While the April 2 tariff announcements were more severe than anticipated, Vanguard’s active fixed income managers were well-prepared for the subsequent market reaction.
Less favorable seasonal technicals, increased focus on municipal-specific policy risks, and severe volatility spurred by higher-than-anticipated tariff increases weighed heavilyon sentiment and resulted in deeply negative total returns and significant underperformance versus Treasuries in March and early April.
Stock markets have been rattled by trade war tensions and economic uncertainty driven by US tariff policies. Yet history suggests that equities have usually performed well in the aftermath of peak market volatility.
If I had a dollar for every time I heard or read the word recession in the last week, well, I’d have enough not to be financially worried about one. Add a dollar for every mention of tariffs and I’d be comfortably flushed with cash.
Federal Reserve Bank of Cleveland President Beth Hammack said she’s keeping an open mind about the direction of interest rates because of uncertainty over President Donald Trump’s policies and how they will affect the economy.
Right now we are in an incredibly complicated environment with regard to U.S. tariff policy gyrations and its whipsawing impact on global equity markets. One thing we can confidently assert is that however the trade negotiations play out, there will be higher tariffs and this will be negative for U.S. growth.
Audiences worldwide turn to Netflix for escapism. Wall Street is doing the same.
This month’s panic-driven selling across municipal bonds — fueled by the boom in ETFs — is proving a mixed blessing for investors in a normally sedate market corner.
One day doesn’t make a trend, but wary small-caps investors may find some comfort in knowing the Russell 2000 Index jumped 8.50% on Wednesday
While we remain open to changes in market conditions, as well as periodic “fast, furious, prone-to-failure” advances that can relieve the oversold “compression” produced by market losses, we are presently on high alert for a possibly abrupt and cascading market and economic dislocation in the weeks ahead.
KKR & Co. is eyeing one of the riskiest deals going right now — buying the owner of London’s creaking water and sewage system, Thames Water. Giving a private equity firm the chance to profit from fixing the mess Thames got into under past private ownership looks bad but makes sense.
Charles Schwab Corp.’s daily average trades exceeded expectations as retail investors rushed to respond to market volatility in the first three months of the year.
Covered call strategies have been around for a very long time, but covered call ETFs have recently enjoyed a massive increase in popularity.
One of the most volatile market weeks in years was sparked by tariff announcements earlier this month. President Donald Trump's 10% universal tariff went into effect on April 5th, followed by his controversial reciprocal tariffs on April 9th.
The month of April will unfortunately go down in financial market folklore as being one of the more noteworthy on record.
Measures announced so far this year have pushed the effective U.S. tariff rate above 20%. The astonishing jump has raised import taxes to a level not seen in about a century.
CIO Sean Taylor assesses a better-than-expected quarter for emerging markets and takes stock of the drivers that may support the asset class in what could be difficult months ahead for global markets.
If there’s one thing investors have learned in recent days, it’s that there’s no way to guess what America will do next. With its on-again, off-again tariffs, the US administration has demonstrated a rare and reckless willingness to shock markets.
JPMorgan's Jon Maier spoke with VettaFi about active management in the ETFs space approaching investing in the current environment.
If the goal is to use technological platforms to customize and maximize the experience for your clients, it seems many of us still have a way to go.
If your business isn’t strategically managing its digital presence, it could be losing customers without even realizing it. The brands that master GEO and SEO today will be the ones shaping the marketplace of tomorrow.
A three-day rebound in US Treasuries will be tested on Wednesday as investors await commentary from Federal Reserve Chair Jerome Powell as well as key data and a bond auction.
Technology stocks sank as new US government restrictions on the export of Nvidia Corp. chips to China and a disappointing report from ASML Holding NV dimmed the outlook for the semiconductor sector, wiping out more than $180 billion in market value for the two companies alone.
Delta Air Lines Inc. and the parent of Frontier Airlines recently yanked earnings guidance for 2025, with JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon saying that he expects “to see more of that.”
In San Francisco’s financial district, the One Montgomery building evokes the opulence of America’s turn of the 20th century gilded age. With its Tuscan columns, marble staircases and bronze doors, the Renaissance Revival landmark once housed Crocker Bank, named after one of the tycoons who built the western portion of America’s first transcontinental railroad.
Navigating market volatility can be challenging for investors. Our Bill Cass shares several tax planning strategies to consider.
Last week, the S&P 500 was up 5.7%, the strongest week for the market since November 2023.
