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Here at Chadmere Capital Inurance and Financial Services, we are adhering to state and local guidelines in order to protect both the health and safety of clients and staff. Keeping our clients and staff safe is our highest priority and we’re taking all appropriate measures to ensure a safe environment. Should you prefer to not meet face-to-face, we are continuing to serve our clients through virtual settings such as Zoom or phone calls.

We look forward to continuing to help individuals and families achieve their ideal retirements.

Chademere Capital Insurance and Financial Services
(803) 242-1050


Weekly Market Commentary

Market Recap for the Week ending 7/19/2019

-Darren Leavitt, CFA

Despite a relatively good start to  2nd quarter earnings season, the major indices retreated last week.  Part of the pullback was likely due to the realization that a 50 basis point cut is not likely at the end of the month and also partly due to a severe move down in oil, which hit the energy sector hard last week.  The S&P 500 and NASDAQ shed -1.2%, while the Dow gave up -0.7%, and the Russell 2000 lost -1.4%.  Treasuries were slightly bid during the week.  The 2-year note yield lost 2 basis points to close at 1.82% while the 10-year bond yield lost 3 basis points to close at 2.05%.  Gold gained nearly $20 on the week and closed at $1426.45 an Oz.  As I mentioned, Oil was hammered last week losing -7.5% and closing at $55.66 a barrel.  There were no changes to the models last week.

Earnings started off in earnest last week with the major banks reporting better than expected results.  Transports started the week off on solid footing with trucking companies posting nice results, however, CSX surprised to the downside, and the results sent the whole sector down.  Later in the week, KSU, UNP, and results from some airlines helped to right the ship.  Microsoft posted solid results while Netflix was hammered losing nearly 13% after it missed the mark.  Stay tuned; earnings will be in focus over the next several weeks.

Investors received more positive news on the economic front last week.  Retail sales came in better than expected, and the Philadelphia Fed Index was much better than expected.  The positive data squashed hopes of a 50 basis point cut later in the month.  Separately,  a news report from the WSJ last week suggested that a 25 basis point cut was already a done deal at the Fed.  The market has priced in the 25 basis point scenario, and the pullback seemed appropriate given the move we have seen over the last month and a half.

Oil and the energy complex had a tough week.  Tensions between Iran and the US came down a bit as the two sides’ echoed hopes of a peaceful agreement.  Additionally, there were no real supply disruptions as a result of Tropical Storm Barry rolling through the Gulf which had bid oil up in the prior week.  The nearly -8% loss in WTI hurt the broader energy complex- the XLE lost -1.72% for the week.

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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