A well-planned defensive strategy can position equity portfolios to be resilient in a very harsh market environment.
Google parent Alphabet Inc. reported first-quarter revenue and profit that exceeded analysts’ expectations, buoyed by continued strength in its search advertising business.
Tesla Inc. reported abysmal numbers for the first quarter on Tuesday evening. Naturally, Chief Executive Officer Elon Musk kicked off the call with a discussion on why he must fix America’s finances, facing down an army of alleged moochers.
Banking leaders and policymakers gathered for the International Monetary Fund’s spring meetings downplayed the prospect of a looming financial crisis, despite warnings that the US-led trade war threatens global market stability.
Asia-Pacific will likely be the hardest hit region from a steep increase in U.S. tariffs.
Downgrades and defaults can detract from corporate bond portfolio performance. Let’s look at how applying fundamental credit research may help reduce these risks.
A raft of reciprocal tariffs between China and the US could bruise China’s export revenues in the short term. But its domestically focused economic engine and shrinking dependency on US trade should minimize fallout in the long run.
Risk-assets struggled amidst extremely volatile price action as investors weighed the probabilities of tariffs hitting profits and valuations.
How our open platform of best-of-breed managers allows us to distill complexity in the face of market turbulence by tapping into their collective intelligence.
A historic sell-off enhances value, with high yields, strong fundamentals, and ample reserves mitigating policy risks.
Uncertainty surrounding trade policy is a key driver of our forecast this quarter, which includes an increased probability of a recession.
Even with tariff uncertainty, there’s no stopping the engine of ETF creation. More than 288 new ETFs have already launched this year.
As chief investment officer of Yale University for more than three decades, David Swensen redefined institutional investing.
Existing home sales sank in March with their largest monthly decline since 2022. According to the National Association of Realtors (NAR), existing home sales fell 5.9% from February, hitting a seasonally adjusted annual rate of 4.02 million units in March.
New orders for manufactured durable goods rose to $315.73B in March. This represents a 9.2% increase from the previous month and a 11.9% rise from one year ago. The latest reading was higher than the projected 2.1% monthly growth.
President Donald Trump’s chaotic policies are spurring some investors to “sell America,” but Vanguard Group Chief Executive Officer Salim Ramji said he still believes in the underlying strength of the US economy.
In the week ending April 19th, initial jobless claims were at a seasonally adjusted level of 222,000. This represents an increase of 6,000 from the previous week's figure. The latest reading was consistent with the forecast.
A fundamental lesson in finance is a security’s price should be the present value of all future cash flows.
Recent volatility has pushed yields to historically high levels, potentially creating opportunities in municipal bonds, especially for higher-net-worth investors.
The bond market has been extremely volatile the past couple of weeks since the introduction of global tariffs by the US. Bond yields have sold off almost 50 basis points, and today we'd like to examine why did that occur, what's next, and how should investors think about duration in this environment?
President Trump has been a vocal admirer of China’s Great Wall, built by the country’s emperors to protect their territory from outside aggression. In his first term, he compared his plan to build a border wall with that historic structure.
Coming off a wild ending to a disappointing first quarter, investors must navigate unsettled capital markets and decipher a wave of incoming policy news.
Chief Investment Officer Larry Adam notes with volatility on the rise, maintaining a long-term view is key.
During periods of market volatility and declines, investors get concerned. They question their long-term objectives and whether they have more risk in their portfolios than they can tolerate. These are reasonable thoughts to have at times like these.
While gold has offered some protection during stock market downturns by either rising or declining by less than equities, its current high price levels and historical patterns suggest that future returns may be limited.
The utilities sector could offer up a safe haven sector that traders could also take advantage of during heavy market fluctuations.
A successful single-pane-of-glass strategy not only enhances compliance but also improves operational efficiency and agility in an increasingly complex regulatory environment.
As President Donald Trump’s trade war continues, Canadian equities are poised to outperform their US counterparts, portfolio managers argue.
Theoretical forecasts and earnings announcements may provide initial insights as to the impact of current tariff proposals, although estimates may be imprecise.
