This week’s Bespoke Report newsletter is now available for members.

For both the S&P 500, Nasdaq, and the Russell 2000, 52-week lows were the norm this week, and in the case of the Nasdaq and Russell 2000, the recent plunges took them back to levels not seen since around the November 2020 election.  Who would have ever thought that coming out of COVID would prove to be more difficult for markets than COVID itself?

Following up on last week’s Pros and Cons presentation, for this week’s report, we are including a macro update on global markets and the economy that was put together by our macro strategist George Pearkes.  Therefore, this week’s Bespoke Report provides just an abbreviated recap of markets this week.

The current backdrop could easily be the most complicated backdrop that investors have ever faced, so our hope is to put things into perspective. The bottom line?  Supply chains and inflation remain in flux, but there are signs that these issues could start to work themselves out in the second half. If they do, a less hawkish FOMC could be the market surprise for the second half.  A key risk, though? Economic activity remains strong, but there are legitimate signals that demand has peaked.

In addition to this week’s Bespoke Report, we have also included our updated quarterly macro overview (“Capped Inflation & Capped Hike Pace Uncap Returns”).  To read this week’s full Bespoke Report and access everything else Bespoke’s research platform has to offer, start a two-week trial to one of our three membership levels.

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