Covenant Weekly Market Synopsis for December 8, 2017

December 11, 2017

After stumbling out of the gates in December (typically a very good calendar month for stocks), equities regained their footing over the last couple of days tacking on gains of 0.4% to close out the week at highs (at least for the S&P 500 and Dow Jones Industrial Average, though the Nasdaq is not far […]

Covenant Weekly Market Synopsis for December 1, 2017

December 4, 2017

13 is not an unlucky number for this bull market as November marked the thirteenth consecutive month of gains for the S&P 500 (inclusive of dividends). This streak is not unprecedented (since 1871 there have been six occasions where total returns were positive in 12 or more months according to Bloomberg), it’s just unusual. In […]

Covenant Weekly Market Synopsis as of November 20, 2017

November 20, 2017

As the third quarter earnings season draws to a close, approximately 90 percent of U.S. and European companies have now reported. Overall, earnings were largely in line or exceeded analysts’ estimates for the quarter. Yet, it appears some of the bloom may be coming off the “profits rose” as consensus estimates are no longer being […]

Covenant Weekly Market Synopsis for November 10, 2017

November 12, 2017

Domestic equity indices closed the week lower, but the damage was minimal with declines of less than 0.5%. Developed international markets followed their U.S. cousins, while emerging markets posted gains of 0.7% (pushing year-to-date performance above 34%). Interest rates moved modestly higher across the curve, with the yield on the 10-year UST closing the week […]

Covenant Weekly Market Synopsis for November 3, 2017

November 5, 2017

The two big news events last week with regards to the economy had little immediate impact on financial markets: House Republicans introduced their tax bill and Jerome “Jay” Powell was nominated as the next Fed Chair. Neither event moved markets significantly, with the exception of a decline in the prices of homebuilder stocks who are […]

Covenant Weekly Market Synopsis for October 27, 2017

October 30, 2017

In what was shaping up to be a down week for domestic equities, blowout earnings announcements in the technology sector by Amazon, Alphabet (aka Google) and Microsoft on Thursday afternoon catalyzed a strong rally on Friday.  The S&P 500 jumped 0.8% on the final day of the week, which by all accounts is a good […]

Covenant Weekly Market Synopsis for October 20, 2017

October 23, 2017

The S&P 500 and Dow Jones Industrial Average indices were a perfect 5-for-5 last week as each day brought higher prices than the day before. Most of the week’s gains came on Friday, following Thursday evening’s successful Senate vote on the budget. Importantly, the language in the bill was modified to simplify the Senate and […]

Covenant Weekly Market Synopsis for October 13, 2017

October 16, 2017

Halloween month is an apt time for our Gregorian calendar to cooperate by producing a Friday the 13th. Yet, nothing scary emerged this past Friday, at least not in the financial markets. Equities bounced higher with the Nasdaq Index closing at an all-time high – the S&P 500 and Dow Jones Industrial Indexes also hit […]

Covenant Weekly Market Synopsis for October 6, 2017

October 9, 2017

“Lather, rinse, repeat” say most shampoo bottles. So sayeth the equity markets in this historic run, evidenced by the S&P 500 recording its fourth consecutive weekly gain. In a market that keeps setting new records, the S&P 500 is on the cusp of another. Through Friday, the widely followed index had gone 332 days without […]

Covenant Weekly Market Synopsis for September 29, 2017

October 2, 2017

The market is boring… equity indices click higher seemingly every day to set new records. But, of course, this is the type of boring investors like. The alternative to a boring market can take many forms from a violent move lower to choppy waters in which markets move sharply higher and lower on successive days. […]