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:
Nothing Else Matters
Pressure The stock market continued to be under selling pressure, as the S&P slid 1.6%, the Nasdaq dropped 3.1%, and the Russell 2000 shed 1.2%. Health care and Financials shares fared better thanks to solid earnings reports from several of the key components of...
Where the Wild Swings Are
Not So Hot Our previous commentary was titled “Bad News Bears”, but perhaps “Bad News Bulls” or “Good News Bears” would be a more appropriate description. Indeed, stock traders continued to obsess on future Fed rate hikes, with good news such as the strength in the...
More Bad News Bears
Winter Is Coming The selling deluge continued with the S&P 500 losing 2.9% to finish at its lowest level since Christmas 2020. The storyline remained the same as the PCE, the Fed’s preferred inflation measure, rose a whopping 0.1% more than forecasters expected....
Mission Accomplished?
Last Week The stock market treaded water until Wednesday afternoon’s extraordinarily hawkish Fed statement and Chairman Powell’s grim press conference opened the selling floodgates. By the closing bell Friday, the S&P 500 was down -4.7%, the Nasdaq -5.1%, and the...
Bear Down
Inflationary Data vs. Deflationary Outlook The S&P 500 turned sharply lower, wiping out the previous week’s 3.7% gain plus another 1%, with a loss of 4.8% for the five-day session. The Nasdaq fared even worse, suffering a 5.5% decline, the Russell 2000 shed 4.5%,...
Global Central Banks Follow U.S. Fed
Weathering the Storm U.S. stocks snapped a three-week losing streak as the selling pressure abated and buyers, likely either bargain-hunting investors or short-covering traders, emerged. The market rose in three of the four sessions with only the oil and gas sector...
News Blues
Consensus Pessimism Drives Our Optimism We are beginning to embrace the saying that “no news is good news” since the market has been reacting negatively to both good news and bad news. This suggests a pessimistic consensus among financial markets participants, and any...
Powell Packs a Punch
Waiting on Wyoming The sell-off that started the previous Friday continued Monday, as concerns deepened over a more hawkish tone from Federal Reserve Chairman Jerome Powell on the upcoming Friday at Jackson Hole. The market treaded water on very low volume Tuesday and...
Friday Fizzle
Walmart Sales Up, Gas Prices Down The stock market rally ran out of steam, as the S&P dropped 1.2%, the Nasdaq declined 2.6%, and the Russell 2000 slid 2.9%. Most of the damage was on Friday, without any specific news to account for the mood swing. Of note, the...
Getting Better
The Rally Continues It’s getting better all the time Better (inflation) Better (consumer sentiment) Better (corporate earnings) Stocks rallied for the fourth straight week, with the S&P gaining 3.2%, the Nasdaq advancing 3.1%,and the Russell 2000 surging 4.9%. The...
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Market Commentary by Eric Kuby, Chief Investment Officer of North Star Investment Management