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Weekly Market Commentary

Market Recap Week ending 6/21/2019

-Darren Leavitt, CFA

US equity markets continued to rally last week and hit record highs on dovish tones echoed from several central banks and on constructive headlines around the upcoming meeting with President Trump and President Xi at the G20 summit.  Separately, increased tensions between the US and Iran whipsawed markets after Iran shot down a US unmanned drone.   For the week the S&P increased by 2.2%, the Dow gained 2.4%, the NASDAQ was up 3.0%, and the Russell 2000 finished 1.8% higher.  US Treasuries continued to bid as well.  The 2-year note shed six basis points to close with a yield of 1.78% while the 10-year bond lost one basis point to close with a yield of 2.07.  Gold and Oil had nice gains last week.  Gold was up over $50 to close just under $1400 an Oz.  Oil rallied on the increased tensions in the Middle East and gained over 9% to $57.33 a barrel.  There were no changes to our models last week.

ECB President, Mario Draghi jump-started the week with comments that indicated the ECB would provide additional stimulus if conditions in the Eurozone do not improve.  The US, Japan, and England had central bank meetings in the week, and all seemed to suggest a more dovish stance.  The lack of inflation across the globe was a central theme.  In the US, the Fed dropped the word “patient” from its most recent policy statement and indicated that the Fed was poised to act as appropriate to sustain economic expansion.  Fed funds futures now assign a 100% probability to a 25 basis point cut in July.

Investors were pleased to hear that President Trump and President Xi will extend the duration of their meeting at the G20.  Additionally, both sides indicated that trade would be discussed between the leaders and in fact said that trade delegates from both sides would start talks before the G20.

Iran shot down an unmanned drone that they claim breached their air space.  The incident induced volatile trade and put a nice bid into oil.  The US was close to launching a military response but for the time being, has held back and instead called for more sanctions on Iran.

The information in this Market Commentary is for general informational and educational purposes only. Unless otherwise stated, all information and opinion contained in these materials were produced by Foundations Investment Advisers, LLC (“FIA”) and other publicly available sources believed to be accurate and reliable.  No representations are made by FIA or its affiliates as to the informational accuracy or completeness.  All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation. No party, including but not limited to, FIA and its affiliates, assumes liability for any loss or damage resulting from errors or omissions or reliance on or use of this material.

The views and opinions expressed are those of the authors do not necessarily reflect the official policy or position of FIA or its affiliates.  Information presented is believed to be current, but may change at any time and without notice.  It should not be viewed as personalized investment advice. All expressions of opinion reflect the judgment of the authors on the date of publication and may change in response to market conditions. Due to rapidly changing market conditions and the complexity of investment decisions, supplemental information and other sources may be required to make informed investment decisions based on your individual investment objectives and suitability specifications. You should consult with a professional advisor before implementing any strategies discussed. Content should not be viewed as an offer to buy or sell any of the securities mentioned or as legal or tax advice. You should always consult an attorney or tax professional regarding your specific legal or tax situation.
Investment advisory services are offered through Foundations Investment Advisors, LLC, an SEC registered investment adviser.

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Investment advisory services are offered through Boynton Financial LLC and is a State of Texas registered investment advisor.