When I say that the majority of the market gains come as a result of the top 10 days a year, Monday the 12thwas one of them. Stocks ripped Monday morning after the U.S. and China agreed to temporarily roll back tariffs, a move that de-escalated the trade war. This agreement includes suspending tariffs for 90 days, allowing both sides to continue negotiations for a more permanent solution. China agreed to lower its tariff rate on U.S. goods to 10% from 125%, while the U.S. agreed to drop the 145% tax imposed last month to 30%. The good news continued on Tuesday with the CPI report continuing to show dis-inflation, coming in at 2.3%. Prices are still rising but that pace continues to slow.
The S&P 500 and Nasdaq both finished up for a third week in the past four. The S&P 500 is now around 3% off its February record close, and Nasdaq 5% from its December peak.
Treasuries were weaker across the curve, with the policy-sensitive 2Y yield near 4% and 10Y just under 4.50%. The dollar index was up 0.8%. Gold was down 4.7%, posting the worst week since Jun-21. Bitcoin futures were up 0.6%. WTI crude was up 1.6%.
In addition to the CPI report we also got the PPI which also came in cooler than expected. However, some economists said the impact of the trade disruptions since the Trump tariffs were implemented may not be apparent until May. May preliminary Michigan Consumer Sentiment missed and posted the second lowest headline print since 1952. However, the survey was period through May 13th, so it included results pre-US and China trade agreement. Year-ahead inflation expectations of 7.3% were the highest since Nov-81, while 5-10Y expectations of 4.6% were the highest since Jan-91. April retail sales were softer than expected, including control group sales posting a surprise decline, though March figures were revised higher.
The AI trade was also a big support last week. Nvidia and other AI-linked names rallied on some bullish updates including an expected purchase of $18K GB300 Blackwell units by Saudi Arabia’s new AI company, However, there was some caution around AI capex narrative after Meta reportedly is delaying the release of its “Behemoth” AI LLM over challenges to significantly improve its capabilities.
Other pieces of the bullish narrative included a thawing IPO market, dampened volatility with the VIX and MOVE Index both back below pre-Liberation Day levels, macro data resilience, positive earnings trends, and still-depressed positioning and sentiment. Consumer spending remains a support despite the weak April retail sales report. Mastercard and Visa offered upbeat messaging at the JPMorgan conference, BofA noted card spending has moderated but spending momentum remains, while JPMorgan said its early May card spend suggests May retail sales control group sales up 0.5% m/m.
Some of the pieces of the bearish narrative included ongoing tariff uncertainty, particularly given the effective tariff rate of 16% is several times the level from the start of the year and the highest since 1937. There was also a big focus on Walmart comments that shoppers will see tariff-driven price increases this month. The reconciliation bill continues to face challenges, with the bill blocked in the House Budget Committee on Friday by fiscal hawks over deficit concerns. This week’s saw a hawkish shift in Fed rate cut expectations after the trade de-escalation. Despite cooler inflation trends, Fed officials continued to stress patience to wait to see how trade policy ultimately impacts inflation and the labor market. Markets are now pricing in just ~50 bp of cuts through year-end, down from 68 bp a week ago (and 85 bp two weeks ago). Additionally Moody’s rating agency stripped the U.S. of its last triple-A credit rating citing large fiscal deficits and rising interest costs.
We start a very light week of data that includes the S&P Global May flash Manufacturing and Services PMI, April existing and new home sales.
The Baker Hughes rig count fell by 2 last week. There are 576 oil and gas rigs operating in the US – Down 28 from last year.
Metals Complex
Employment Picture –
April Jobs Report – BLS Summary–Released 5/2/2025 – The US Economyadded 177k nonfarm jobs in April and the Unemployment rate was unchanged at 4.2%. Average hourly earnings increased 6 cents to $36.06. Hiring highlights include +51k Healthcare, +8k Social Assistance, +14k Financial Activities, and +29k Transportation and Warehousing.
Average hourly earnings increased 6 cents/0.2% to $36.06.
U3 unemployment rate was unchanged at 4.2%. U6 unemployment rate decreased 0.1% to 7.8%.
The labor force participation rate was little changed at 62.6%.
Average work week was unchanged at 34.3 hours.
Weekly Unemployment Claims– Released Thursday 5/1/2025 – In the week ending April 26, the advance figure for seasonally adjusted initial claims was 241,000, an increase of 18,000 from the previous week’s revised level. The 4-week moving average was 226,000 an increase of 5,500 from the previous week’s revised average.
