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 […]

Covenant Weekly Market Synopsis as of December 16, 2016

December 19, 2016

  The Fed threw a little sand in the gears of the post-election stock market rally last week. Although the 0.25% rate hike announced following their final meeting of the year was fully priced into the market, the Fed struck a modestly more hawkish tone that included an increase in their forecast for the number […]

Covenant Weekly Market Synopsis as of December 9, 2016

December 11, 2016

Another week, another record. Equity markets continued to push higher around the world on hope and faith in the future Trump administration’s economic policies. Those positive vibes were buttressed by firmer domestic economic data and an accommodative message from European Central Bank President Mario Draghi last week. The Dow Jones Industrial Average, although representing only […]

Covenant Weekly Market Synopsis as of December 2, 2016

December 4, 2016

Following two weeks of relentless buying, risk assets slowed their flow last week. Domestic stocks declined by approximately 1% while developed international bourses fell by 0.2%. Emerging market equities, which suffered post-election, continued to slide, albeit modestly by 0.3%. Interest rates ended the week relatively unchanged, after rising sharply in the month of November (the […]