As we write this, stocks have bounced back as Trump retreated from electronic tariffs from China. Nevertheless, this was a remarkable week for markets with Trump’s tariff policy taking center stage for market stress across stocks, bonds and currencies.
While we continue to feel the U.S. has structural investment advantages, we are mindful that the scope of the current administration's policy shifts may present challenges to our sustained economic momentum.
2025 has marked a striking reversal, with European stocks delivering exceptional returns that have handily surpassed US market performance.
SPY's recent surge of inflows showcases how advisors are using ETFs as crucial vehicles for navigating market volatility.
The reciprocal reprieve does not alter the tectonic shift in the trade outlook.
Markets have had a wild ride these past couple of weeks, alongside chaotic tariff-related news, with volatility (and its policy triggers) most elevated in the bond market.
After sinking nearly $2 billion into a triple-levered semiconductor fund last week, retail investors are enduring a volatile ride as the Nasdaq 100 swings between gains and losses.
Unlike traditional methods that rely on selling assets, crypto lending 2.0 enables investors to borrow against their bitcoin, unlocking liquidity while preserving the upside potential.
US equities extended a rebound into a third session Tuesday as traders weighed the ongoing global trade war against a slew of positive earnings reports from Wall Street banks.
The "Connelly case "is more than just a legal precedent; it is a call to action for business owners to reevaluate their succession plans and take the necessary steps to protect their interests.
Wall Street on Monday finally caught a respite from the deep selloffs and unusually sharp swings that have raced through markets ever since President Donald Trump unleashed his global trade war.
Portfolio rebalancing helps advisors uncover a new investment plan of action that aligns with a client's long-term financial milestones. It also considers how the current market will impact asset diversification.
Significant government policy shifts, particularly in tariffs and regulatory restructuring, have created uncertainty and volatility. We continue monitoring potential risks like inflation and recession while remaining focused on identifying profitable investment opportunities amidst these changes.
On the evening before his presentation at the Exchange Conference last week, I sat down with Rob Arnott to discuss whether now is the time for smart beta to shine. Arnott is the founder and chair of Research Affiliates and is known as the “godfather of smart beta.”
If Trump is successful in ending — or at least significantly changing — the current global economic structure, the economy and geopolitics will change dramatically. Initially, this will be highly challenging from an investment perspective.
This may be the beginning of the long-awaited U.S. stock market crash, but even if it isn’t those near retirement need to protect themselves from sequence-of-return risk that can ruin the rest of their lives.
As with all decisions involving uncertainty, we want to find the answer which maximizes your expected risk-adjusted return, not your base-case or expected return. This means that we have to go beyond the industry standard and explicitly account for risk in our analysis.
Meta Platforms Inc. heads to court on Monday to defend claims it is an illegal monopoly and should be broken up. The Federal Trade Commission, even without former President Joe Biden’s antitrust hawk, Lina Khan, at the helm, seems to be going full steam ahead — despite Chief Executive Officer Mark Zuckerberg’s attempts to wine and dine the president into a change of heart.
President Donald Trump pledged he will still apply tariffs to phones, computers and popular consumer electronics, downplaying a weekend exemption as a procedural step in his overall push to remake US trade.
Goldman Sachs Group Inc. and UBS Group AG issued another round of bullish calls for gold, with stronger-than-expected central bank demand and the metal’s role as a hedge against recession and geopolitical risks underpinning expectations for even higher prices in 2025.
Credit investors are looking to pounce on new opportunities resulting from the wild swings in global financial markets triggered by the US-China trade war.
After starting the year on a high note with the S&P 500 index of U.S. Large Cap stocks posting an all-time high on February 19th, equities retreated during the second half of the quarter, officially falling into correction territory (down 10 percent) on March 13.
It was a wild week on Wall Street after President Donald Trump announced a broad new tariff policy that went beyond what most analysts had anticipated, spurring a plunge in both stock and bond markets.
Spending cuts, tariffs and recession risk—Jan van Eck’s latest outlook breaks down what to watch and why he’s focused on gold, bitcoin, semiconductors and India.
Bonds have gained as investors sought shelter amid growing fears around a tariff-driven global economic slowdown.
Markets responded swiftly to President Trump’s recent announcement of sweeping reciprocal tariffs, with the S&P 500 falling more than 3% in a single day.
Concerns about a trade war have rattled markets so far in 2025, but we believe fixed income investors need to be patient, stay defensive, and see how things evolve before making any big decisions.
