Good Morning,
Happy Monday. The unofficial start of summer is this Memorial Day weekend. However, we might have some cooler weather in store!
The broad US markets ended last week much higher with the S&P 500 up over 5%. This recent tariff news momentum was disrupted over the weekend after a downgrade of US debt by Moody’s. Yields across the curve are higher this morning though I think the volatility will be short-lived. This isn’t to say the debt issue should be ignored but rather, near-term tax cuts and possible tariff progress, will likely garner more attention. Higher yields could bring more volatility to many of the big cap tech names, presenting a buying opportunity. I still like this time as a chance to layer in more growth at a discount while complimenting a portfolio with attractive fixed rates. The odds of a rate cut have come down dramatically for June but commentary on the path forward will be telling.
Attached, please find this week’s Market Strategy Radar Screen Report from John Stoltzfus, Chief Investment Strategist of Oppenheimer Asset Management. A look at pricing data from last week and earnings, are among the topics.
Thank you to all our service men and women who have given the ultimate sacrifice. We wouldn’t be here without them.
Have a great Memorial Day Weekend!
(Our offices will be closed Monday, May 26th.)