Doll’s Deliberations

Bob Doll summarizes the week: the Fed cut rates 25 basis points and will end quantitative tightening on December 1, while big-cap tech earnings beat expectations and drove market gains even as small caps and several sectors lagged. Emerging markets also showed strong performance amid continued central bank easing.

Valuations and risk-taking have pushed many metrics to extremes, with inflation around 3% complicating further rate cuts. Doll concludes that asset-price inflation will likely persist near term unless a major bond-yield rise or policy shock occurs, so speculative activity should be monitored.

For a copy of this week's Doll's Deliberations click on the following link November 2 or go to www.crossmarkglobal.com for additional insight and investment solutions.

Stocks reached new highs as markets lean on Fed easing, favorable inflation data, and solid earnings, while select sectors lead gains and only a few lag.

Despite a broadly supportive macro backdrop, markets are overbought and vulnerable to sharp corrections in assets with large "air pockets" such as gold and cryptocurrencies.

Key themes include below-consensus CPI, limited fresh U.S. data due to the government shutdown, resilient corporate earnings supported by AI investment, and ongoing risks from inflation and geopolitical/political events.

For a copy of this week's Doll's Deliberations click on the following link October 27 or go to www.crossmarkglobal.com for additional insight and investment solutions.

Stocks rebounded after a volatile week, with the S&P up 1.75% following a sharp sell-off. Q3 earnings kicked off strongly led by big banks, while communication services and real estate led sector gains amid churning below the surface.

Economic indicators and Fed signals point to slowing growth: the Beige Book and ISM services show weakness, the labor market has cooled, and Fed remarks and minutes suggest increased uncertainty about the path for rates — raising odds of an October cut. Watch Q3 earnings for signs around deregulation, AI capex, consumer health, and power costs.

Geopolitical and policy risks have re-emerged with U.S.-China tensions, tariffs and rare earth measures, and a continuing government shutdown. Precious metals have surged, and the recommended portfolio stance favors high-quality Treasuries and caution on credit and high-yield exposure.

For a copy of this week's Doll's Deliberations click on the following link October 20 or go to www.crossmarkglobal.com for additional insight and investment solutions.

Quick Q3 roundup: equities climbed as strong corporate earnings, AI optimism, and expectations of Fed easing drove markets higher, while short-term yields eased and technology led sector gains.

But the backdrop is mixed — hiring has slowed, inflation remains stubborn, valuations are elevated, and soaring fiscal deficits add risk. Stay engaged with markets but remain vigilant.

For a copy of the Quarterly Market Update and review of the top 10 predictions click on the following link October 13 or go to www.crossmarkglobal.com for additional insight and investment solutions.

Bob Doll reviews recent market gains and the drivers behind them: optimism about a temporary labor slowdown, expectations of Fed easing, and strong corporate profits—especially among mega-cap tech companies—while warning that equity valuations are already elevated.

He recommends a cautious stance: prefer equities over bonds on a 6–12 month horizon but keep a neutral overall equity weight, modestly underweight U.S. exposure and overweight emerging markets, the euro area, and Japan, noting the main risk is a sudden rise in bond yields if inflation stays sticky.

For a copy of this week's Doll's Deliberations click on the following link October 6 or go to www.crossmarkglobal.com

for additional insight and investment solutions.

Bob Doll reviews the latest market action, noting a weekly pullback despite strong rallies and top-performing sectors like energy and utilities.

He argues that accommodative central banks and rising corporate profits have kept risk assets elevated, while stretched valuations, rising gold, and high AI stock multiples create vulnerabilities.

Ten key takeaways cover GDP forecasts, labor market cracks, margins and valuation metrics, and the conditions that could reverse the trend — notably higher bond yields or disappointing economic and earnings growth.

For a copy of this week's Doll's Deliberations click on the following link September 29 or go to www.crossmarkglobal.com for additional insight and investment solutions.

Stocks extended gains after the Fed’s 25bp ‘risk-management’ rate cut, with major averages and sectors like tech and communication services hitting new highs. Economic growth has cooled but is not recessionary, while inflation remains stickier than policymakers would like.

Monetary conditions are becoming more accommodative, supporting asset prices for now, but rich valuations and the prospect of a renewed rise in bond yields pose downside risks if inflation or policy expectations shift.

For a copy of this week's Doll's Deliberation click on the following link September 22 or go to www.crossmarkglobal.com for additional insight and investment solutions.

In this episode Bob Doll reviews the latest market moves, noting a record-setting stock rally amid a dovish Fed poised to cut rates even as core inflation remains stubborn and hiring cools. He explains how tariffs, slower immigration-driven labor growth, and strong corporate profits are shaping a slow-growth, mildly inflationary backdrop.

Listeners will learn why markets are upbeat despite valuation risks, what indicators to watch (inflation, employment, bond yields), and how monetary and fiscal policy may influence risk assets in the months ahead.

For a copy of this week's Doll's Deliberations click on the following link September 15 or go to www.crossmarkglobal.com for additional insight and investment solutions.

Bob Doll reviews the week: mixed markets with the S&P up, weak August payrolls that boosted Treasury prices and Fed-cut expectations, and uneven sector performance driven by MAG-7 strength and sticky inflation.

He concludes that earnings and supportive policy fuel a positive outlook, but stretched valuations, rising long-term yields, and persistent inflation make returns likely bumpy and the risk-reward less favorable.

For a copy of this week's Doll's Deliberations click on the following link Doll’s Deliberations - Crossmark Global Investments or go to www.crossmarkglobal.com for additional insight and investment solutions.

Bob Doll reviews last week’s market moves, sector performance, and corporate earnings while highlighting growing tensions between the White House and the Federal Reserve. Investors remain focused on the prospect of lower short-term rates even as inflation and policy uncertainty rise.

The episode argues that valuations are not a reliable market-timing tool and explains why ongoing Fed dovishness will sustain a liquidity-driven, risk-on environment for now, even as higher inflation may push long-term yields up (a bear steepening) and eventually pressure long-duration assets.

Key takeaways include upward GDP revisions, strengthening earnings, threats to Fed independence, tariff-driven headwinds, low volatility, dollar pressure, and potential small-cap leadership if dovish policy continues.

For copy of this week's Doll's Deliberations click on the following link Doll’s Deliberations or go to Crossmarkglobal.com for more insight and investment solutions.