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Dovish Drift | June 24th, 2024
Last week saw a significant trading volume spike due to Friday’s “triple witching” event and annual index rebalancing, with $5.5 trillion in options expiring. The S&P 500 advanced 0.6%, setting its 31st record high of 2024, despite modest profit-taking in tech stocks which left the Nasdaq Composite unchanged. Economic indicators painted a picture of a steady but slowing economy, highlighted by soft retail sales, existing home sales, and the Purchasing Managers Index. Notably, a dovish shift in Fed rhetoric emerged, with officials like Neel Kashkari and Adriana Kugler pointing to easing inflation and economic slowdown. This dovish drift aligns with similar moves by foreign central banks, which have either achieved their inflation targets or started easing policies. Looking ahead, the financial markets are keenly anticipating Friday’s PCE price index release, a critical inflation gauge favored by the Fed, with expectations of a 2.6% year-over-year increase.
The information provided in this commentary is not an offer to sell or the solicitation of an offer to purchase any security, product, or brokerage service. The information is not intended to be used as the basis for investment decisions, nor should the information be construed as advice designed to meet the particular needs of any investor. This commentary is presented to illustrate examples of the securities that North Star Investment Management Corporation and/or its affiliates ("North Star") may have bought for client accounts and the diversity of markets in which North Star Investments may invest, and may not be representative of current or future investments. You should not assume that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this commentary will be profitable or will be equal to any corresponding performance levels that might be indicated. Past performance is no guarantee of future results. Investments in securities involve risks including the possible loss of the principal invested. North Star and others associated with it, including employees, may have positions in and effect transactions in securities of companies mentioned or indirectly referenced in this commentary. North Star may buy, sell or hold these securities in proprietary or client accounts. North Star will not be providing regular updates or advising you of any changes in the views expressed herein. Investors should consider their investment objectives, risk tolerance, and financial situation and needs before investing in any security. Tax considerations, commissions, fees and other costs should be carefully evaluated with one's investment and/or tax advisors. Information provided is obtained from sources deemed to be reliable, but North Star cannot guarantee the accuracy or completeness of the information. This material may not be reproduced, distributed or transmitted to any other person in whole or in part without the prior written consent of North Star. A copy of North Star Investment Management Corporation's Form ADV Brochure, Privacy Notice and Business Continuity Plan summary can be obtained by calling 312-580-0900.
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By North Star Investment Management Corp
5
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Last week saw a significant trading volume spike due to Friday’s “triple witching” event and annual index rebalancing, with $5.5 trillion in options expiring. The S&P 500 advanced 0.6%, setting its 31st record high of 2024, despite modest profit-taking in tech stocks which left the Nasdaq Composite unchanged. Economic indicators painted a picture of a steady but slowing economy, highlighted by soft retail sales, existing home sales, and the Purchasing Managers Index. Notably, a dovish shift in Fed rhetoric emerged, with officials like Neel Kashkari and Adriana Kugler pointing to easing inflation and economic slowdown. This dovish drift aligns with similar moves by foreign central banks, which have either achieved their inflation targets or started easing policies. Looking ahead, the financial markets are keenly anticipating Friday’s PCE price index release, a critical inflation gauge favored by the Fed, with expectations of a 2.6% year-over-year increase.
The information provided in this commentary is not an offer to sell or the solicitation of an offer to purchase any security, product, or brokerage service. The information is not intended to be used as the basis for investment decisions, nor should the information be construed as advice designed to meet the particular needs of any investor. This commentary is presented to illustrate examples of the securities that North Star Investment Management Corporation and/or its affiliates ("North Star") may have bought for client accounts and the diversity of markets in which North Star Investments may invest, and may not be representative of current or future investments. You should not assume that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this commentary will be profitable or will be equal to any corresponding performance levels that might be indicated. Past performance is no guarantee of future results. Investments in securities involve risks including the possible loss of the principal invested. North Star and others associated with it, including employees, may have positions in and effect transactions in securities of companies mentioned or indirectly referenced in this commentary. North Star may buy, sell or hold these securities in proprietary or client accounts. North Star will not be providing regular updates or advising you of any changes in the views expressed herein. Investors should consider their investment objectives, risk tolerance, and financial situation and needs before investing in any security. Tax considerations, commissions, fees and other costs should be carefully evaluated with one's investment and/or tax advisors. Information provided is obtained from sources deemed to be reliable, but North Star cannot guarantee the accuracy or completeness of the information. This material may not be reproduced, distributed or transmitted to any other person in whole or in part without the prior written consent of North Star. A copy of North Star Investment Management Corporation's Form ADV Brochure, Privacy Notice and Business Continuity Plan summary can be obtained by calling 312-580-0900.