June 08, 2020
Ending on June 3rd, the S&P 500 had the biggest 50-day rally in its history, gaining 37.7% over that period, and the NASDAQ Composite Index set a new all-time high on June 7th. As of the date of this letter, every stock in the S&P 500 is up over the last 10 weeks. S&P 500 valuations are the highest in nearly 20 years, as investors apparently think corporate profitability will dramatically increase relatively soon. The most common question we are receiving from clients is whether this rally can be sustained.READ MORE
March 13, 2020
First, and most importantly, we hope you are doing well and staying safe.
The longest bull market in the history of US equities came to an end this week as the S&P 500 fell more than 20% from its peak in breathtaking speed. As of yesterday’s market close, the S&P 500 is down 26.3% from that peak and 22.9% YTD. Small- and mid-cap stocks once again underperformed the S&P 500, and international equities also swooned. Risky credit such as corporate high yield and emerging market debt also suffered significant losses, but not to the extent of equity market losses. READ MORE
February 25, 2020
In the last several days, fears about the Coronavirus spreading have resulted in a “risk off” environment in financial markets: equity markets globally have lost value and US Treasury prices have risen. As of the time of this letter, on February 25th, the S&P 500 is down 7.2% from its peak , the MSCI Emerging Market Equity Index is down 8.00% from its recent high, and the yield on the 30-year US Treasury Bond is at an historic low of 1.79% (bond yields move in the opposite direction from price).READ MORE
Watch Coldstream Wealth Management’s moderated discussion with Dan Clifton, director of legislative and public policy research at Strategas Research Partners in Washington, D.C. In this discussion, Mr. Clifton provides his analysis of how current legislation and policy impacts our economy.