Employment Cost Index– Released 4/30/2025 – Compensation costs for civilian workers increased 0.9% for the 3-month period ending in March 2025. Wages and salaries increased 0.8% and benefit costs increased 1.2% from 2024. The 12-month period ending in March 2025 saw compensation costs increase by 3.6%. The 12-month period ending March 2024 increased 4.2%. Wages and salaries increased 3.5 percent over the 12-month period ending in March 2025 and increased 4.4 percent for the 12-month period ending in March 2024. Benefit costs increased 3.8 percent over the 12-month period and increased 3.7 percent for the 12-month period ending in March 2024. This report is published quarterly.
Job Openings & Labor Turnover SurveyJOLTS – Released 4/29/2025 – The number of job openings was little changed at 7.2 million on the last business day of March, the U.S. Bureau of Labor Statistics reported. Over the month the number of hires and total separations was little changed at 5.4 million and 5.1 million, respectively. Within separations, quits (3.3 million) and discharges (1.6 million) changed little.
This Week’s Economic Data- Blue links take you to data source
Housing Starts– Released 5/16/2025 – March housing starts came in at 1,361,000, this ia 1.6% above the March rate. Building permits were 4.7% below the March.
Industrial Production and Capacity Utilization – Released 5/15/2025 – Industrial production was little changed in April as declines in manufacturing and mining output were offset by growth in utilities output. The index for manufacturing decreased 0.4 percent after increasing 0.4 percent in March. In April, manufacturing output excluding motor vehicles and parts decreased 0.3 percent. The index for mining fell 0.3 percent, and the index for utilities rose 3.3 percent. At 103.9 percent of its 2017 average, total IP in April was 1.5 percent above its year-earlier level. Capacity utilization edged down to 77.7 percent, a rate that is 1.9 percentage points below its long-run (1972–2024) average
Retail Sales– Released 5/15/2025 – Headline retail sales, were $724.1 billion, up 0.1 percent from the previous month, and up 5.2 percent from April 2024.
Producer Price Index– Released 5/15/2025 – The Producer Price Index for final demand fell 0.5 percent in April, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices were unchanged in March and increased 0.2 percent in February. (See table A.) On an unadjusted basis, the index for final demand rose 2.4 percent for the 12 months ended in April.
Recent Economic Data – Blue Links bring you to data source
Consumer Credit–Released 5/7/2025 – Consumer credit increased at a seasonally adjusted annual rate of 1.5 percent during the first quarter. Revolving credit increased at an annual rate of 2.3 percent, while nonrevolving credit increased at an annual rate of 1.2 percent. In March, consumer credit increased at an annual rate of 2.4 percent.
U.S. Trade Balance– Released 5/6/2025 – The U.S. monthly international trade deficit increased in March 2025 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $123.2 billion in February (revised) to $140.5 billion in March, as imports increased more than exports. The goods deficit increased $16.5 billion in March to $163.5 billion. The services surplus decreased $0.8 billion in March to $23.0 billion
PMI Manufacturing Index – Released 5/1/2025 – The April Manufacturing PMI registered 48.7 percent, 0.3 percent lower compared to March. The overall economy continued in expansion for the 60th month after one month of contraction in April 2020. The New Orders Index continued in contraction territory, registering 47.2 percent, 2.0 percentage points higher than the 45.2 percent recorded in March. The April reading of the Production Index (44.0 percent) is 4.3 percentage points lower than March’s figure of 48.3 percent.
U.S. Construction Spending– Released 5/1/2025 – Construction spending during March 2025 was estimated at a seasonally adjusted annual rate of $2,196.1 billion, down 0.5 percent from the February estimate of $2,206.9 billion. The March figure is 2.8 percent above the March 2024 estimate of $2,135.8 billion.
Chicago PMI– Released 4/30/2025 – Chicago PMI remained in contraction territory in April and fell to 44.6 from 47.6 points in March. The latest reading indicated that Chicago’s economic activity contracted for the 17th successive month in April.
US Light Vehicle Sales– Released 4/30/2025 – U.S. light vehicle sales were at a seasonally adjusted annual rate (SAAR) of 17.833 million units in March.