Despite mounting evidence of disinflation and a weakening economy, Chair Powell’s tone remains too hawkish—and I believe that’s a mistake. The latest inflation readings came in soft, money supply growth continues to undershoot, and even jobless claims are inching higher.
Many investors are wondering what to think of the volatility and uncertainty that has been pulsing through financial markets over the past few weeks.
In financial markets, few technical patterns generate as much attention and anxiety as the death cross.
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.
Practically every financial meltdown or crisis can be traced back to a misunderstanding of which assets are “risk-free.” Investors think they have a risk-free asset — it could be a mortgage-backed security, shares in a Bernie Madoff fund, Greek debt — and are surprised when it turns out not to be.
With many of the big financial reports out of the way, the S&P 500 blended EPS growth rate for Q1 stands at 7.2%. Thus far only 12% of S&P 500 constituents have released results.
BNY’s Ben Slavin provides an in-depth look at recent ETF trading and flows, and unpacks the latest on the ETF share class structure and product innovation. VettaFi’s Kirsten Chang highlights five noteworthy ETF launches.
Gas prices were down for a second straight week, falling to a one-month low. As of April 21st, the price of regular and premium gas were each down 3 cents from the previous week.
Nomura Holdings Inc. is telling clients to stay invested through the turmoil that’s pervaded financial markets during the escalating trade tensions. With its $1.8 billion acquisition of an asset management business, the Japanese brokerage is putting its money where its mouth is.
If the US slides into recession, banks will be ready – at least according to commentary on their earnings calls last week.
A global trade war can’t possibly be good news for a city-state whose exports and imports add up to more than 300% of its gross domestic product. Yet there are good reasons to believe that real estate in Singapore may offer a sanctuary to investors fleeing extreme anxiety.
Private equity investors will have to wait even longer before getting back their money back from older funds as global trade turmoil dims hopes of a deal revival, according to the head of Ares Management Corp.’s buyout business.
Emerging-market (EM) stocks might not seem an obvious choice for anxious investors during a trade war. But history suggests that past volatility peaks have created favorable moments to invest in EM stocks.
The hype cycle around artificial intelligence (AI) often moves faster than the capabilities it touts.
Eitelman began by assessing the health of the U.S. economy through hard and soft data. He explained that hard data refers to measures of actual spending and economic activity, while soft data refers to how companies and consumers respond to surveys.
Tariff uncertainty, a weakening US dollar, and surging Treasury yields are flashing warning signs for investors. Explore how political risks, fiscal policy, and global volatility are reshaping capital flows and market confidence.
A fundamental lesson in finance is a security’s price should be the present value of all future cash flows. Cash flows typically consist of a regular string of dividend payments and an assumed liquidation value at the end of the time horizon.
We’ve expected a recession for more than a year now. Simply put…the Era of Easy Everything is Over. Expanding deficits and easy money (that have lifted the economy since COVID) are no longer with us. At the same time, tariff negotiations have created an unbelievable amount of uncertainty.
U.S. defensives and international lead.a
Compare corporate and municipal bonds, including risks, returns, and tax benefits. Learn which bond type fits your investment goals.
On this episode of the “ETF of the Week” podcast, VettaFi’s Head of Research, Todd Rosenbluth, discussed the SPDR S&P Dividend ETF (SDY) with Chuck Jaffe of Money Life. The pair discussed several topics related to the fund to give investors a deeper understanding of the ETF overall.
These are scary times. No surprise, the typical advice is to stay the course — that it will all work out fine — but those near retirement should take heed.
Active management has not disappeared — it has simply evolved. Rather than focusing on outdated stock selection methodologies, today’s most effective active strategies center on active portfolio construction and dynamic asset allocation.
As we have learned repeatedly, the Fed will take extensive emergency measures if it perceives liquidity problems. Even above their congressional mandated objective of managing employment and prices, the Fed's top priority is preserving the banks.
Banks including Goldman Sachs Group Inc. and JPMorgan Chase & Co. can thank the White House’s aggressive disruptions on tariff policy and other issues for record hauls from equities trading in the first quarter, when market volatility began to surge.
