SUREVEST BLOG

Market Update – June 26, 2020

This year is turning out to be very different than investors had anticipated. At the start of 2020 there was not a single market strategist who said a global virus would act as a headwind to the economy and the markets, but here we are today dealing with what is certainly a black swan event. In normal presidential election years, the media covers the latest election news daily, but this year has been different. With so much going on, the election has taken a backseat.

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Market Update – June 12, 2020

Thursday’s market selloff served as a reality check to some investors who had forgotten markets do not go straight up. The media pointed to the new spikes in Coronavirus cases as the reason; although certainly true, the markets were looking for a reason to put a pause to the recent rally. The selloff caused the Dow Jones Industrial Average to drop 6.89%, while the S&P 500 decreased by 5.89% and the NASDAQ Composite Index was down 5.26%.

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Market Update – June 05, 2020

The US equity markets continued their positive trend this week with the S&P 500 posting a gain of 2.23% for the week through Thursday’s market close. The Financial Sector led the way up 7.98% followed by energy stocks, displaying a gain of 7.40%. Healthcare was the worst performing sector during this period, down 1.40%.

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Market Update – May 29, 2020

It has been 66 days since stocks bottomed on March 23rd and US equities have posted positive returns. The S&P 500 is up 35.4% through Thursday’s market close, while the Dow Jones Industrial increased 36.6% and the tech heavy NASDAQ Composite is up 36.5%. However, the broader indexes are still down year-to-date, except for the NASDAQ, which is now in positive territory.

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Market Update – May 22, 2020

Coming into this decade there was a lot of excitement on how the world would change by the rapid technological advancements we have seen. However, nobody forecasted that the world would change right at the start of the decade and not by technology, but by a virus. There is no denying that human behavior has changed, and it is likely that things will never return exactly the way it was prior to COVID-19. It is no different for the way economic data is consumed by investors and other professionals.

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Market Update – May 08, 2020

On Thursday, the US weekly jobless claims were released, revealing 3.169 million people filed for unemployment claims last week. That brings the seven-week total to 33.5 million Americans out of a job in a very short period. Yet the S&P 500 closed up for the day at 1.15% and the Dow Jones Industrial Average increased by 211 points or .89%. 

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Market Update – May 01, 2020

As more data is becoming available, we are beginning to see how the economic shutdown is impacting growth. The Bureau of Economic Analysis released its first estimate of U.S. Real GDP growth in the first quarter and it came in at a negative 4.8%. The average economist surveyed by Dow Jones thought the economy would contract by 3.5%.

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Market Update – April 24, 2020

Earnings season is in full swing and as of Thursday; 120 companies in the S&P 500 have reported their first quarter results. So far, earnings per share have come in lower than anticipated, while revenue growth has been slightly higher than the consensus.

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Market Update – April 17, 2020

We are now beginning to enter the period in which data will be released and shed light on the impact of COVID-19 on the economy and corporate earnings. U.S. GDP growth numbers will be released at the end of the month, but other countries have already started to release their figures.

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Market Update – April 10, 2020

We are back to setting records on Wall Street. Throughout all of the unknowns this year, one thing investors are becoming accustom to is all the records that have been set so far this year. This week the S&P 500 posted an impressive gain of 12.1%, setting the best weekly increase since late 1974.

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