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# Griffiths Financial Services

Independent Investment Advice with an Emphasis on Client Service

## Sitemaps

- [XML Sitemap](https://griffithsfinancial.net/sitemap.xml): Contains all public & indexable URLs for this website.

## Posts

- [Asset Allocation in 2026: “Survey Says”](https://griffithsfinancial.net/asset-allocation-in-2026-survey-says/) - By Eric Hough In my best Steve Harvey voice: “We surveyed two hundred advisors on the optimal 2026 portfolio allocation for high-net-worth clients, and the top answer is on the board” Survey Says: There is no number one answer! There is no consensus and no single model dominates! Ok, I confess, I didn’t poll any
- [Purple Rain](https://griffithsfinancial.net/purple-rain/) - “I know times are changing, It’s time we reach out for something new, That means you, too, You say you want to be a leader, But you say you can’t seem to make up your mind, I think you better close it, And let me guide you to the purple rain” – Purple Rain, Prince and the Revolution, 1984 The U.S. stock market
- [Priced Before Proven](https://griffithsfinancial.net/priced-before-proven/) - By Evan Coffey & Kate Templeton A rocket company became one of the most valuable businesses on Earth in a single afternoon in June. Five weeks later, its stock traded below where it started. The technology underneath it, the part that took a decade to build, hadn’t changed at all in that stretch. Only the price
- [The Great Mismatch](https://griffithsfinancial.net/the-great-mismatch/) - Why Digital CAPEX Is Colliding with Physical Infrastructure Reality What happens when the tortoise and the hare must finish the race at the same time? The market narrative today is dominated by the scale of capital being deployed into AI, data centers, and next-generation compute. Hundreds of billions of dollars are being committed, sometimes circularly,
- [Back to Earth](https://griffithsfinancial.net/back-to-earth/) - “Every time we fall to pieces, we build something new out of the hurt” – Back to Earth, Steve Aoki, 2014 That didn’t take long. Despite all of the fanfare that accompanied the SpaceX IPO that included many investors working strenuously to get pre-IPO allocations, the rocket ship that soared as high as $225 per share in
- [The Memory Squeeze](https://griffithsfinancial.net/the-memory-squeeze/) - The AI boom’s biggest supply constraint right now isn’t GPUs. It’s memory. Every AI server in every data center powering tools like ChatGPT and Claude is only as fast as the memory chip sitting next to its processor. That memory is now in short supply. Prices for the two main types, DRAM and NAND flash,
- [Market Momentum](https://griffithsfinancial.net/market-momentum/) - In this week’s GVA Market Insights, our Asset Management team explores: Equity markets have surged over 10% since April 1st amid strong earnings, though mega-cap concentration — particularly in semiconductors — remains a growing concern. The Fed held rates steady at its latest meeting, but a hawkish shift is emerging as inflation reaccelerates and rate
- [The Power](https://griffithsfinancial.net/the-power/) - “It’s gettin’, it’s gettin’, it’s gettin’ kinda heavy” – The Power, Snap, 1990 The U.S. stock market is getting way ahead of itself. For as constructive on the markets as I was back in February and March when the S&P 500 was careening into correction territory despite the fact that economic growth remained strong and corporate profit
- [Private Market Noise](https://griffithsfinancial.net/private-market-noise/) - In this week’s GVA Market Insights, our Asset Management team explores: Private Markets Noise vs. Reality: Redemption headlines at BlackRock and Blue Owl are alarming on the surface, but the 5% quarterly liquidity cap is a structural safeguard, and comparisons to 2008 miss the mark. Stagflation Warning Signs: CPI at 3.8%, gas above $4.50, a 10-year at
- [The 700 Billion Audit](https://griffithsfinancial.net/the-700-billion-audit/) - Last week five of the biggest names in technology released their latest quarterly earnings results and while all beat top and bottom line estimates comfortably, Wall Street is becoming increasingly concerned about one recurring theme within the earnings calls.
- [Long May You Run](https://griffithsfinancial.net/long-may-you-run/) - What a difference a month makes. It was at this same time thirty days ago when the S&P 500 was embroiled in an eight week decline that had it on the brink of falling into correction territory down more than -10% from late January highs.
- [Market Rebound](https://griffithsfinancial.net/market-rebound/) - In this week’s GVA Market Insights, our Asset Management team dissects the latest stock market rally: Markets rebound despite early volatility: Equities have surged to all-time highs following a turbulent quarter, as investors look past geopolitical tensions and easing oil prices support sentiment. Broad-based rally with rising retail influence: April gains have been strong across sectors and
- [In Bloom](https://griffithsfinancial.net/in-bloom/) - After what has been another difficult first few months of the year for the second year in a row (remember the Liberation Day tariffs around this very same time last year?), the U.S. stock market is once again in bloom.