Markets were rattled by tariff announcements in early April. Here are three takeaways for investors considering preferred securities, investment-grade and high-yield corporate bonds.
In nominal terms, the yellow metal set multiple new all-time highs this week, exceeding $3,300 an ounce for the first time ever on Wednesday. And on an inflation-adjusted basis, gold also notched a new record price, surpassing the longstanding record set in 1980.
President Trump’s tariffs bring déjà vu for the euro-area economy: it’s back to slower growth and lower rates.
Investing in stocks so far in 2025 has not been for the faint of heart. Some market indices have undergone wild swings, flirting with bear-market territory
The first quarter of 2025 marked a significant departure from the preceding two years, which had been characterized by an improving global economy and correspondingly positive market returns. Market performance in Q1 was dominated by abrupt, short-term policy shifts rather than longer-term economic trends, and tariffs became the foremost concern for market participants.
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.
Rapid U.S. policy changes pose challenges for investors accustomed to a global financial system anchored in U.S. markets and assets.
Banks blew Q1 earnings expectations out of the water, benefitting from high trading volumes, but CEO commentary remains cautious for 2025.
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.
Canadians poured a record amount into US equities in February, even as a movement to boycott US products and vacations gained momentum.
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.
In the latest report by the Census Bureau, building permits unexpectedly rose to a seasonally adjusted annual rate of 1.482 million in March. This marks a 1.6% increase from February but a 0.2% decline compared to one year ago.
In the latest report by the Census Bureau, housing starts plummeted to a seasonally adjusted annual rate of 1.324 million in March. This marks an 11.4% decrease from February, the largest monthly decline in a year, but a 1.9% increase compared to one year ago.
US Treasuries fell, snapping three days of gains, as traders pared bets on Federal Reserve interest-rate cuts after Chair Jerome Powell reiterated his commitment to keeping inflation in check.
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.
The latest Philadelphia Fed manufacturing index showed a decline in activity this month. The index sank nearly 39 points to -26.4, its lowest reading in two years. The latest reading was much lower than the forecast of 2.2.
Covered call strategies have been around for a very long time, but covered call ETFs have recently enjoyed a massive increase in popularity.
The month of April will unfortunately go down in financial market folklore as being one of the more noteworthy on record.
Although uncertainty remains, perpetual market swings may be less frequent.
In this article, we examine everything from the yield curve to CAPE ratios to gain a sense of where we are, and where we might be headed next.
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.
Inflation affects everything from grocery bills to rent, making the Consumer Price Index one of the most closely watched economic indicators. What does inflation mean at the micro level — specifically to your household?
JPMorgan's Jon Maier spoke with VettaFi about active management in the ETFs space approaching investing in the current environment.
Nominal retail sales in March were up 1.43% month-over-month (MoM) and up 4.60% year-over-year (YoY). However, after adjusting for inflation, real retail sales were up 1.48% MoM and up 2.15% YoY.
Builder confidence inched up in April thanks to a recent dip in mortgage rates however economic uncertainty stemming from tariff concerns kept sentiment negative for a 12th straight month. The National Association of Home Builders (NAHB) Housing Market Index (HMI) rose to 40 this month, up 1 point from March. The latest reading was above the 38 forecast.
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.”
Now that the stock market has momentarily stabilized from the shock of President Donald Trump’s “Liberation Day” tariffs, investors have an opportunity to reflect on how their portfolio held up during the past two turbulent weeks.
Swedish firm EQT AB received more than $10 billion in investor commitments for its latest pan-Asia private equity fund, putting it on track to reach its fundraising goal despite the market volatility.
The Census Bureau's Advance Retail Sales Report for March showed a surge in consumer spending last month, with headline sales rising 1.4%. This is the largest monthly increase since January 2023 and higher than the expected 1.3% growth.
Risk Management
Defense and Discipline: How to Stay Calm in Unruly Equity Markets
A well-planned defensive strategy can position equity portfolios to be resilient in a very harsh market environment.
Alphabet’s Sales Beat Estimates on Google Search Ad Business
Google parent Alphabet Inc. reported first-quarter revenue and profit that exceeded analysts’ expectations, buoyed by continued strength in its search advertising business.
