Kuby’s Commentary
Eric Kuby, Chief Investment Officer of North Star Investment Management, writes a weekly commentary on market and economic trends.
Here is a sampling of recent commentary:
A New Tariff Twist
Last Week The Supreme Court of the United States finally struck down the tariffs imposed by Donald Trump, curbing the administration’s use of emergency authority to impose sweeping trade levies without explicit congressional approval. The markets breathed a sigh of...
AI Disruption, Value Stocks Eruption
Last Week The theme thus far in 2026 has been a rotation out of popular, expensive stocks into value sectors that have long underperformed. That narrative was once again in evidence as more stocks advanced than declined, led by strength in the Utility,...
Wild Rotation Ride
Last Week For the well-diversified investors, it was the best of times: Advancing issues outnumbered declining issues by a factor of 1.7-1, small caps and mid caps both surged around 4%, gold and the dollar each bounced back, while the yield on the 10-year Treasury...
Pop Goes Some Bubbles
Last Week The S&P 500 squeezed out a gain of 0.3%, the Nasdaq dipped 0.2%, while small caps suffered a 2% loss. Declining issues modestly outpaced advancing issues, with the dollar slipping 0.5% and the yield on the 10-year Treasury unchanged at 4.24%. One might...
Risk Back on the Radar
Last Week Against the backdrop of a difficult and unsettling week domestically, financial markets pulled back modestly, with all major equity indices finishing slightly lower: the S&P 500 -0.4%, the Nasdaq Composite -0.1%, and the Russell 2000 -0.3%. Advancing and...
Green Shoots and Greenland
Last Week To the casual observer, it was a slightly down week on Wall Street with the S&P 500 drifting 0.4% lower and the Nasdaq Composite shedding 0.7%. Beneath the surface, it was a much brighter story, as advancing issues outnumbered declining issues by 80%....
A Great Start to 2026
Last Week Wall Street closed out the first full trading week of the new year at record levels on Friday, with small caps leading the charge. The Russell 2000 surged 4.6%, the S&P 500 reached a new record after gaining 1.6%, and the Nasdaq rallied 1.9%. Tech stocks...
No Tears or Fear for Investors
Last Week No Santa Claus Rally, but still no tears (and apparently no fear) for investors who enjoyed an unexpected third year in a row of double-digit returns in the market. The S&P 500 slipped 1.03%, finishing the year with a 16% gain, while the Nasdaq Composite...
Ho-Ho-Hoping for a Rally
Last Week There were no lumps of coal in the stockings of investors as Wall Street closed out the penultimate week of the year with a solid advance. The S&P 500 added 1.4%, the Nasdaq Composite gained 1.2%, while the Russell 2000 inched up 0.2%. Advancing issues...
Decking the Halls, Not the Tape
Last Week Prices on Wall Street were sideways, while trading volume was extremely heavy thanks to “triple witching”, a quarterly phenomenon when stock options, index options, and futures contracts all expire. Declining issues outnumbered advancing issues by a factor...
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Market Commentary by Eric Kuby, Chief Investment Officer of North Star Investment Management