Global equities faced fresh challenges in the first quarter of 2025 amid growing trade-war concerns and developments in artificial intelligence (AI).
Q1 earnings season is about to kick off amidst what some might consider to be the most uncertain environment for US corporations since the COVID-19 pandemic.
Federal Reserve officials are prepared to hold their policy rate steady to minimize the risk that President Donald Trump’s tariffs trigger a persistent rise in inflation, even if the labor market softens further.
Shorter-term Treasuries gained after an unexpected ebb in US inflation last month calmed bond traders shaken by President Donald Trump’s evolving trade policy.
Members of Congress from both parties were among the many caught off guard by last week's Rose Garden tariff announcement.
In an era when a select group of tech behemoths has dominated market returns, investors are growing increasingly wary of the concentration risk it poses.
The April 2 “reciprocal” tariff announcement has introduced a considerable amount of uncertainty and confusion about the path ahead and the end game for President Trump.
This article provides information on the history and more recent developments of trust law and the corporate trustee industry. This information will help advisors to make informed decisions on clients’ generational planning choices, and to attract and retain assets.
When you define your “who” and “how,” marketing stops feeling random and starts feeling strategic. Instead of trying to be everywhere, you’ll focus on what actually works — showing up in the right places with the right message for the right people.
DoubleLine Global Bond Portfolio Manager Bill Campbell shares DoubleLine’s outlook for risk markets, the U.S. Treasury curve, inflation, growth and Federal Reserve policy in light of Washington’s reciprocal tariffs and reactions of U.S. trade partners.
Citadel Securities’ proposal to process trades for a swath of banks is taking shape behind the scenes, focusing on products across fixed-income markets.
Last week’s employment report offered what may be the last clear picture of the US job market before President Donald Trump’s tariff shock. Overall, it looked pretty healthy, with a 4.2% unemployment rate, 80.4% of the prime-age population employed and 1.9 million nonfarm payroll jobs added over the past 12 months.
An enduring image from 2024 will be the capture of the SpaceX booster rocket by the Mechazilla robot arms on its return to Earth.
Lost in the focus on the bludgeoning that tariff policy has had on equity markets, is the impact on global currencies. From the end of February through April 3rd, the U.S. Dollar is down 5.1% relative to other developed market currencies (DXY). In addition, we’ve also seen a violent unwinding of the popular currency carry trade.
The recent market drawdown highlights risks of a concentrated S&P 500—and the case for diversification now.
Many of us came into the year with highly concentrated portfolios, which now were faced with changing market conditions.
The book’s title derives from the author’s criticism of young, self-absorbed Silicon Valley types unconcerned by the public good — the “hollow republic” — as opposed to those focused on the commonwealth, the “technological republic.”
A sharp selloff in shares of Apple Inc. illustrates investor skepticism about its ability to navigate President Donald Trump’s tariffs on China, Vietnam and India — countries all critical to the iPhone maker’s supply chain.
MFS, which pioneered the first mutual fund in 1924, recently entered the ETF arena with the launch of five actively managed products. MFS’s Emily Dupre discusses the firm’s decision-making process around launching ETFs, their investment capabilities, and the role active management plays in a portfolio. Plus, VettaFi’s Roxanna Islam assesses the ETF impact of the recent tariffs announcement.
Last week, we noted that “nothing good happens below the 200-DMA,” and the tariff-induced market crash this past week confirmed that statement. However, we also noted that over the last 30 years, previous failures at the 200-DMA have also often been buying opportunities.
VettaFi head of sector and industry research Roxana Islam talked to T. Rowe Price PM Dom Rizzo on active tech ETF investing.
President Donald Trump’s trade war has US stocks on track to enter their first bear market since the Covid pandemic.
Global markets are in freefall in response to President Donald Trump’s universal 10% tariff on all goods being imported into the U.S., with as many as 60 countries facing “reciprocal” tariffs on top of that.
The trajectory of small businesses often goes something this: a first-generation entrepreneur starts and grows a company. It could be a software company, but also a plumbing, electrical, or HVAC business.
The 10% across-the-board (ad valorem) tariff and specific reciprocal tariffs on most U.S. trading partners went well beyond what most were expecting.
As volatility rises, staying invested is a strategic priority for capturing long-term return potential in a broadening market.
U.S. indexes suffered their worst day since the pandemic, hurt by Trump's massive tariffs that sparked recession fears. Almost every sector fell, with retailers and tech hard hit.