- [Two Acts, One Quarter – The Story of Q1](https://griffithsfinancial.net/two-acts-one-quarter-the-story-of-q1/) - The first quarter of 2026 came to a close last week, and it played out in two distinct acts. The quarter opened with momentum.
- [Something in the Orange](https://griffithsfinancial.net/something-in-the-orange/) - t has been a tough start to 2026 for financial markets to say the least. And following three years of relentless, tech fueled US stock market upside, many are now increasingly wondering whether the orange dancing in the eyes of investors for so long is finally starting to extinguish. With so much turbulence, volatility and uncertainty in today’s market, where the hell are we supposed to go?
- [Crisis in the Middle East](https://griffithsfinancial.net/crisis-in-the-middle-east/) - In this week’s GVA Market Insights, our Asset Management team deep dives into the crisis in the Middle East.
- [Masters of War](https://griffithsfinancial.net/masters-of-war/) - “Come you masters of war, You that build the big guns, You that build the death planes, You that build all the bombs, You that hide behind walls, You that hide behind desks, I just want you to know, I can see through your masks” –Masters of War, Bob Dylan, 1963 Financial markets are transfixed by war. On Saturday, February 28,
- [Seasons](https://griffithsfinancial.net/seasons/) - “Summer nights and long warm days , Are stolen as the old moon falls, And my mirror shows another face, Another place to hide it all” –Seasons, Chris Cornell, 1992 The party is over. After a three-year rager in the technology sector fueled by a mosh pit of Artificial Intelligence (AI) euphoria, the long overdue hangover is
- [Epic Fury](https://griffithsfinancial.net/epic-fury/) - Over the weekend, the United States and Israel launched Operation Epic Fury, which involved hundreds of U.S. and Israeli aircraft performing strikes on key military and nuclear sites.
- [Market Insights – Tariffs](https://griffithsfinancial.net/market-insights-tariffs/) - The Supreme Court ruled that President Trump cannot unilaterally impose broad tariffs under IEEPA. Trump delivered the State of the Union, and the AI boom is not fading; it's just rotating.
- [All The World's A Stage](https://griffithsfinancial.net/all-the-worlds-a-stage/) - The game has changed once again. At one time, many decades ago, we operated in a Cold War world defined by spheres of influence.
- [Mr. Brightside](https://griffithsfinancial.net/mr-brightside/) - I’m a financial asset Mr. Brightside, as I see a market that is arguably off to its healthiest start in years.
- [Olympic Metals](https://griffithsfinancial.net/olympic-metals/) - The Winter Olympics open this week in Milan, a global showcase of discipline, precision, and marginal gains measured in hundredths of a second. Yet one thing remains constant. Every event ends with athletes on a podium, medals draped in gold, silver, and bronze. The symbolism is universal. Gold represents supremacy. Silver rewards excellence just short
- [Tuesday’s Gone](https://griffithsfinancial.net/tuesdays-gone/) - “Tuesday’s gone with the wind” –Tuesday’s Gone, Lynyrd Skynyrd, 1973 It has certainly been a rousing start to the New Year. No sooner did the ball drop on Times Square and the President of Venezuela was making an unexpected visit to the United States, Iranian protesters were flooding into the streets, and sabers were rattling
- [Market Insights – A Noisy Start](https://griffithsfinancial.net/market-insights-a-noisy-start/) - Here are the highlights from the latest Market Insights video with Evan Coffey and Eric Parnell: Geopolitics have been noisy to start 2026 and could continue to produce headline risk, but financial markets continue to fade geopolitical shocks unless they become policy-driven. Earnings remain supportive: Q4 results and forward EPS estimates point to continued growth, led by
- [Three Predictions for 2026](https://griffithsfinancial.net/three-predictions-for-2026/) - “Lengthy, uninterrupted booms, like the one in the 1920s, produce a collective delusion. Optimism becomes a drug, or a religion, or some combination of both. Propelled along by a culture of hot tips, one-of-a-kind deals, killer sales pitches, and irresistible slogans, people lose their ability to calculate risk and distinguish between good ideas and bad
- [2026 Outlook](https://griffithsfinancial.net/2026-outlook/) - As 2025 comes to a close and the holidays draw near, it is a good time to consider the economic and market outlook for the year ahead. Let’s get right down to it. The economy. For the last four calendar years, markets have been bracing for the inevitable economic recession that never seems to arrive.
