Good Morning,
I hope everyone had a great Father’s Day weekend! This Friday marks the official start of summer and the longest day of the year. Get your trips planned!
Markets were hit with a round of volatility to end last week as hostilities between Israel and Iran intensified. It’s noteworthy to mention that stock futures this morning are positive while oil futures have come down. We often see knee jerk market reactions when geopolitical tensions rise but these can be extremely short lived. CPI data last week was cooler than anticipated which supports the possibility of the Fed cutting rates. We get the latest interest rate decision on Wednesday and while no change is anticipated, discussion on the path forward will be analyzed closely. I still see this market as one that will slowly grind higher when earnings start next month with larger movements in response to any positive trade news. Value has outperformed growth YTD and I continue to like these moments of volatility as an opportunity to buy growth at a reasonable price. Please continue to reach out with additional questions/comments.
Attached, please find this week’s Market Strategy Radar Screen Report from John Stoltzfus, Chief Investment Strategist of Oppenheimer Asset Management. A look at business optimism and the FOMC meeting, are among the topics.
Have a great week!
(Our offices and the markets will be close Thursday, June 19th in honor of Juneteenth.)