The Nasdaq-100 Index (NDX) slipped nearly 2.5% last week. That sparked fresh fears that current geopolitical and macroeconomic climates remain headwinds to growth stocks. Those headwinds may imply investors aren’t flocking to AI stocks
The stock market faces severe downside risk ahead, and the U.S. is constrained in the unsystematic monetary and fiscal expansion that both amplified that bubble and fueled record but wholly impermanent corporate profit margins. Meanwhile, the U.S. economy now faces an imminent recession, and if we fail to be vigilant, we, once united Americans, risk losing what is far greater and more valuable than money.
In the report, Fixed income portfolio managers Brent Olson and Tim Winstone reflect on the initial credit market response to President Trump’s tariffs.
Alphabet Inc.’s Google and Amazon.com Inc. have found an avenue to profit from Elon Musk’s chaotic Department of Government Efficiency.
President Donald Trump’s new reciprocal tariff policy is straightforwardly bad for the US economy and markets. The only conceivable reason that the S&P 500 Index was down just 4% on Thursday is that investors still don’t believe it will stick. Unfortunately, there’s no quick way out of this quagmire.
Social Security faces funding issues by 2035, but major changes to the program are unlikely in the near term.
Portfolio managers that didn’t fully embrace the AI trade withstood their share of criticism over the past year or two, as many AI-linked stocks reached great heights.
Adam Hetts, Global Head of Multi-Asset & Portfolio Manager, and Oliver Blackbourn, Portfolio Manager, give their thoughts on how US President Trump’s ‘Liberation Day’ tariffs have reshaped global trade dynamics, emphasising the benefits of diversification at a time of heightened uncertainty about the prospects for growth.
With nearly half of the bond market now outside of the Agg, a number of opportunities exist for those seeking exposure beyond the benchmark.
Large Cap Growth
Fixed Income Remains Key to Long-Term Diversification
While the April 2 tariff announcements were more severe than anticipated, Vanguard’s active fixed income managers were well-prepared for the subsequent market reaction.
2025 Muni Outlook: Stay Invested and Remain Nimble
Less favorable seasonal technicals, increased focus on municipal-specific policy risks, and severe volatility spurred by higher-than-anticipated tariff increases weighed heavily
on sentiment and resulted in deeply negative total returns and significant underperformance versus Treasuries in March and early April.
Gauging the Fear Factor: From Volatility Peaks to Equity Returns
Stock markets have been rattled by trade war tensions and economic uncertainty driven by US tariff policies. Yet history suggests that equities have usually performed well in the aftermath of peak market volatility.
Are Dividend Cuts on the Horizon in 2025?
If I had a dollar for every time I heard or read the word recession in the last week, well, I’d have enough not to be financially worried about one. Add a dollar for every mention of tariffs and I’d be comfortably flushed with cash.
Fed’s Hammack Sees Wide-Ranging Possibilities for Economy, Rates
Federal Reserve Bank of Cleveland President Beth Hammack said she’s keeping an open mind about the direction of interest rates because of uncertainty over President Donald Trump’s policies and how they will affect the economy.
Our Thinking on the Markets
Right now we are in an incredibly complicated environment with regard to U.S. tariff policy gyrations and its whipsawing impact on global equity markets. One thing we can confidently assert is that however the trade negotiations play out, there will be higher tariffs and this will be negative for U.S. growth.
Netflix Defies Big Tech Slump as Wall Street Seeks Tariff Haven
Audiences worldwide turn to Netflix for escapism. Wall Street is doing the same.
ETFs Highlight Ease of Trading in Three-Day Selloff for Munis
This month’s panic-driven selling across municipal bonds — fueled by the boom in ETFs — is proving a mixed blessing for investors in a normally sedate market corner.
Small-Caps May Yet Have Their Redemption Day
One day doesn’t make a trend, but wary small-caps investors may find some comfort in knowing the Russell 2000 Index jumped 8.50% on Wednesday
An Abrupt and Cascading Dislocation
While we remain open to changes in market conditions, as well as periodic “fast, furious, prone-to-failure” advances that can relieve the oversold “compression” produced by market losses, we are presently on high alert for a possibly abrupt and cascading market and economic dislocation in the weeks ahead.
KKR Will Have to Fight for Private Equity’s Smelliest Deal
KKR & Co. is eyeing one of the riskiest deals going right now — buying the owner of London’s creaking water and sewage system, Thames Water. Giving a private equity firm the chance to profit from fixing the mess Thames got into under past private ownership looks bad but makes sense.