Personal Income – Released 4/30/2025 – Personal income increased $116.8 billion (0.5 percent at a monthly rate) in March. Disposable personal income (DPI)—personal income less personal current taxes—increased $102.0 billion (0.5 percent). Personal consumption expenditures (PCE) increased $134.5 billion (0.7 percent).
Advance Estimate of 1st Quarter 2025 GDP – Released 4/30/2025 – Real gross domestic product (GDP) decreased at an annual rate of 0.3 percent in the first quarter of 2025, according to the “advance” estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2024, real GDP increased 2.4 percent. The decrease in real GDP in the first quarter primarily reflected an increase in imports, which are a subtraction in the calculation of GDP, and a decrease in government spending. These movements were partly offset by increases in investment, consumer spending, and exports.
Consumer Confidence– Released 4/29/2025 – Consumer Confidence decreased from 92.9 to 86.0 in April. The Present Situation Index which is based on consumers’ assessment of current business and labor market conditions, decreased 0.9 points to 133.5. The Expectations Index which is based on consumers’ short-term outlook for income, business, and labor market conditions, dropped 12.5 points to 54.4, the lowest level since October 2011 and well below the threshold of 80 that usually signals a recession ahead.
U.S. Trade Balance– Released 5/6/2025 – The U.S. monthly international trade deficit increased in March 2025 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $123.2 billion in February (revised) to $140.5 billion in March, as imports increased more than exports. The goods deficit increased $16.5 billion in March to $163.5 billion. The services surplus decreased $0.8 billion in March to $23.0 billion
PMI Non-Manufacturing Index– Released 5/3/2025 – Economic activity in the services sector expanded for the 10th consecutive month in April. The Services PMI® registered 51.6 percent, indicating expansion for the 56th time in 59 months since recovery from the coronavirus pandemic-induced recession began in June 2020.
Durable Goods – Released 4/24/2025 – New orders for manufactured durable goods in March, up three consecutive months, increased $26.6 billion or 9.2% to $315.7 billion, the U.S. Census Bureau announced today. This followed a 0.9% February increase. Excluding transportation, new orders were virtually unchanged. Excluding defense, new orders increased 10.4%. Transportation equipment, also up three consecutive months, led the increase, $26.5 billion or 27.0% to $124.6 billion.
Existing Home Sales –Released 4/24/2025 –Existing home sales in March decreased 5.9% from February and decreased 2.4% year over year. Existing home sales decreased to 4.02 million in March seasonally adjusted. The median price of existing homes for sale increased to $403,700, up 2.7% from one year ago.
New Residential Sales – Released 4/23/2025 – Sales of new single‐family houses in March 2025 were at a seasonally adjusted annual rate of 724,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 7.4 percent above the revised February rate of 674,000 and is 6.0 percent above the March 2024 estimate of 683,000. The median sales price of new houses sold in March 2025 was $403,600. The average sales price was $497,700.
This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any stock, bond, currency or CFD contract.
Some information contained herein has been obtained from third party sources believed to be reliable, but has not been independently verified by us; its accuracy or completeness is not guaranteed. Our commentary is based on information considered to be reliable, but no representation is made that it is accurate or complete, and should not be relied upon as such.
The views expressed represent the opinions and beliefs at the time of this commentary and are not meant as a market forecast. These views are subject to change at any time based on market or other conditions and Good Life Advisors disclaims any responsibility to update such views. This information may not be relied on as advice or as an indication of trading intent on behalf of any portfolio. Portfolio investments may change at any time.
Economic and performance information referenced is historical and past performance does not guarantee future results. References to future returns are not promises or estimates of actual returns we may achieve, and should not be relied upon.
No investment strategy or risk management process can guarantee returns or eliminate risk in any market environment. Investing in securities involves risk of loss. Stock and Bond prices can decline significantly in response to adverse market conditions, company-specific events, and other domestic and international political and economic developments. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future.
While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Weekly Market Update | Week 20, 2025
Buyers Were in Control
When I say that the majority of the market gains come as a result of the top 10 days a year, Monday the 12thwas one of them. Stocks ripped Monday morning after the U.S. and China agreed to temporarily roll back tariffs, a move that de-escalated the trade war. This agreement includes suspending tariffs for 90 days, allowing both sides to continue negotiations for a more permanent solution. China agreed to lower its tariff rate on U.S. goods to 10% from 125%, while the U.S. agreed to drop the 145% tax imposed last month to 30%. The good news continued on Tuesday with the CPI report continuing to show dis-inflation, coming in at 2.3%. Prices are still rising but that pace continues to slow.
