From the desks of Stanley Katz & Lauren Madera
In celebration of the Memorial Day holiday, we will not be publishing the Weekly Highlights & Commentary next weekend. To the men and women who serve our country today and have served in the past, we thank you.
This past week’s results were not mixed as they have been lately. All three major US stock market indices posted positive returns this week (i.e., DJIA: +0.37%, S&P 500: +1.64%, Nasdaq: +3.04%) albeit with narrow breadth concentrated in five big tech names: Apple, Microsoft, Alphabet/Google, Nvidia, and Amazon. The market capitalization of these five companies now comprises 20% of the S&P 500—up from 17% last year. J.P. Morgan Asset Management’s “How sustainable is equity market performance?” poses a very good question! Click the link below for some insight.
Concerns about inflation and a potential debt ceiling breach (or default) seem to have subsided somewhat. In addition, subtle improvements in housing and industrial production / manufacturing support the possibility of no near-term recession despite higher interest rates. Maybe that’s what’s driving stock markets higher here and abroad? Look at the Goldman Sachs “Global Wrap-Up” for a concise assessment.
Below are links to a number of third-party research reports that we have read and analyzed over the past week. We hope you will find the information interesting, useful, and worthwhile.
J.P. Morgan Asset Management:
Stanley Katz & Lauren Madera, Financial Advisors
ClientFirst Financial Strategies, Inc.
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