Tesla’s Cure for Musk’s Missteps Is More Musk
Tesla Inc. reported abysmal numbers for the first quarter on Tuesday evening. Naturally, Chief Executive Officer Elon Musk kicked off the call with a discussion on why he must fix America’s finances, facing down an army of alleged moochers.
Financial Crisis Seen as a Distant Threat at IMF Meeting
Banking leaders and policymakers gathered for the International Monetary Fund’s spring meetings downplayed the prospect of a looming financial crisis, despite warnings that the US-led trade war threatens global market stability.
It’s Complicated
Asia-Pacific will likely be the hardest hit region from a steep increase in U.S. tariffs.
Avoiding Fallen Angels: When Credit Research Matters Most
Downgrades and defaults can detract from corporate bond portfolio performance. Let’s look at how applying fundamental credit research may help reduce these risks.
Chinese Equities: Investing in Stocks That Transcend Tariff Turmoil
A raft of reciprocal tariffs between China and the US could bruise China’s export revenues in the short term. But its domestically focused economic engine and shrinking dependency on US trade should minimize fallout in the long run.
Investing Alongside Change
Risk-assets struggled amidst extremely volatile price action as investors weighed the probabilities of tariffs hitting profits and valuations.
Tariff-Fueled Volatility Reveals Access to Best Ideas
How our open platform of best-of-breed managers allows us to distill complexity in the face of market turbulence by tapping into their collective intelligence.
Outlook on Municipal Bonds: Seeking Opportunity Amid Volatility
A historic sell-off enhances value, with high yields, strong fundamentals, and ample reserves mitigating policy risks.
Asset Allocation Quarterly: 2nd Quarter 2025
Uncertainty surrounding trade policy is a key driver of our forecast this quarter, which includes an increased probability of a recession.
ETF Market Booms: Record Launches & Sophisticated Strategies
Even with tariff uncertainty, there’s no stopping the engine of ETF creation. More than 288 new ETFs have already launched this year.
Yale Signals That Private Equity May Have Peaked
As chief investment officer of Yale University for more than three decades, David Swensen redefined institutional investing.
Existing Home Sales Sink 5.9% in March
Existing home sales sank in March with their largest monthly decline since 2022. According to the National Association of Realtors (NAR), existing home sales fell 5.9% from February, hitting a seasonally adjusted annual rate of 4.02 million units in March.
Durable Goods Orders: March 2025
New orders for manufactured durable goods rose to $315.73B in March. This represents a 9.2% increase from the previous month and a 11.9% rise from one year ago. The latest reading was higher than the projected 2.1% monthly growth.
Vanguard CEO Says US Exceptionalism ‘Absolutely’ Hasn’t Peaked
President Donald Trump’s chaotic policies are spurring some investors to “sell America,” but Vanguard Group Chief Executive Officer Salim Ramji said he still believes in the underlying strength of the US economy.
Unemployment Claims Up 6K, Consistent with Expectations
In the week ending April 19th, initial jobless claims were at a seasonally adjusted level of 222,000. This represents an increase of 6,000 from the previous week's figure. The latest reading was consistent with the forecast.
The Trade-Off in Covered Call Strategies
A fundamental lesson in finance is a security’s price should be the present value of all future cash flows.
Why the Tariff Rollout Spooked the Muni Market
Recent volatility has pushed yields to historically high levels, potentially creating opportunities in municipal bonds, especially for higher-net-worth investors.
Anatomy of a US Treasury Sell-Off
The bond market has been extremely volatile the past couple of weeks since the introduction of global tariffs by the US. Bond yields have sold off almost 50 basis points, and today we'd like to examine why did that occur, what's next, and how should investors think about duration in this environment?
The Great Wall
President Trump has been a vocal admirer of China’s Great Wall, built by the country’s emperors to protect their territory from outside aggression. In his first term, he compared his plan to build a border wall with that historic structure.
