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Weekly Market Commentary

Market Recap for the week ending 2/8/19

Darren Leavitt, CFA

Anxiety over trade and concerns regarding future earnings growth subdued markets last week.  Additionally, the 200-day moving average on the S&P held as a line of resistance and induced some technical selling.  The S&P 500 closed essentially flat for the week up 0.05%; the Nasdaq outperformed gaining 0.47%- its 7th consecutive weekly advance, the Dow increased by 0.17%  and the Russell 2000 lagged, losing -.073% on the week.  Treasuries advanced again last week with the 2-year yield falling 4 basis points to 2.46% and the 10-year yield losing 6 basis points to 2.63%.  Gold and Oil were down slightly for the week, closing at $1314 and $52.76, respectively.  There were no changes to our models last week.

Trade continues to be top of mind for investors.  Last week sentiment reversed to the half-empty kind.  The rhetoric out of Washington suggested that the US and China were still far apart on a number of issues.  Markets also took pause as news suggested that the countries leaders would not be meeting before the March 1st deadline.  The markets also had to contend with renewed concerns on US/EU trade negotiations where it was suggested that very little progress had been made.   Brexit offered very little to the uncertain outlook for trade.  The next few weeks will be crucial for trade and will continue to command much of the market’s attention.  US trade delegates will be headed to Beijing this week to continue talks.

About two-thirds of the S&P 500 have reported 4th quarter earnings so far.  It appears that the results are a bit better than average when you compare the results based on the historical percentage of upside results versus misses.  That said, the current quarter is the worst quarter over the last 5 quarters when you compare the same figures.  Many companies have also used this earnings season to recalibrate expectations for the coming quarter and year, and it appears that this recalibration may result in negative earnings growth for the next quarter.

The information in this Market Commentary is for general informational and educational purposes only. Unless otherwise stated, all information and opinion contained in these materials were produced by Foundations Investment Advisers, LLC (“FIA”) and other publicly available sources believed to be accurate and reliable.  No representations are made by FIA or its affiliates as to the informational accuracy or completeness.  All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation. No party, including but not limited to, FIA and its affiliates, assumes liability for any loss or damage resulting from errors or omissions or reliance on or use of this material.

The views and opinions expressed are those of the authors do not necessarily reflect the official policy or position of FIA or its affiliates.  Information presented is believed to be current, but may change at any time and without notice.  It should not be viewed as personalized investment advice. All expressions of opinion reflect the judgment of the authors on the date of publication and may change in response to market conditions. Due to rapidly changing market conditions and the complexity of investment decisions, supplemental information and other sources may be required to make informed investment decisions based on your individual investment objectives and suitability specifications. You should consult with a professional advisor before implementing any strategies discussed. Content should not be viewed as an offer to buy or sell any of the securities mentioned or as legal or tax advice. You should always consult an attorney or tax professional regarding your specific legal or tax situation. Investment advisory services are offered through Foundations Investment Advisors, LLC, an SEC registered investment adviser.

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