- [Market Insights – Rate Cut](https://griffithsfinancial.net/market-insights-rate-cut/) - Here are the highlights from the latest Market Insights video with Evan Coffey and Eric Parnell: The Federal Reserve: The Fed cut the effective federal funds rate by another 25 basis points at its December meeting. What may be more intriguing for investors is their Summary of Economic Projections, which outlines participants’ expectations for growth, unemployment,
- [A Very Merry Melt-Up](https://griffithsfinancial.net/a-very-merry-melt-up/) - November gave equity investors whiplash. The first three weeks were a grind lower with all three major indices slipping more than 2.50%. The tech-heavy Nasdaq was down more than 6%, while the S&P slid almost 3.50%. Then Thanksgiving week hit and markets ripped higher with the Dow leading the charge up 2.73%. What looked like
- [Let It Bleed](https://griffithsfinancial.net/let-it-bleed/) - “Well we all need someone to lean on and if you want it, well you can lean on me” –Let It Bleed, Rolling Stones, 1969 It has been a difficult past four weeks since late October through late November for the U.S. stock market. After hitting new all-time highs less than 80 points shy of the
- [Charleston](https://griffithsfinancial.net/charleston/) - “Charleston! Charleston! Made in Carolina. Some dance, some prance, I’ll say, there’s nothing finer. Than the Charleston, Charleston.” –Charleston, James Price Johnson, 1923 Great Valley Advisor Group convened its latest Annual Advisor Conference at the Hotel Emeline in Charleston, South Carolina earlier this week. The event was an opportunity for advisors, investment partners, and the GVA team
- [7000](https://griffithsfinancial.net/7000-2/) - “There’s a point at 7000 RPM… where everything fades. The machine becomes weightless. Just disappears. And all that’s left is a body moving through space and time. 7000 RPM. That’s where you meet it. You feel it coming. It creeps up on you, close in your ear. Asks you a question. The only question that
- [How Soon Is Now?](https://griffithsfinancial.net/how-soon-is-now/) - “When you say it’s gonna happen “now”. Well, when exactly do you mean? See I’ve already waited too long. And all my hope is gone” –How Soon Is Now?, The Smiths, 1985 The rapidly spinning revolving door of financial market news has its latest headline to transfix investor emotions. The latest rumblings heading into the new trading week
- [Pretzel Logic](https://griffithsfinancial.net/pretzel-logic/) - Now you swear and kick and beg us that you’re not a gamblin’ man Then you find you’re back in Vegas with a handle in your hand” –Do It Again, Steely Dan, 1972 I recently had the opportunity to visit our GVA Advisors in Braintree, Massachusetts. This week’s article is inspired by the great discussions
- [Growth Opportunities](https://griffithsfinancial.net/growth-opportunities/) - Artificial Intelligence has moved from buzzword to backbone. It dominates headlines, moves markets, and is reshaping the future of technology and the economy. For most people, AI is already part of daily life, and its influence will only deepen. For equity markets the question is not whether AI matters but where the next wave of
- [A Storm Is Coming](https://griffithsfinancial.net/a-storm-is-coming/) - Boy: “Hay una tormenta en camino.” Sarah Connor: “What did he just say?” Gas Station Attendant: “He said there’s a storm coming in.” Sarah Connor: “I know.” –The Terminator, 1984 A different storm. Yes, Artificial Intelligence is increasingly taking over the world. And while I’m not sure that NVIDIA will have perfected the chips in
- [Bond. Long Bond.](https://griffithsfinancial.net/bond-long-bond/) - James Bond: “I admire your courage, Miss…?”Sylvia Trench: “Trench, Sylvia Trench. I admire your luck, Mr…?”James Bond: “Bond. James Bond.” –Dr. No, 1962 SPECTRE. The U.S. stock market is a relentless winner. For nearly two decades since the financial crisis, stocks have been repeatedly confronted with all measures of danger and tight spots seemingly impossible to
- [Heavy is the Crown](https://griffithsfinancial.net/heavy-is-the-crown/) - Heavy is the head that wears the crown. While equity markets have staged a powerful recovery since bottoming in April amid noise around international trade, much of Wall Street is beginning to question whether the rebound has gone too far. Market concentration has reached unprecedented levels: 10% of companies within equity markets now account for
- [Restless Uneasy Feeling](https://griffithsfinancial.net/restless-uneasy-feeling/) - “I get this feeling I may know you, as a lover and a friend, but this voice keeps whispering in my other ear, tells me I may never see you again” –Peaceful Easy Feeling, Eagles, 1972 A billion stars all around. It’s all so perfect. The U.S. economy continues to grow at a healthy pace, inflationary pressures remain
