Weekly Market Update
By Michael McKeown, CFA, CPA - Chief Investment Officer
Chart of the Week
Consumer confidence surveys show an improvement from a few months ago. The decline in oil and gas prices are a reason. According to head of petroleum analysis Patrick De Haan at GasBuddy, Americans will soon be saving $500 million per day in gas compared to three months ago. Though prices remain above where we started the year, this savings will help household balance sheets.
What We’re Reading
Good Enough: Forecasting & Survival – Morgan Housel
The ESG Crown Is Slipping, and It’s Mostly the Fund Industry’s Own Fault – Businessweek
What if U.S. Stocks are Undervalued? – Morningstar
2022 Mid-Year Global Real Estate Outlook – CBRE
Podcast of the Week
The Status Game – Infinite Loops
The Past Week
Jobless claims and services reports came in better than expected in the U.S. Weaker trade data out of China came out as the country struggles with lockdowns. The European Central Bank increased interest rates 0.75%, the largest increase in its history.
The Week Ahead
Attention turns to the monthly Consumer Price Index report on Tuesday as it will be a key indicator of whether inflation peaked in July. This has implications for the Federal Reserve’s meeting next week, where the market expects an increase of 0.75% in the Fed Funds Rate. The retail sales and Philly Fed Business Index reports on Thursday will be key indicators on the strength of the economy.
Talk to you next week
Important Disclosure Information
Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Marcum Wealth, or any non-investment related content, made reference to directly or indirectly in this commentary will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this commentary serves as the receipt of, or as a substitute for, personalized investment advice from Marcum Wealth. Please remember to contact Marcum Wealth, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. Unless, and until, you notify us, in writing, to the contrary, we shall continue to provide services as we do currently. Marcum Wealth is neither a law Firm, nor a certified public accounting Firm, and no portion of the commentary content should be construed as legal or accounting advice. A copy of the Marcum Wealth’s current written disclosure Brochure discussing our advisory services and fees continues to remain available upon request. Please advise us if you have not been receiving account statements (at least quarterly) from the account custodian.
Historical performance results for investment indices, benchmarks, and/or categories have been provided for general informational/comparison purposes only, and generally do not reflect the deduction of transaction and/or custodial charges, the deduction of an investment management fee, nor the impact of taxes, the incurrence of which would have the effect of decreasing historical performance results. It should not be assumed that your Marcum account holdings correspond directly to any comparative indices or categories. Please Also Note: (1) performance results do not reflect the impact of taxes; (2) comparative benchmarks/indices may be more or less volatile than your Marcum accounts; and, (3) a description of each comparative benchmark/index is available upon request.