The Bespoke Report Weekly Newsletter– 4/23/21

Apr 23, 2021

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

At 1 PM ET on Thursday, the S&P 500 was trading up nicely on the day and then suddenly dropped on news headlines that President Biden’s upcoming infrastructure/tax hike proposal would include an increase in the capital gains tax on high earners from ~20% up to ~40%.  It was curious that the market fell at all on this headline given that this type of tax hike was something Biden ran on during his campaign, but nevertheless, major US indices continued to fall for the remainder of the trading day to finish down roughly 1% on the day.

The worries — at least as far as the market is concerned — didn’t last long.  26 hours later at the close on Friday, the S&P 500 tracking SPY ETF closed exactly 1 cent below the level it was trading at as of 1 PM ET on Thursday!

Overall, US index ETFs were slightly lower on the week but remain up 3-6% in April and 8-20% YTD.  Most sectors finished the week lower, although Health Care, Industrials, and Materials managed to post gains.  China (ASHR) had a strong week, up 4.4%.

As usual, this week’s Bespoke Report covers the major forces that are driving equity markets right now.  To read the report and access everything else Bespoke’s research platform has to offer, start a two-week free trial to one of our three membership levels.  You won’t be disappointed! 

The Bespoke Report – 4/16/21 – Only One Way To Go With Risks So Low?

Apr 16, 2021

Policy stimulus continues to run at full tilt, and has carved off some of the worst possible forward outcomes for the economy and markets. Meanwhile, interest rates have been falling after a meteoric rise in Q1, while the bull market in commodities continues to run. Manufacturing activity gauges are roaring and retail sales are soaring. What does all of this mean for investors looking ahead to the rest of the year given the already-impressive move higher for stocks in 2021?

We discuss in detail along with an earnings round-up, review of recent economic data, a look at housing, and more in this week’s Bespoke Report.

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

To read the report and access everything else Bespoke’s research platform has to offer, start a two-week free trial to one of our three membership levels.  You won’t be disappointed! 

The Bespoke Report – 3/19/21 – Fed On Hold, Bonds Being Bold

Mar 19, 2021

While there’s been a lot of focus on the potential impact of rising interest rates on equity markets of late, we take a step back to look at the tale of the tape this week and why another asset class that is starting to move may be more worthy of attention than interest rates. We also discuss commodities, what Google Trends tell us about the economy and markets, review central bank decisions this week including a deep dive into the FOMC, and look back over the past six months of markets to a key turning point we call “the Big Shift”.

We also discuss US economic data, sentiment measures of the US market and global economy more broadly, global equity market performance, and more in this week’s Bespoke Report.

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

To read the report and access everything else Bespoke’s research platform has to offer, start a two-week free trial to one of our three membership levels.  You won’t be disappointed!