Schwab Trading Tops Estimates as Customers Cope With Volatility
Charles Schwab Corp.’s daily average trades exceeded expectations as retail investors rushed to respond to market volatility in the first three months of the year.
A Deep Dive into Covered Call ETFs
Covered call strategies have been around for a very long time, but covered call ETFs have recently enjoyed a massive increase in popularity.
Washington: What to Watch Now
One of the most volatile market weeks in years was sparked by tariff announcements earlier this month. President Donald Trump's 10% universal tariff went into effect on April 5th, followed by his controversial reciprocal tariffs on April 9th.
The Fed Can Use the “Alphabet” if Need Be
The month of April will unfortunately go down in financial market folklore as being one of the more noteworthy on record.
Looking Back on the Smoot-Hawley Tariffs
Measures announced so far this year have pushed the effective U.S. tariff rate above 20%. The astonishing jump has raised import taxes to a level not seen in about a century.
Domestic Drivers in Tariff Headwinds
CIO Sean Taylor assesses a better-than-expected quarter for emerging markets and takes stock of the drivers that may support the asset class in what could be difficult months ahead for global markets.
The Financial Crisis of 2025? Better to Be Ready
If there’s one thing investors have learned in recent days, it’s that there’s no way to guess what America will do next. With its on-again, off-again tariffs, the US administration has demonstrated a rare and reckless willingness to shock markets.
JPMorgan’s Maier Sees Paradigm Shift to Active Management in ETFs
JPMorgan's Jon Maier spoke with VettaFi about active management in the ETFs space approaching investing in the current environment.
Making It Personal: Improve Your Online Presence With Smart Data Usage
If the goal is to use technological platforms to customize and maximize the experience for your clients, it seems many of us still have a way to go.
Competing in the Digital Age: How GEO & SEO Are Reshaping Your Brand’s Future
If your business isn’t strategically managing its digital presence, it could be losing customers without even realizing it. The brands that master GEO and SEO today will be the ones shaping the marketplace of tomorrow.
US Bond Traders Seek Cues From Powell on Next Move After Rout
A three-day rebound in US Treasuries will be tested on Wednesday as investors await commentary from Federal Reserve Chair Jerome Powell as well as key data and a bond auction.
Nvidia Curbs and ASML Warning Spur Global Tech-Stock Rout
Technology stocks sank as new US government restrictions on the export of Nvidia Corp. chips to China and a disappointing report from ASML Holding NV dimmed the outlook for the semiconductor sector, wiping out more than $180 billion in market value for the two companies alone.
Baffled C-Suites Are a Fresh Hurdle for Markets
Delta Air Lines Inc. and the parent of Frontier Airlines recently yanked earnings guidance for 2025, with JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon saying that he expects “to see more of that.”
Billionaires and CEOs Bet on Cheap San Francisco Real Estate
In San Francisco’s financial district, the One Montgomery building evokes the opulence of America’s turn of the 20th century gilded age. With its Tuscan columns, marble staircases and bronze doors, the Renaissance Revival landmark once housed Crocker Bank, named after one of the tycoons who built the western portion of America’s first transcontinental railroad.
Six Tax Planning Ideas for Navigating Market Volatility
Navigating market volatility can be challenging for investors. Our Bill Cass shares several tax planning strategies to consider.
Looking at the Economic Data and Volatility in the Bond Market
Last week, the S&P 500 was up 5.7%, the strongest week for the market since November 2023.
Resilience or Recession? Markets on Edge
As we write this, stocks have bounced back as Trump retreated from electronic tariffs from China. Nevertheless, this was a remarkable week for markets with Trump’s tariff policy taking center stage for market stress across stocks, bonds and currencies.
Equity Outlook: American Exceptionalism Reexamined
While we continue to feel the U.S. has structural investment advantages, we are mindful that the scope of the current administration's policy shifts may present challenges to our sustained economic momentum.
From Magnificent 7 to European Revival
2025 has marked a striking reversal, with European stocks delivering exceptional returns that have handily surpassed US market performance.
SPY’s Trading Volume Highlights Advisor Enthusiasm Toward ETFs
SPY's recent surge of inflows showcases how advisors are using ETFs as crucial vehicles for navigating market volatility.
A Week of Whiplash
The reciprocal reprieve does not alter the tectonic shift in the trade outlook.
Upside Down(side): Markets' Wild Rides
Markets have had a wild ride these past couple of weeks, alongside chaotic tariff-related news, with volatility (and its policy triggers) most elevated in the bond market.