- [So Fresh, So Clean](https://griffithsfinancial.net/so-fresh-so-clean/) - “Ain’t nobody dope as me, I’m just so fresh, so clean” –So Fresh, So Clean, OutKast, 2000 Gator belts and patty melts. The U.S. stock market remains on one helluva ride in 2025. After starting the year on a December through February consolidation grind, worries about tariffs that eventually were manifested sent the S&P 500
- [Powell Under Pressure](https://griffithsfinancial.net/powell-under-pressure/) - Nothing says monetary tension like a photo op in hard hats. When President Trump and Fed Chair Jerome Powell toured the under-renovation Marriner S. Eccles Federal Reserve building in Washington D.C., the visit was more than just a symbolic walkthrough. It marked the latest chapter in Trump’s long-running campaign to pressure the central bank into
- [Coldplayed](https://griffithsfinancial.net/coldplayed/) - Coldplayed, verb Emotionally disappointed from being caught up in high hopes, only to be let down Being unintentionally exposed while cheating in public Trouble. It’s been a tough week for people having affairs at concerts. A few key themes have risen to the surface in the process. One, there may actually be such a thing as bad
- [10 Years Gone](https://griffithsfinancial.net/10-years-gone/) - Last week, I had the opportunity to visit our GVA Advisors in Boca Raton, Florida. This week’s article is inspired by the great conversation we had during our stay with some of our Advisor friends over dinner (one of which I look forward to potentially hearing play the guitar someday!). “Then as it was, then
- [2025 Second Half Outlook](https://griffithsfinancial.net/2025-second-half-outlook/) - The second half of 2025 is underway. And now that we’ve enjoyed our final Fourth of July festivities before the big Bisesquicentennial celebrations next year (250 years is hard to believe – I can still remember standing on the side of the road in back in 1976 watching the Bicentennial Wagon Train Pilgrimage roll by
- [The Power Strain](https://griffithsfinancial.net/the-power-strain/) - The explosive rise of artificial intelligence has made semiconductors the new oil, but electricity may become the new constraint. As demand for data centers surges, driven by large language models and the companies that are building them, America’s power grid is being pushed to its limits. The U.S. is beginning to face a growing energy
- [How Times Change](https://griffithsfinancial.net/how-times-change/) - It all seems very bizarre. I was born in 1973, so three ubiquitous kid fears were subconsciously ingrained into my adolescent and adult subconscious. One is an irrational feeling of alarm at the sight of nuclear power plant cooling towers (Three Mile Island accident in 1979). Another is the omnipresent threat that the world will
- [Jaws](https://griffithsfinancial.net/jaws/) - “That’s some bad hat, Harry” – Chief Martin Brody, Jaws, 1975 It is the golden anniversary for the summer blockbuster. The movie that began the wave of packing theaters during the summer was Jaws, which is still the seventh highest grossing movie of all time on an inflation adjusted basis. The genius of the film
- [Water](https://griffithsfinancial.net/water/) - “The water understands Civilization well; It wets my foot, but prettily, It chills my life, but wittily, It is not disconcerted It is not broken-hearted: Well used, it decketh joy, Adorneth, doubleth joy:” – Water | Ralph Waldo Emerson (1867) It’s been an outcome that has been vexing many market analysts and investment pundits for
- [Summertime Playbook](https://griffithsfinancial.net/summertime-playbook/) - Although summer does not officially begin until June 20, my mental view of seasons is grouped by the months. Summer: June, July, August; Fall: September, October, November; Winter: December, January, February; Spring: March, April, May. So with summer already getting underway in this writer’s mind, it’s a good time to look ahead to the key
- [Ulysses](https://griffithsfinancial.net/ulysses/) - “The lights begin to twinkle from the rocks: The long day wanes: the slow moon climbs: the deep Moans round with many voices. Come, my friends, ‘Tis not too late to seek a newer world” –Ulysses, Alfred, Lord Tennyson, 1842 For more than a decade, the U.S. stock market has resoundingly dominated its global developed
- [Into the Mystic](https://griffithsfinancial.net/into-the-mystic/) - Stocks are sailing. It’s extraordinary to consider that in just six astral weeks, the U.S. stock market has transformed from cascading endlessly to the downside to magnificently floating to the upside.
