February 26, 2024

Weekly Market Update

By Michael McKeown, CFA, CPA - Chief Investment Officer

Weekly Market Update

Chart of the Week

What a difference a year makes.

The recession that everyone saw coming never happened. The bear market that had already happened left markets sentiment lopsided.

The story is different today. As of the latest survey, 57% of advisors felt bullish on the market, compared to 25% in the fall of 2022. Just 16% of advisors are bearish today versus 44% at its peak.

Overly bullish markets do not mean there is an action to take. It is good to be aware of how investors feel about markets today as it could lead to opportunities in the future.

Investors Intelligence Survey - Advisor Sentiment

What We’re Reading

The Key to Personal Financial Planning: Being Lazy – Morningstar
Views From the Floor – Japan Stock Market Record – Why it’s Not Bubble 2.0 – Man Institute
A Primer on Private Credit – Marquette Associates
Getting the Best Employee Ideas – Harvard Business Review

Podcast of the Week

Fortress Sees $1 Trillion Real-Estate Debt Opportunity – Credit Edge, Bloomberg

Last Week

Economic data keeps surprising on the upside in aggregate, though home sales and consumer confidence were lower than expected. For companies in the S&P 500, earnings season was strong. With 90% of companies reported, earnings grew 8% from a year ago versus the expectation of only 1% growth. It is no wonder that equities keep moving higher.

The Past Week

The Week Ahead

We will get an important price data point on Thursday with the PCE (personal consumption expenditures) price index. The jobs report for February will be on the second Friday of March, instead of the usual first Friday. This is due to the dates the Bureau of Labor Statistics collects the survey data in the prior month.

The Week Ahead

Thank you for reading.

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