Capital Markets Outlook 2Q 2025: At the Intersection of Fear and Hope
Coming off a wild ending to a disappointing first quarter, investors must navigate unsettled capital markets and decipher a wave of incoming policy news.
Tariffs, Policy Uncertainty Weighs on Economic, Investing Outlooks
Chief Investment Officer Larry Adam notes with volatility on the rise, maintaining a long-term view is key.
Is It Time for Investors to Play the Long Game?
During periods of market volatility and declines, investors get concerned. They question their long-term objectives and whether they have more risk in their portfolios than they can tolerate. These are reasonable thoughts to have at times like these.
Gold $5,000?
While gold has offered some protection during stock market downturns by either rising or declining by less than equities, its current high price levels and historical patterns suggest that future returns may be limited.
Utilities Stocks Could Offer Investors Safe Haven Sector
The utilities sector could offer up a safe haven sector that traders could also take advantage of during heavy market fluctuations.
Utilities Stocks Could Offer Investors Safe Haven Sector
The utilities sector could offer up a safe haven sector that traders could also take advantage of during heavy market fluctuations.
The Single Pane of Glass: Unifying Communications Supervision Across Channels
A successful single-pane-of-glass strategy not only enhances compliance but also improves operational efficiency and agility in an increasingly complex regulatory environment.
Portfolio Managers See Canada Stock Market as Long-Term Winner
As President Donald Trump’s trade war continues, Canadian equities are poised to outperform their US counterparts, portfolio managers argue.
Early Impacts of the Trade War
Theoretical forecasts and earnings announcements may provide initial insights as to the impact of current tariff proposals, although estimates may be imprecise.
Powell Downplays Progress, Risks Becoming Trump’s Scapegoat
Despite mounting evidence of disinflation and a weakening economy, Chair Powell’s tone remains too hawkish—and I believe that’s a mistake. The latest inflation readings came in soft, money supply growth continues to undershoot, and even jobless claims are inching higher.
Opportunities
Many investors are wondering what to think of the volatility and uncertainty that has been pulsing through financial markets over the past few weeks.
The Death Cross and Market Bottoms
In financial markets, few technical patterns generate as much attention and anxiety as the death cross.
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.
US Bonds Have Never Been Risk-Free, and Never Will Be
Practically every financial meltdown or crisis can be traced back to a misunderstanding of which assets are “risk-free.” Investors think they have a risk-free asset — it could be a mortgage-backed security, shares in a Bernie Madoff fund, Greek debt — and are surprised when it turns out not to be.
Magnificent 7 Earnings Out this Week will Shed Light on Big Tech’s Tariff Concerns
With many of the big financial reports out of the way, the S&P 500 blended EPS growth rate for Q1 stands at 7.2%. Thus far only 12% of S&P 500 constituents have released results.
BNY’s Ben Slavin on ETF Trading, Flows, Share Class Structure, & Innovation
BNY’s Ben Slavin provides an in-depth look at recent ETF trading and flows, and unpacks the latest on the ETF share class structure and product innovation. VettaFi’s Kirsten Chang highlights five noteworthy ETF launches.
Gas Prices Down for Second Straight Week
Gas prices were down for a second straight week, falling to a one-month low. As of April 21st, the price of regular and premium gas were each down 3 cents from the previous week.
Nomura Bets Big on US Market Rebound With $1.8 Billion Deal
Nomura Holdings Inc. is telling clients to stay invested through the turmoil that’s pervaded financial markets during the escalating trade tensions. With its $1.8 billion acquisition of an asset management business, the Japanese brokerage is putting its money where its mouth is.
As US Recession Looms, Banks Brace for Worse
If the US slides into recession, banks will be ready – at least according to commentary on their earnings calls last week.
Singapore Property May Be a Good Place to Hide
A global trade war can’t possibly be good news for a city-state whose exports and imports add up to more than 300% of its gross domestic product. Yet there are good reasons to believe that real estate in Singapore may offer a sanctuary to investors fleeing extreme anxiety.
Ares Says Cash-Hungry Private Equity Investors Face Big Wait
Private equity investors will have to wait even longer before getting back their money back from older funds as global trade turmoil dims hopes of a deal revival, according to the head of Ares Management Corp.’s buyout business.