- [Getting In Tune](https://griffithsfinancial.net/getting-in-tune/) - “I’m singing this note ’cause it fits in well with the chords I’m playingI can’t pretend there’s any meaning hidden in the things I’m sayingBut I’m in tuneRight in tune” – Getting In Tune, The Who, 1971 It is the unexpected beauty of the Liberation Day tariff announcements from just over a month ago. When
- [April Showers](https://griffithsfinancial.net/april-showers/) - April was a turbulent month for global financial markets, characterized by heightened uncertainty and sharp price swings. Just three months into the Trump Administration, sweeping shifts in trade policy – most notably a 10% import tariff announced on April 2nd – rattled investor confidence. The announcement fueled concerns over rising inflation and increased borrowing costs,
- [Catch Bull At Four](https://griffithsfinancial.net/catch-bull-at-four/) - Investors have been in search of a new bull market with stocks careening to the downside for more than two months.
- [War Is Over (If You Want It)](https://griffithsfinancial.net/war-is-over-if-you-want-it/) - Capital markets are finally making some constructive progress following two tumultuous months. After a gradual descent following its February 19 peak, the U.S. stock market accelerated to the downside once the calendar flipped to the second quarter and the Liberation Day trade war was underway. But following a series of steps by the U.S. to
- [Economic & Market Report: Talk About the Passion](https://griffithsfinancial.net/economic-market-report-talk-about-the-passion/) - “Combien, combien, combien de temps?” –R.E.M., Talk About the Passion, 1983 It has been a difficult stretch for capital markets for a couple of months now. And as we emerge from our Easter/Passover holiday weekend celebrations, investors are left to wonder how much longer will the turbulence that has enveloped capital markets persist as we continue
- [Economic & Market Report: Battle Lines](https://griffithsfinancial.net/economic-market-report-battle-lines/) - It has been a tumultuous second quarter so far. After only nine trading days, we have seen U.S. stocks as measured by the S&P 500 plunge by more than -15% peak-to-trough in the wake of the “Liberation Day” tariff announcements, only to find their footing and battle their way back since. Although the tariffs for
- [Economic & Market Report: Liberation Day](https://griffithsfinancial.net/economic-market-report-liberation-day/) - Liberation Day has arrived for the United States. Unlike in most other countries where it is celebrated in reflection of the end of a past war or the dawn of a new revolution, Liberation Day in the U.S. as it has come to be known is the declaration of promised tariffs to free the country from the import of foreign goods.
- [Economic & Market Report: Deja Vu](https://griffithsfinancial.net/economic-market-report-deja-vu-2/) - “And I feel like I’ve been here before” -Deja Vu, Crosby, Stills, Nash & Young, 1970 It’s been a tough time for the U.S. stock market as of late. Over the last four weeks, the headline benchmark S&P 500 Index has fallen by just over -10% peak to trough. And the bounce that has emerged
- [Economic & Market Report: The Bright Side](https://griffithsfinancial.net/economic-market-report-the-bright-side/) - “Some things in life are bad, they can really make you mad Other things just make you swear and curse. When you’re chewing on life’s gristle, don’t grumble, give a whistle And this’ll help things turn out for the best” -Always Look on the Bright Side of Life, Monty Python, 1979 The U.S stock market
- [Economic & Market Report: Tariffs: Listen to the Music](https://griffithsfinancial.net/economic-market-report-tariffs-listen-to-the-music/) - Talk about tariffs continue to pound the news headlines day after day. Taxing imports on goods from other countries such as Canada, Mexico, and China have potential economic impacts that can be troubling for financial markets. These include slower economic growth and the potential for recession as well as rising prices and the threat of
- [Economic & Market Report: The Drag 7](https://griffithsfinancial.net/economic-market-report-the-drag-7/) - The so called ‘Magnificent 7’ is the latest grouping of tech and tech adjacent companies that have dominated the stock market in recent years. Its members include the following names in order of market cap: Apple, NVIDIA, Microsoft, Amazon, Alphabet (ne Google), Meta Platforms (ne Facebook), and Tesla. Together they make up a staggering +32%
- [Economic & Market Report: The Rhythm of the Heat](https://griffithsfinancial.net/economic-market-report-the-rhythm-of-the-heat/) - It has been the primary downside risk confronting financial markets for the last few years: the persistent threat of a renewed rise in inflation. The kindling continues to be placed to reignite a new inflationary blaze. Only time will reveal how high the flames will reach if and when the next fire starts to burn.