The S&P 500 and Nasdaq both finished up for a third week in the past four. The S&P 500 is now around 3% off its February record close, and Nasdaq 5% from its December peak.
Treasuries were weaker across the curve, with the policy-sensitive 2Y yield near 4% and 10Y just under 4.50%. The dollar index was up 0.8%. Gold was down 4.7%, posting the worst week since Jun-21. Bitcoin futures were up 0.6%. WTI crude was up 1.6%.
In addition to the CPI report we also got the PPI which also came in cooler than expected. However, some economists said the impact of the trade disruptions since the Trump tariffs were implemented may not be apparent until May. May preliminary Michigan Consumer Sentiment missed and posted the second lowest headline print since 1952. However, the survey was period through May 13th, so it included results pre-US and China trade agreement. Year-ahead inflation expectations of 7.3% were the highest since Nov-81, while 5-10Y expectations of 4.6% were the highest since Jan-91. April retail sales were softer than expected, including control group sales posting a surprise decline, though March figures were revised higher.
The AI trade was also a big support last week. Nvidia and other AI-linked names rallied on some bullish updates including an expected purchase of $18K GB300 Blackwell units by Saudi Arabia’s new AI company, However, there was some caution around AI capex narrative after Meta reportedly is delaying the release of its “Behemoth” AI LLM over challenges to significantly improve its capabilities.
Other pieces of the bullish narrative included a thawing IPO market, dampened volatility with the VIX and MOVE Index both back below pre-Liberation Day levels, macro data resilience, positive earnings trends, and still-depressed positioning and sentiment. Consumer spending remains a support despite the weak April retail sales report. Mastercard and Visa offered upbeat messaging at the JPMorgan conference, BofA noted card spending has moderated but spending momentum remains, while JPMorgan said its early May card spend suggests May retail sales control group sales up 0.5% m/m.
Some of the pieces of the bearish narrative included ongoing tariff uncertainty, particularly given the effective tariff rate of 16% is several times the level from the start of the year and the highest since 1937. There was also a big focus on Walmart comments that shoppers will see tariff-driven price increases this month. The reconciliation bill continues to face challenges, with the bill blocked in the House Budget Committee on Friday by fiscal hawks over deficit concerns. This week’s saw a hawkish shift in Fed rate cut expectations after the trade de-escalation. Despite cooler inflation trends, Fed officials continued to stress patience to wait to see how trade policy ultimately impacts inflation and the labor market. Markets are now pricing in just ~50 bp of cuts through year-end, down from 68 bp a week ago (and 85 bp two weeks ago). Additionally Moody’s rating agency stripped the U.S. of its last triple-A credit rating citing large fiscal deficits and rising interest costs.
We start a very light week of data that includes the S&P Global May flash Manufacturing and Services PMI, April existing and new home sales.
Fixed Income
May FOMC Statement March Minutes Credit, Liquidity and Balance Sheet Federal Reserve Dot Plots
Treasury.gov yields FOMC Policy Normalization Statement Longer- Run Goals Jan 2024
Foreign Exchange Market
Energy Complex
The Baker Hughes rig count fell by 2 last week. There are 576 oil and gas rigs operating in the US – Down 28 from last year.
Metals Complex
Employment Picture –
April Jobs Report – BLS Summary – Released 5/2/2025 – The US Economyadded 177k nonfarm jobs in April and the Unemployment rate was unchanged at 4.2%. Average hourly earnings increased 6 cents to $36.06. Hiring highlights include +51k Healthcare, +8k Social Assistance, +14k Financial Activities, and +29k Transportation and Warehousing.
Weekly Unemployment Claims – Released Thursday 5/1/2025 – In the week ending April 26, the advance figure for seasonally adjusted initial claims was 241,000, an increase of 18,000 from the previous week’s revised level. The 4-week moving average was 226,000 an increase of 5,500 from the previous week’s revised average.
Employment Cost Index – Released 4/30/2025 – Compensation costs for civilian workers increased 0.9% for the 3-month period ending in March 2025. Wages and salaries increased 0.8% and benefit costs increased 1.2% from 2024. The 12-month period ending in March 2025 saw compensation costs increase by 3.6%. The 12-month period ending March 2024 increased 4.2%. Wages and salaries increased 3.5 percent over the 12-month period ending in March 2025 and increased 4.4 percent for the 12-month period ending in March 2024. Benefit costs increased 3.8 percent over the 12-month period and increased 3.7 percent for the 12-month period ending in March 2024. This report is published quarterly.