Leveraged ETF Traders Endure Volatile Ride After Chip Bet
After sinking nearly $2 billion into a triple-levered semiconductor fund last week, retail investors are enduring a volatile ride as the Nasdaq 100 swings between gains and losses.
Crypto Lending 2.0: Unlocking the Potential of Bitcoin Without Selling It
Unlike traditional methods that rely on selling assets, crypto lending 2.0 enables investors to borrow against their bitcoin, unlocking liquidity while preserving the upside potential.
S&P 500 Rises as Traders Parse Earnings and Tariff Developments
US equities extended a rebound into a third session Tuesday as traders weighed the ongoing global trade war against a slew of positive earnings reports from Wall Street banks.
The Connelly Case Is a Wake-Up Call for Business Owners
The "Connelly case "is more than just a legal precedent; it is a call to action for business owners to reevaluate their succession plans and take the necessary steps to protect their interests.
Bond Rebound Relieves Markets Dazed by Week of Trade Turmoil
Wall Street on Monday finally caught a respite from the deep selloffs and unusually sharp swings that have raced through markets ever since President Donald Trump unleashed his global trade war.
How Advisors Can Assist Clients in Rebalancing Their Portfolio Over Time
Portfolio rebalancing helps advisors uncover a new investment plan of action that aligns with a client's long-term financial milestones. It also considers how the current market will impact asset diversification.
Muhlenkamp Quarterly Market Commentary – April 2025
Significant government policy shifts, particularly in tariffs and regulatory restructuring, have created uncertainty and volatility. We continue monitoring potential risks like inflation and recession while remaining focused on identifying profitable investment opportunities amidst these changes.
Is It Time for Smart Beta to Be Smart?
On the evening before his presentation at the Exchange Conference last week, I sat down with Rob Arnott to discuss whether now is the time for smart beta to shine. Arnott is the founder and chair of Research Affiliates and is known as the “godfather of smart beta.”
Trump’s Economic Revolution: Unraveling a Blessing & a Curse
If Trump is successful in ending — or at least significantly changing — the current global economic structure, the economy and geopolitics will change dramatically. Initially, this will be highly challenging from an investment perspective.
The Q1 Stock Setback & Target Date Fund Investors — More of the Same to Come
This may be the beginning of the long-awaited U.S. stock market crash, but even if it isn’t those near retirement need to protect themselves from sequence-of-return risk that can ruin the rest of their lives.
Where Did I Put My Investments?
As with all decisions involving uncertainty, we want to find the answer which maximizes your expected risk-adjusted return, not your base-case or expected return. This means that we have to go beyond the industry standard and explicitly account for risk in our analysis.
Meta’s Hopes of a Tech Antitrust Reprieve Are Dashed
Meta Platforms Inc. heads to court on Monday to defend claims it is an illegal monopoly and should be broken up. The Federal Trade Commission, even without former President Joe Biden’s antitrust hawk, Lina Khan, at the helm, seems to be going full steam ahead — despite Chief Executive Officer Mark Zuckerberg’s attempts to wine and dine the president into a change of heart.
Trump Warns Tariffs Coming for Electronics After Reprieve
President Donald Trump pledged he will still apply tariffs to phones, computers and popular consumer electronics, downplaying a weekend exemption as a procedural step in his overall push to remake US trade.
Goldman Puts $4,000 Gold on the Agenda as Hunt for Havens Grows
Goldman Sachs Group Inc. and UBS Group AG issued another round of bullish calls for gold, with stronger-than-expected central bank demand and the metal’s role as a hedge against recession and geopolitical risks underpinning expectations for even higher prices in 2025.
Oaktree, TCW and Sona Spot Opportunity in Market Turmoil
Credit investors are looking to pounce on new opportunities resulting from the wild swings in global financial markets triggered by the US-China trade war.
Tariffs Add Another Challenge for Investors to Consider
After starting the year on a high note with the S&P 500 index of U.S. Large Cap stocks posting an all-time high on February 19th, equities retreated during the second half of the quarter, officially falling into correction territory (down 10 percent) on March 13.
Hard Turn on Tariffs
It was a wild week on Wall Street after President Donald Trump announced a broad new tariff policy that went beyond what most analysts had anticipated, spurring a plunge in both stock and bond markets.
Q2 2025 Outlook: In the Middle of the 3% Reckoning
Spending cuts, tariffs and recession risk—Jan van Eck’s latest outlook breaks down what to watch and why he’s focused on gold, bitcoin, semiconductors and India.
