From the desks of Stanley Katz & Lauren Madera
STAY SAFE & HAVE FUN!
Second quarter earnings season is in full swing posting solid +3% year-over-year growth and propelling the major US stock market indices to another positive week (i.e., DJIA: +0.66%, S&P 500: +1.01%, Nasdaq: +2.02%) and a new 52-week high for the S&P 500. Approximately 80% of reported earnings have been better than expected. As of Friday’s close, the S&P 500 stands at +28% off its October 12, 2022 low. That’s despite the Federal Reserve raising interest rates 11 times since March 17, 2022 with the last 0.25% rise occurring this past Wednesday. Read Capital Group’s commentary “Fed strikes measured tone as hiking cycle resumes.”
As stated in recent Weekly Highlights & Commentaries, the US stock market returns have been mostly concentrated in seven tech stocks: AAPL, MSFT, NVDA, AMZN, GOOGL, META, and TSLA. This lack of breadth in market returns could pose a potential problem unless other business sectors’ earnings show improvement too. Schwab’s “Get the Balance Right” addresses the current market sentiment. Click the link below.
This week’s H&C has a new twist to it. For your viewing and listening pleasure we have added a video with Fidelity’s 3rd Quarter 2023 Investment Research Update. Let us know if you like this feature.
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.
Capital Group:
Schwab:
Argus:
BlackRock:
J.P. Morgan Asset Management:
Stanley Katz & Lauren Madera, Financial Advisors
ClientFirst Financial Strategies, Inc.
937-293-5500
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