Why Does Volatility Often Lead to Strong Emerging Equity Returns?
Emerging-market (EM) stocks might not seem an obvious choice for anxious investors during a trade war. But history suggests that past volatility peaks have created favorable moments to invest in EM stocks.
Agentic AI: The New Frontier of Intelligence That Acts
The hype cycle around artificial intelligence (AI) often moves faster than the capabilities it touts.
Hard Data Points to Soft Landing: But Confidence Wanes
Eitelman began by assessing the health of the U.S. economy through hard and soft data. He explained that hard data refers to measures of actual spending and economic activity, while soft data refers to how companies and consumers respond to surveys.
Smoke Signals: Dollar Decline, Tariffs and Treasury Yields Surge Signal Market Volatility
Tariff uncertainty, a weakening US dollar, and surging Treasury yields are flashing warning signs for investors. Explore how political risks, fiscal policy, and global volatility are reshaping capital flows and market confidence.
The Trade-Off in Covered Call Strategies
A fundamental lesson in finance is a security’s price should be the present value of all future cash flows. Cash flows typically consist of a regular string of dividend payments and an assumed liquidation value at the end of the time horizon.
Near Zero Q1, Uncertainty Ahead
We’ve expected a recession for more than a year now. Simply put…the Era of Easy Everything is Over. Expanding deficits and easy money (that have lifted the economy since COVID) are no longer with us. At the same time, tariff negotiations have created an unbelievable amount of uncertainty.
Quarterly Recap Q1 2025
U.S. defensives and international lead.a
Corporate vs. Municipal Bonds: Key Differences Every Investor Should Know
Compare corporate and municipal bonds, including risks, returns, and tax benefits. Learn which bond type fits your investment goals.
SPDR S&P Dividend ETF (SDY)
On this episode of the “ETF of the Week” podcast, VettaFi’s Head of Research, Todd Rosenbluth, discussed the SPDR S&P Dividend ETF (SDY) with Chuck Jaffe of Money Life. The pair discussed several topics related to the fund to give investors a deeper understanding of the ETF overall.
A Warning to Baby Boomers and Others Regarding the China-U.S. Trade War
These are scary times. No surprise, the typical advice is to stay the course — that it will all work out fine — but those near retirement should take heed.
The Evolution of Active Management: From Stock Picking to Active Asset Allocation
Active management has not disappeared — it has simply evolved. Rather than focusing on outdated stock selection methodologies, today’s most effective active strategies center on active portfolio construction and dynamic asset allocation.
Swaps & Basis Trades Signal Mounting Liquidity Problems
As we have learned repeatedly, the Fed will take extensive emergency measures if it perceives liquidity problems. Even above their congressional mandated objective of managing employment and prices, the Fed's top priority is preserving the banks.
The Dark Side of Surging Bank Trading Revenue
Banks including Goldman Sachs Group Inc. and JPMorgan Chase & Co. can thank the White House’s aggressive disruptions on tariff policy and other issues for record hauls from equities trading in the first quarter, when market volatility began to surge.
Market Volatility and Corporate Bonds: 3 Takeaways
Markets were rattled by tariff announcements in early April. Here are three takeaways for investors considering preferred securities, investment-grade and high-yield corporate bonds.
Analysts See Gold at $4,000 as Faith in the U.S. Dollar Tumbles
In nominal terms, the yellow metal set multiple new all-time highs this week, exceeding $3,300 an ounce for the first time ever on Wednesday. And on an inflation-adjusted basis, gold also notched a new record price, surpassing the longstanding record set in 1980.
How Tariff Troubles May Hurt Europe’s Growth
President Trump’s tariffs bring déjà vu for the euro-area economy: it’s back to slower growth and lower rates.
Consider Direct Indexing to Offset Pain From Market Volatility
Investing in stocks so far in 2025 has not been for the faint of heart. Some market indices have undergone wild swings, flirting with bear-market territory
Why Does Volatility Often Lead to Strong Emerging Equity Returns?
