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:
Fleeting Chorus of Calm
Last Week Wall Street heard a few measures of a peaceful, easy feeling, and the market did not let us down, with all the major indexes posting significant gains. Once again, it was the war narrative that moved the markets. The verse of “a whole civilization will die...
Optimistic Bounce
Last Week The stock market snapped its five-week losing streak on Wall Street, as equities traded higher during the holiday-shortened week, fueled by a stronger-than-expected March jobs report and some optimism that President Trump is moving towards ending the war...
Nothing Else Matters
Last Week Trading started on an upbeat note on Monday after President Trump suggested the war in Iran was nearing an end. Trading closed on Friday at recent lows as the war raged on with no end in sight. Nothing else mattered. The S&P 500 lost 2.1%, the Nasdaq...
Markets at the Mercy of Headlines
Last Week It was a sea of red across financial markets as the conflict in the Middle East intensified and the economic data suggested that inflationary pressures lingered. Meanwhile, the Federal Reserve announced its decision to keep interest rates unchanged, with a...
Bombs, Bonds, and Stocks Fall
Last Week War. What is it good for? Absolutely nothing for the financial markets. The global stock markets continued to trade lower as the war in the Middle East intensified, driving energy prices to their highest levels since 2022. The S&P 500 extended its losing...
Not a Nice Narrative
Last Week The Middle East erupted in war after the U.S. and Israel unleashed Operation Epic Fury, launching a joint military strike against Iran, decimating military targets, and killing Supreme Leader Ayatollah Ali Khamenei. Iran responded with a wave of missile and...
Wall of Worry Under Construction
This Week Trading activity across all asset classes is going to be extremely volatile. Whereas we typically begin with a recap of the prior week, developments over the weekend warrant flipping the order. Global equities initially sold off after the U.S. and Israel...
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...
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Market Commentary by Eric Kuby, Chief Investment Officer of North Star Investment Management