Job Openings & Labor Turnover Survey JOLTS – Released 4/29/2025 – The number of job openings was little changed at 7.2 million on the last business day of March, the U.S. Bureau of Labor Statistics reported. Over the month the number of hires and total separations was little changed at 5.4 million and 5.1 million, respectively. Within separations, quits (3.3 million) and discharges (1.6 million) changed little.
This Week’s Economic Data- Blue links take you to data source
Housing Starts– Released 5/16/2025 – March housing starts came in at 1,361,000, this ia 1.6% above the March rate. Building permits were 4.7% below the March.
Industrial Production and Capacity Utilization – Released 5/15/2025 – Industrial production was little changed in April as declines in manufacturing and mining output were offset by growth in utilities output. The index for manufacturing decreased 0.4 percent after increasing 0.4 percent in March. In April, manufacturing output excluding motor vehicles and parts decreased 0.3 percent. The index for mining fell 0.3 percent, and the index for utilities rose 3.3 percent. At 103.9 percent of its 2017 average, total IP in April was 1.5 percent above its year-earlier level. Capacity utilization edged down to 77.7 percent, a rate that is 1.9 percentage points below its long-run (1972–2024) average
Retail Sales– Released 5/15/2025 – Headline retail sales, were $724.1 billion, up 0.1 percent from the previous month, and up 5.2 percent from April 2024.
Producer Price Index – Released 5/15/2025 – The Producer Price Index for final demand fell 0.5 percent in April, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Final demand prices were unchanged in March and increased 0.2 percent in February. (See table A.) On an unadjusted basis, the index for final demand rose 2.4 percent for the 12 months ended in April.
Consumer Price Index – Released 5/13/2025 –
Recent Economic Data – Blue Links bring you to data source
Consumer Credit – Released 5/7/2025 – Consumer credit increased at a seasonally adjusted annual rate of 1.5 percent during the first quarter. Revolving credit increased at an annual rate of 2.3 percent, while nonrevolving credit increased at an annual rate of 1.2 percent. In March, consumer credit increased at an annual rate of 2.4 percent.
U.S. Trade Balance – Released 5/6/2025 – The U.S. monthly international trade deficit increased in March 2025 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $123.2 billion in February (revised) to $140.5 billion in March, as imports increased more than exports. The goods deficit increased $16.5 billion in March to $163.5 billion. The services surplus decreased $0.8 billion in March to $23.0 billion
PMI Manufacturing Index – Released 5/1/2025 – The April Manufacturing PMI registered 48.7 percent, 0.3 percent lower compared to March. The overall economy continued in expansion for the 60th month after one month of contraction in April 2020. The New Orders Index continued in contraction territory, registering 47.2 percent, 2.0 percentage points higher than the 45.2 percent recorded in March. The April reading of the Production Index (44.0 percent) is 4.3 percentage points lower than March’s figure of 48.3 percent.
U.S. Construction Spending– Released 5/1/2025 – Construction spending during March 2025 was estimated at a seasonally adjusted annual rate of $2,196.1 billion, down 0.5 percent from the February estimate of $2,206.9 billion. The March figure is 2.8 percent above the March 2024 estimate of $2,135.8 billion.
Chicago PMI – Released 4/30/2025 – Chicago PMI remained in contraction territory in April and fell to 44.6 from 47.6 points in March. The latest reading indicated that Chicago’s economic activity contracted for the 17th successive month in April.
US Light Vehicle Sales– Released 4/30/2025 – U.S. light vehicle sales were at a seasonally adjusted annual rate (SAAR) of 17.833 million units in March.
Personal Income – Released 4/30/2025 – Personal income increased $116.8 billion (0.5 percent at a monthly rate) in March. Disposable personal income (DPI)—personal income less personal current taxes—increased $102.0 billion (0.5 percent). Personal consumption expenditures (PCE) increased $134.5 billion (0.7 percent).
Advance Estimate of 1st Quarter 2025 GDP – Released 4/30/2025 – Real gross domestic product (GDP) decreased at an annual rate of 0.3 percent in the first quarter of 2025, according to the “advance” estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2024, real GDP increased 2.4 percent. The decrease in real GDP in the first quarter primarily reflected an increase in imports, which are a subtraction in the calculation of GDP, and a decrease in government spending. These movements were partly offset by increases in investment, consumer spending, and exports.