As Tariffs Cloud Outlook, Municipal Bonds May Offer Opportunity
Bonds have gained as investors sought shelter amid growing fears around a tariff-driven global economic slowdown.
Tariffs, Turbulence, and the Case for Staying Diversified
Markets responded swiftly to President Trump’s recent announcement of sweeping reciprocal tariffs, with the S&P 500 falling more than 3% in a single day.
Strategic Income Outlook: Magic 8-Ball Says, “Ask Again Later"
Concerns about a trade war have rattled markets so far in 2025, but we believe fixed income investors need to be patient, stay defensive, and see how things evolve before making any big decisions.
Finding Silver Linings in Very Cloudy Markets
Global equities faced fresh challenges in the first quarter of 2025 amid growing trade-war concerns and developments in artificial intelligence (AI).
Q1 Earnings Season Mired in Uncertainty as Banks Begin Reporting Friday
Q1 earnings season is about to kick off amidst what some might consider to be the most uncertain environment for US corporations since the COVID-19 pandemic.
Fed Leans Against Inflation and Away From Preemptive Rate Cuts
Federal Reserve officials are prepared to hold their policy rate steady to minimize the risk that President Donald Trump’s tariffs trigger a persistent rise in inflation, even if the labor market softens further.
US Treasuries Rebound Even as Tariff Rout Haunts Long-Dated Debt
Shorter-term Treasuries gained after an unexpected ebb in US inflation last month calmed bond traders shaken by President Donald Trump’s evolving trade policy.
Washington: What to Watch Now
Members of Congress from both parties were among the many caught off guard by last week's Rose Garden tariff announcement.
Small Caps, Big Opportunities: Investing Beyond Large-Cap Stocks
In an era when a select group of tech behemoths has dominated market returns, investors are growing increasingly wary of the concentration risk it poses.
What’s the Tariff Endgame?
The April 2 “reciprocal” tariff announcement has introduced a considerable amount of uncertainty and confusion about the path ahead and the end game for President Trump.
An Advisor Road Map to the Corporate Trustee Industry
This article provides information on the history and more recent developments of trust law and the corporate trustee industry. This information will help advisors to make informed decisions on clients’ generational planning choices, and to attract and retain assets.
Why Your Marketing Feels Scattered … and How to Fix It
When you define your “who” and “how,” marketing stops feeling random and starts feeling strategic. Instead of trying to be everywhere, you’ll focus on what actually works — showing up in the right places with the right message for the right people.
DoubleLine's Take on the Reciprocal Tariffs
DoubleLine Global Bond Portfolio Manager Bill Campbell shares DoubleLine’s outlook for risk markets, the U.S. Treasury curve, inflation, growth and Federal Reserve policy in light of Washington’s reciprocal tariffs and reactions of U.S. trade partners.
Citadel Securities Pitches Banks on Handling Their Bond Trades
Citadel Securities’ proposal to process trades for a swath of banks is taking shape behind the scenes, focusing on products across fixed-income markets.
Tariffs or Not, Health Care Is Where the Jobs Are
Last week’s employment report offered what may be the last clear picture of the US job market before President Donald Trump’s tariff shock. Overall, it looked pretty healthy, with a 4.2% unemployment rate, 80.4% of the prime-age population employed and 1.9 million nonfarm payroll jobs added over the past 12 months.
2025 Global Market Outlook: The Mechazilla Moment
An enduring image from 2024 will be the capture of the SpaceX booster rocket by the Mechazilla robot arms on its return to Earth.
Carry Trade Destruction
Lost in the focus on the bludgeoning that tariff policy has had on equity markets, is the impact on global currencies. From the end of February through April 3rd, the U.S. Dollar is down 5.1% relative to other developed market currencies (DXY). In addition, we’ve also seen a violent unwinding of the popular currency carry trade.
Market Madness: The 'Elite 8' Are Becoming a Liability
The recent market drawdown highlights risks of a concentrated S&P 500—and the case for diversification now.
3 ETF Demand Trends Amid Market Turmoil
Many of us came into the year with highly concentrated portfolios, which now were faced with changing market conditions.
The World According to Karp
The book’s title derives from the author’s criticism of young, self-absorbed Silicon Valley types unconcerned by the public good — the “hollow republic” — as opposed to those focused on the commonwealth, the “technological republic.”
