Covenant Weekly Market Synopsis as of May 20, 2016

May 22, 2016

The S&P 500 and Nasdaq posted gains to snap a four-week losing streak, but the Dow Jones Industrials did not.  International equities were mixed with the global index (MXWD) declining by 0.5% and emerging markets falling 0.9%, while European and Japanese equities rose 1% or more.   The yield on fixed income instruments rose modestly as […]

Covenant Weekly Market Synopsis as of May, 13, 2016

May 16, 2016

Global equities were mixed on the week with domestic stocks retreating by about 0.5% (marking the third consecutive weekly decline), while international stocks rose (Emerging Markets 0.2%, Europe 0.9%, Japan 1.9%). The yield on the 10-year US Treasury declined slightly to 1.71% as investors continue to discount the probability that the Fed will raise interest […]

Covenant Weekly Market Synopsis as of May 6, 2016

May 9, 2016

It was a down week for risk assets. International equities declined about 2%, while Emerging Markets declined more than 3% as the US Dollar bounced nearly 1% against a basket of trading partners’ currencies. Domestic stocks retreated as well, though less than their international counterparts. Commodities gave back a small portion of their gains (Copper […]

Covenant Weekly Market Synopsis as of April 22, 2016

April 25, 2016

Global equities pushed higher last week with Japan’s Nikkei Index leading the way gaining 4.3% (-7.0% YTD). European stocks increased by 1.5%, while China declined by 3%. In the U.S., the S&P 500 appreciated by 0.5%, but investors favored Value stocks (+1.6%) over Growth stocks (-0.4%) by a wide margin, as some of the stocks […]

Covenant Weekly Market Synopsis as of April 15, 2016

April 18, 2016

The past week was a good one for risk assets with global equities appreciating more than 2.5%.  Japan led the way with a gain of 7% (+0.5% MTD), Europe rose by 3.5% (+1.7% MTD) and though U.S. Equities lagged their international counterparts, they increased by a respectable 1.6% (+1.1% MTD).  In spite of the general […]

Covenant Weekly Market Synopsis as of April 8, 2016

April 10, 2016

After a furious six-week rally, equity markets opened the second quarter in the red. Large cap domestic equities are faring better on the margin (down 0.5% MTD) than global equities (down 1% MTD).  Market volatility remains elevated as evidenced by the S&P 500 which saw three consecutive days of moves in excess of 1% last […]

Covenant Weekly Market Synopsis as of April 1, 2016

April 4, 2016

March ended the first quarter of 2016 on a positive note with equity markets staging an impressive rally, yet the 7-year old bull market remains in a tenuous position. Although developed market equities rallied around 7%, the S&P 500 is barely positive year-to-date and developed markets outside of the U.S. are under water. Emerging markets […]

Covenant Weekly Market Synopsis as of March 25, 2016

March 28, 2016

Following five consecutive weeks of gains in which global equity markets have risen about 11%, risky assets retreated last week. Global equities declined around 1%, precious metals fell a little more than 3%, and WTI Crude moved about 1.3% lower to $39.50 per barrel. This was a rather modest pullback as risky assets are enjoying […]

Covenant Weekly Market Synopsis as of March 18, 2016

March 21, 2016

Global equities rallied for the fifth week in a row pushing the S&P 500 to a slightly positive value year-to-date (YTD). Large capitalization stocks have been the primary beneficiary of the rally (not dissimilar from stock market performance in 2014) and while small cap and technology names have enjoyed substantial gains recently, they are not […]

Covenant Weekly Market Synopsis as of March 11, 2016

March 14, 2016

Mario Draghi and the ECB ventured further into unchartered monetary policy territory on Friday unleashing a new round of quantitative easing. The updated measures included pushing deposit rates deeper into negative territory (-0.4%) and increasing bond purchases by 20 billion to 80 billion euros ($89 billion) per month. There were also a couple of new […]