Emerging-market (EM) stocks might not seem an obvious choice for anxious investors during a trade war. But history suggests that past volatility peaks have created favorable moments to invest in EM stocks.
Tariff Tremors, Market Rotations, and the Imperative of Optimization
The first quarter of 2025 marked a significant departure from the preceding two years, which had been characterized by an improving global economy and correspondingly positive market returns. Market performance in Q1 was dominated by abrupt, short-term policy shifts rather than longer-term economic trends, and tariffs became the foremost concern for market participants.
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.
Trade Wars and the U.S. Dollar
Rapid U.S. policy changes pose challenges for investors accustomed to a global financial system anchored in U.S. markets and assets.
Banks Outperformed for Q1 but Strike Cautious Tone for the Rest of 2025
Banks blew Q1 earnings expectations out of the water, benefitting from high trading volumes, but CEO commentary remains cautious for 2025.
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.
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.
Canadian Investment in US Stocks Hit Record in February Despite Trade Tension
Canadians poured a record amount into US equities in February, even as a movement to boycott US products and vacations gained momentum.
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.
Building Permits Unexpectedly Rise 1.6% in March
In the latest report by the Census Bureau, building permits unexpectedly rose to a seasonally adjusted annual rate of 1.482 million in March. This marks a 1.6% increase from February but a 0.2% decline compared to one year ago.
Housing Starts Plummet 11.4% in March
In the latest report by the Census Bureau, housing starts plummeted to a seasonally adjusted annual rate of 1.324 million in March. This marks an 11.4% decrease from February, the largest monthly decline in a year, but a 1.9% increase compared to one year ago.
US Treasuries Decline as Powell’s Hawkish Message Sinks In
US Treasuries fell, snapping three days of gains, as traders pared bets on Federal Reserve interest-rate cuts after Chair Jerome Powell reiterated his commitment to keeping inflation in check.
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.
Philadelphia Fed Manufacturing Index: Sinks to 2-Year Low
The latest Philadelphia Fed manufacturing index showed a decline in activity this month. The index sank nearly 39 points to -26.4, its lowest reading in two years. The latest reading was much lower than the forecast of 2.2.
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.
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.
Is the Worst Behind Us?
Although uncertainty remains, perpetual market swings may be less frequent.
Do Indicators Point to Potential Further Stock Market Declines?
In this article, we examine everything from the yield curve to CAPE ratios to gain a sense of where we are, and where we might be headed next.
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.
Inside the Consumer Price Index: March 2025
Inflation affects everything from grocery bills to rent, making the Consumer Price Index one of the most closely watched economic indicators. What does inflation mean at the micro level — specifically to your household?
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.
The Big Four Recession Indicators: Real Retail Jump 1.5% in March
Nominal retail sales in March were up 1.43% month-over-month (MoM) and up 4.60% year-over-year (YoY). However, after adjusting for inflation, real retail sales were up 1.48% MoM and up 2.15% YoY.
NAHB Housing Market Index: Uncertainty Continues to Weigh on Builder Confidence
Builder confidence inched up in April thanks to a recent dip in mortgage rates however economic uncertainty stemming from tariff concerns kept sentiment negative for a 12th straight month. The National Association of Home Builders (NAHB) Housing Market Index (HMI) rose to 40 this month, up 1 point from March. The latest reading was above the 38 forecast.
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.”
Now Is the Time to Ask: How Much Market Risk Can You Take?
Now that the stock market has momentarily stabilized from the shock of President Donald Trump’s “Liberation Day” tariffs, investors have an opportunity to reflect on how their portfolio held up during the past two turbulent weeks.
EQT’s Asia Buyout Fund Gets $10 Billion, On Track for Target
Swedish firm EQT AB received more than $10 billion in investor commitments for its latest pan-Asia private equity fund, putting it on track to reach its fundraising goal despite the market volatility.
Retail Sales Surge 1.4% in March, Higher Than Expected
The Census Bureau's Advance Retail Sales Report for March showed a surge in consumer spending last month, with headline sales rising 1.4%. This is the largest monthly increase since January 2023 and higher than the expected 1.3% growth.