Apple’s Historic Selloff Has Bulls Balking From Tariff Risks
A sharp selloff in shares of Apple Inc. illustrates investor skepticism about its ability to navigate President Donald Trump’s tariffs on China, Vietnam and India — countries all critical to the iPhone maker’s supply chain.
Mutual Fund Pioneer MFS Enters ETF Arena
MFS, which pioneered the first mutual fund in 1924, recently entered the ETF arena with the launch of five actively managed products. MFS’s Emily Dupre discusses the firm’s decision-making process around launching ETFs, their investment capabilities, and the role active management plays in a portfolio. Plus, VettaFi’s Roxanna Islam assesses the ETF impact of the recent tariffs announcement.
The Market Crash – Hope In The Fear
Last week, we noted that “nothing good happens below the 200-DMA,” and the tariff-induced market crash this past week confirmed that statement. However, we also noted that over the last 30 years, previous failures at the 200-DMA have also often been buying opportunities.
T. Rowe Price PM Rizzo on Active Tech ETF Investing at Exchange
VettaFi head of sector and industry research Roxana Islam talked to T. Rowe Price PM Dom Rizzo on active tech ETF investing.
S&P 500 Is Heading for a Bear Market as Tariffs Hit Everything
President Donald Trump’s trade war has US stocks on track to enter their first bear market since the Covid pandemic.
America’s Tariff Rate Hits the Highest Level Since 1909—And That’s Before Retaliation
Global markets are in freefall in response to President Donald Trump’s universal 10% tariff on all goods being imported into the U.S., with as many as 60 countries facing “reciprocal” tariffs on top of that.
Private Equity: Too Big to Fail?
The trajectory of small businesses often goes something this: a first-generation entrepreneur starts and grows a company. It could be a software company, but also a plumbing, electrical, or HVAC business.
Trump's Reciprocal Tariffs: No Fooling Around
The 10% across-the-board (ad valorem) tariff and specific reciprocal tariffs on most U.S. trading partners went well beyond what most were expecting.
Finding Silver Linings in Very Cloudy Markets
As volatility rises, staying invested is a strategic priority for capturing long-term return potential in a broadening market.
Tariffs Trigger Worst Session Since 2020
U.S. indexes suffered their worst day since the pandemic, hurt by Trump's massive tariffs that sparked recession fears. Almost every sector fell, with retailers and tech hard hit.
Opportunities Still Abound in AI Stocks
The Nasdaq-100 Index (NDX) slipped nearly 2.5% last week. That sparked fresh fears that current geopolitical and macroeconomic climates remain headwinds to growth stocks. Those headwinds may imply investors aren’t flocking to AI stocks
Humpty Dumpty Was Pushed
The stock market faces severe downside risk ahead, and the U.S. is constrained in the unsystematic monetary and fiscal expansion that both amplified that bubble and fueled record but wholly impermanent corporate profit margins. Meanwhile, the U.S. economy now faces an imminent recession, and if we fail to be vigilant, we, once united Americans, risk losing what is far greater and more valuable than money.
Credit Reacts to Tariffs
In the report, Fixed income portfolio managers Brent Olson and Tim Winstone reflect on the initial credit market response to President Trump’s tariffs.
Google, Amazon Work to Dethrone Microsoft on Federal Contracts
Alphabet Inc.’s Google and Amazon.com Inc. have found an avenue to profit from Elon Musk’s chaotic Department of Government Efficiency.
The S&P 500’s Safety Nets Are Gone
President Donald Trump’s new reciprocal tariff policy is straightforwardly bad for the US economy and markets. The only conceivable reason that the S&P 500 Index was down just 4% on Thursday is that investors still don’t believe it will stick. Unfortunately, there’s no quick way out of this quagmire.
Will Social Security Change As Spending Cuts Are Considered?
Social Security faces funding issues by 2035, but major changes to the program are unlikely in the near term.
Defense Wins Championships – Or at Least the First Quarter
Portfolio managers that didn’t fully embrace the AI trade withstood their share of criticism over the past year or two, as many AI-linked stocks reached great heights.
Liberation Day: The Tariff Man Cometh
Adam Hetts, Global Head of Multi-Asset & Portfolio Manager, and Oliver Blackbourn, Portfolio Manager, give their thoughts on how US President Trump’s ‘Liberation Day’ tariffs have reshaped global trade dynamics, emphasising the benefits of diversification at a time of heightened uncertainty about the prospects for growth.
Don’t Box Yourself in When Bond Investing
With nearly half of the bond market now outside of the Agg, a number of opportunities exist for those seeking exposure beyond the benchmark.