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:

Bonds Trounced while Tech Stocks Bounced

Sep 28, 2026

Last Week U.S. consumer sentiment slipped to a four-month low in September, Treasury yields spiked to their highest levels since 2007, the war raged on-but oil prices dropped, Xi Jinping and Trump held a summit, and Meta (a)Mused investors with its new AI tool. Wall...

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A Hike, a Spike, and a Market Divide

Sep 21, 2026

Last Week The Federal Reserve raised interest rates, Treasury yields climbed, AI leaders called for slowing advanced model development, and the war raged on. Whereas the headline numbers suggest the market digested those developments well, with the S&P 500 ticking...

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Wall Street’s Triple Trouble

Sep 14, 2026

Last Week Wall Street’s three-ring circus of AI developments, Fed Policy, and the war continued to capture traders' attention, with the latest acts driving a downturn in financial markets. Concerns over the vast sums firms are spending on AI development have weighed...

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The Three-Ring Market Circus

Sep 8, 2026

Last Week Recent Wall Street trading has evolved into a three-ring circus, with AI developments, Fed Policy, and the War captivating investors. Those circles intersect as the war's inflationary impact influences Fed policy, massive debt issuance and spending by AI...

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No End in Sight?

Aug 31, 2026

Last Week The Wall Street storyline stayed the same, with Nvidia posting blockbuster earnings, Kevin Warsh focusing on reducing inflation, and no progress on resolving the conflict in the Middle East. On Wednesday, Nvidia reported second-quarter revenue of $96.2B, a...

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Brawl Street Blues

Aug 24, 2026

Last Week Bond yields slogged higher, with longer-term rates reaching their highest levels since the financial crisis; Walmart posted its slowest same-store sales growth since the pandemic; and peace talks between the U.S. and Iran showed no visible progress....

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Market Hush, Chicago Rush

Aug 17, 2026

Last Week All was quiet on the Wall Street front, as the S&P 500 added 0.36%, the Nasdaq Composite ticked up 0.14%, and the Russell 2000 gained 1.1%. The yield on the 10-year Treasury moved 4 basis points higher to 4.7%, the top end of its 20-year trading range....

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The Rally Rolls On

Aug 10, 2026

Last Week Let the good times roll! It was an across-the-board rally in the financial markets, with the benchmark S&P 500 adding 3.6%, the Nasdaq Composite surging 5.2%, and the Russell 2000 gaining 3.5%. Bond investors also enjoyed the week, as the yield on the...

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Amazon Prime, Warsh Sublime

Aug 3, 2026

Last Week Corporate earnings reports, the War, and the FOMC meeting generated much excitement and confusion that led to a soft bond market and a modestly positive stock market. The yield on longer-term Treasuries climbed to their highest level in decades, with the...

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Chips, Crude, & Crosscurrents

Jul 27, 2026

Last Week Back in 1968, on the hilarious Rowan & Martin’s Laugh-In, Goldie Hawn and others delivered the classic line “sock it to me”. Tech investors were laughing early in the week as the SOXX (iShares Semiconductor ETF) enjoyed its largest one-day gain in over a...

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