Kuby's Commentary

M\arkets rallied last week as U.S.-China trade talks resulted in a temporary tariff rollback, propelling the S&P 500 up 5.3%, Nasdaq up 7.2%, and Russell 2000 up 4.5%. Strong earnings growth of 13.6% and cooling April inflation data supported investor sentiment, despite rising long-term inflation expectations. This week, markets face renewed volatility after Moody’s downgraded the U.S. credit rating, with investors eyeing ISM reports, housing data, and lingering tariff risks.For further insights and fund holdings, visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠www.nsinvest.com. ⁠⁠⁠⁠⁠⁠⁠⁠⁠

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.

Markets dipped slightly last week as the Federal Reserveheld rates steady and flagged stagflation risks, while President Trump struck a preliminary trade deal with the UK and expressed optimism ahead of U.S.–China talks. Earnings season boosted sentiment, with Q1 growth improving to 13.4%, and forward guidance tracking historical norms despite tariff headwinds. The S&P 500 fell 0.5%, gold hit new highs, and oil rebounded 5%. This week, CPI and consumer sentiment data will take center stage following a reportedlyproductive U.S.–China summit in Switzerland.

For further insights and fund holdings, visit ⁠⁠⁠⁠⁠⁠⁠⁠www.nsinvest.com. ⁠⁠⁠⁠⁠⁠⁠⁠

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.

Markets rebounded sharply last week despite rising bearish sentiment, with the S&P 500 logging nine consecutive daily gains—its longest winning streak in over two decades. Strong earnings from Microsoft and Meta, coupled with a robust April jobs report, helped offset concerns around tariffs and the first quarterly GDP contraction since early 2022. The Nasdaq rose 3.4%, Russell 2000 gained 3.2%, and the S&P 500 climbed 2.9%. Investors now turn to the final stretch of earnings season and the upcoming FOMC decision, where a dovish shift or rate cut remains possible amid mounting economic uncertainty.

For further insights and fund holdings, visit ⁠⁠⁠⁠⁠⁠⁠www.nsinvest.com. ⁠⁠⁠⁠⁠⁠⁠

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.

After an early selloff tied to renewed tariff tensions and political pressure on the Federal Reserve, equity markets rebounded sharply last week, supported by strong first-quarter earnings across Communication Services and Health Care. The S&P 500, Nasdaq, and Russell 2000 all posted substantial gains, while bond yields edged lower and commodity markets remained stable. Despite improved sentiment, uncertainty around trade negotiations and corporate forward guidance suggests volatility will persist. This week, investor focus shifts to March PCE inflation data and the April jobs report for further signals on the economic outlook.

For further insights and fund holdings, visit ⁠⁠⁠⁠⁠⁠www.nsinvest.com. ⁠⁠⁠⁠⁠⁠

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.

Markets extended their losing streak last week as trade tensions and Fed concerns dragged major indexes lower, with the S&P 500 down 1.5% and Nasdaq off 2.6%. Small caps outperformed, with the Russell 2000 gaining 1.1% as bargain hunters stepped in. Tariff uncertainty and hawkish Fed remarks pressured tech stocks, while gold hit new highs and Treasury yields eased. As over 100 S&P 500 companies prepare to report earnings—including Tesla and Alphabet—investors should brace for continued volatility driven more by policy headlines than fundamentals.

For further insights and fund holdings, visit ⁠⁠⁠⁠⁠www.nsinvest.com. ⁠⁠⁠⁠⁠

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.

Markets staged a sharp rebound last week, with the S&P500 up 5.7% and the Nasdaq climbing 7.3%, largely fueled by President Trump’s tariff pause and social media-driven optimism. But beneath the surface, volatility remained high. Treasury yields surged, the Dollar fell over 3%, and gold hit record highs—signs that global investors may be losing confidence in U.S. policy stability. Inflation cooled and bank earnings were solid, but consumer sentiment sank to its second-lowest level since 1952. This week, the focus turns to U.S.-China trade dynamics and a wave of earnings reports across financials and healthcare.

For further insights and fund holdings, visit ⁠⁠⁠⁠www.nsinvest.com. ⁠⁠⁠⁠

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.

Markets experienced their worst week since March 2020 as the rollout of sweeping new tariffs sent shockwaves through equities. The S&P 500 dropped 9%, while the Nasdaq and Russell 2000 fell nearly 10%. Energy stocks and the U.S. dollar took heavy hits, but long-term bonds rallied as investors sought safety. Fed Chair Powell pushed back on rate cut expectations, citing inflationary pressures from the evolving trade landscape.

To shed light on the broader implications, we consulted economist Robert Z. Aliber, who emphasized the long-term structural costs of persistent trade deficits and noted the disruptive nature of the current tariff strategy.

Amid heightened volatility, North Star Portfolio Managers remain committed to investing in fundamentally strong businesses with reasonable valuations, sound financials, and long-term growth potential. With CPI data and the kickoff of Q1 earnings season ahead, markets are bracing for more volatility.

For further insights and fund holdings, visit ⁠⁠⁠www.nsinvest.com. ⁠⁠⁠

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.

A thick “Tariff Fog” has settled over the U.S. economy, dimming visibility for investors and business leaders alike. First-quarter S&P 500 earnings growth estimates were cut sharply, consumer confidence hit a 4-year low, and uncertainty around supply chains and inflation is rattling markets. Stocks slipped after new tariffs on auto imports were announced and the Fed’s preferred inflation gauge came in hotter than expected. While Jerome Powell reassured that the economy remains sound, volatility spiked, gold surged to new highs, and investors are urged to proceed with caution. Long-term market fundamentals remain intact, but near-term visibility is limited.

For further insights and fund holdings, visit ⁠⁠www.nsinvest.com. ⁠⁠

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.

Markets rebounded last week, snapping a four-week losing streak as investors digested the Fed's revised economic projections. Fed Chair Powell surprised markets by calling potential tariff-driven inflation “transitory,” reviving a controversial term from 2021. Small- and mid-cap stocks led gains, oil surged nearly 4%, and gold hit another record high. With volatility easing and a broader market rally underway, attention now turns to upcoming inflation data and the potential impact of targeted tariffs set to take effect in April.

For further insights and fund holdings, visit ⁠www.nsinvest.com. ⁠

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.

Last week, markets faced heightened volatility, marking a four-week losing streak. The S&P 500 fell 2.3%, the Nasdaq slid 2.4%, and the Russell 2000 dropped 1.5%, with sharp early-week selloffs driven by escalating trade war tensions and fears of a government shutdown. A last-minute deal on Friday spurred a short-covering rally. Economic data was mixed—February's consumer and producer inflation softened, but the University of Michigan Consumer Sentiment Index dropped to 57.9, its lowest since November 2022. This week, markets await February retail sales data and the FOMC’s comments on interest rates.

For further insights and fund holdings, visit www.nsinvest.com.

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.