividends).  Small capitalization […]