Consumer Confidence– Released 4/29/2025 – Consumer Confidence decreased from 92.9 to 86.0 in April. The Present Situation Index which is based on consumers’ assessment of current business and labor market conditions, decreased 0.9 points to 133.5. The Expectations Index which is based on consumers’ short-term outlook for income, business, and labor market conditions, dropped 12.5 points to 54.4, the lowest level since October 2011 and well below the threshold of 80 that usually signals a recession ahead.
U.S. Trade Balance – Released 5/6/2025 – The U.S. monthly international trade deficit increased in March 2025 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $123.2 billion in February (revised) to $140.5 billion in March, as imports increased more than exports. The goods deficit increased $16.5 billion in March to $163.5 billion. The services surplus decreased $0.8 billion in March to $23.0 billion
PMI Non-Manufacturing Index – Released 5/3/2025 – Economic activity in the services sector expanded for the 10th consecutive month in April. The Services PMI® registered 51.6 percent, indicating expansion for the 56th time in 59 months since recovery from the coronavirus pandemic-induced recession began in June 2020.
Durable Goods – Released 4/24/2025 – New orders for manufactured durable goods in March, up three consecutive months, increased $26.6 billion or 9.2% to $315.7 billion, the U.S. Census Bureau announced today. This followed a 0.9% February increase. Excluding transportation, new orders were virtually unchanged. Excluding defense, new orders increased 10.4%. Transportation equipment, also up three consecutive months, led the increase, $26.5 billion or 27.0% to $124.6 billion.
Existing Home Sales – Released 4/24/2025 – Existing home sales in March decreased 5.9% from February and decreased 2.4% year over year. Existing home sales decreased to 4.02 million in March seasonally adjusted. The median price of existing homes for sale increased to $403,700, up 2.7% from one year ago.
New Residential Sales – Released 4/23/2025 – Sales of new single‐family houses in March 2025 were at a seasonally adjusted annual rate of 724,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 7.4 percent above the revised February rate of 674,000 and is 6.0 percent above the March 2024 estimate of 683,000. The median sales price of new houses sold in March 2025 was $403,600. The average sales price was $497,700.
This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any stock, bond, currency or CFD contract.
Some information contained herein has been obtained from third party sources believed to be reliable, but has not been independently verified by us; its accuracy or completeness is not guaranteed. Our commentary is based on information considered to be reliable, but no representation is made that it is accurate or complete, and should not be relied upon as such.
The views expressed represent the opinions and beliefs at the time of this commentary and are not meant as a market forecast. These views are subject to change at any time based on market or other conditions and Good Life Advisors disclaims any responsibility to update such views. This information may not be relied on as advice or as an indication of trading intent on behalf of any portfolio. Portfolio investments may change at any time.
Economic and performance information referenced is historical and past performance does not guarantee future results. References to future returns are not promises or estimates of actual returns we may achieve, and should not be relied upon.
No investment strategy or risk management process can guarantee returns or eliminate risk in any market environment. Investing in securities involves risk of loss. Stock and Bond prices can decline significantly in response to adverse market conditions, company-specific events, and other domestic and international political and economic developments. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future.
While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Data Sources:
Conference Board Economic Indicators Bureau of Economic Analysis (BEA) Congressional Budget Office (CBO) U.S. Bureau of Labor Statistics (BLS) Federal Reserve Economic Data (FRED Charts)
CME Fed Watch U.S. Treasury – Yields U.S. Census Bureau Institute for Supply Management (ISM) Weekly DOL Employment Data BLS Monthly Jobs Report JOLTS All capital in one visualization 2020
US Energy Admn (EIA) BLS Consumer Price Index CPI BLS Producer Price Index PPIAtlanta Fed GDPNOW NY Fed Nowcast GDP US Census Bureau Housing Starts U.S. Energy Admn
Consumer Credit USCB Retail Sales Construction Spending Federal Reserve Dot Plots 2017 NY Empire Index Philadelphia Federal Reserve P/E Ratio Data -Yardeni Research
Technical Analysis Info: Koyfin.com StockCharts.com – Financial Charts Exponential vs Simple Moving Average
Other links: 1973 Arab Oil Embargo Hunt Brothers Silver Asian Contagion Long-Term Capital bailout
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