- [Economic & Market Report: The Fast & The Furious](https://griffithsfinancial.net/economic-market-report-the-fast-the-furious/) - Another storm rolled across capital markets to start this week. This time, it was the shock headlines over the weekend that the United States would be instituting tariffs against its close neighbor trade partners Canada and Mexico, which cast doubt on the sustainability of economic growth across the region as well as the potential inflationary
- [Economic & Market Report: Thunderstruck](https://griffithsfinancial.net/economic-market-report-thunderstruck/) - A storm thundered through the U.S. stock market on Monday.
- [Economic & Market Report: Winter Came Early This Year](https://griffithsfinancial.net/economic-market-report-winter-came-early-this-year/) - In this week's Economic & Market Report, winter has come early this year. Early Market Weakness in December ❄️ The U.S. stock market posted a rare December decline, marking only the fifth negative performance for the month since 2000. ❄️ Stocks faced a long-overdue pullback after a linear climb since late 2023. ❄️ U.S. Treasury yields surged over the past four months, driven by persistent inflation concerns. Uncertainty in Market Recovery ☃️ Despite Wednesday's strong market response, key resistance levels in equities remain unbroken, leaving recovery uncertain. ☃️ Sustained declines in Treasury yields are needed to improve equity risk premiums. ☃️ Inflation risks linger due to seasonal data noise, rebuilding efforts from Los Angeles fire damage, and elevated 5-year breakeven rates above 2.50%.
- [2024 Stock Market Recap](https://griffithsfinancial.net/2024-stock-market-recap/) - 2024 Stock Market Review video with Chief Market Strategist Eric Parnell.
- [Economic & Market Report: 5 for 2025](https://griffithsfinancial.net/economic-market-report-5-for-2025/) - The New Year is officially underway. Following an exceptional 2024 for stocks that ended with an oof and included a surprise election sweep along with lingering inflation concerns that just won’t quit as evidenced by the uneven year for bonds, what are the key indicators to watch for what to expect as we move freshly into 2025. The following are five indicators to watch for 2025.
- [Economic & Market Report: Mad Men](https://griffithsfinancial.net/economic-market-report-mad-men/) - It is a debate that has confounded investors in capital markets for the last few decades now. What is the true identity of this market? Is it really the strong and confident marketplace reflected by the S&P 500 streaking boldly to new all-time highs as 2024 draws to a close?
- [Economic & Market Report: Cruising Altitude](https://griffithsfinancial.net/economic-market-report-cruising-altitude/) - It has been a phenomenal year for the U.S. stock market in 2024. The S&P 500 was still trading below 4800 emerging from what had been a strong 2023, and while a good year ahead was anticipated, the idea of the benchmark index cresting 6000 to close out 2024 seemed a long shot at best.
- [Economic & Market Report: Giving Thanks](https://griffithsfinancial.net/economic-market-report-giving-thanks/) - The time of year has come once again for families to gather around the table and give thanks for the good fortunes of life, friends, and health.
- [Economic & Market Report: 78 More Than 47 (or 45)](https://griffithsfinancial.net/economic-market-report-78-more-than-47-or-45/) - Move over Grover Cleveland (22 and 24). The epic grade school social studies question must now be rewritten, as we are now on the brink of having our second President in U.S. history in Donald Trump (45 and soon to be 47) with the distinction of serving two non-consecutive terms. But far more important than
- [Economic & Market Report: It Takes Time](https://griffithsfinancial.net/economic-market-report-it-takes-time/) - Changes to the political landscape continue to unfold in the wake of the Republican sweep in the 2024 elections. The financial market reaction has also been dramatic, as U.S. stocks have rallied strongly in the days since Election Day with the removal of the uncertainty of who will be running the executive branch as well
- [Economic & Market Report: 2024 Election Results – Market Impact](https://griffithsfinancial.net/economic-market-report-2024-election-results-market-impact/) - The election results are in. In a stunning outcome, Donald Trump and the GOP emerged from voting on Tuesday with a resounding victory.
- [Economic & Market Report: The Heat Is On](https://griffithsfinancial.net/economic-market-report-the-heat-is-on/) - It was all going so well for the doves. The U.S. stock market continued to surge to new all-time highs at the same time that bond yields were plunging, all in anticipation of the U.S. Federal Reserve cutting interest rates at their mid-September Open Market Committee meeting.
- [Economic & Market Report: Stocks Don’t Care Who Wins](https://griffithsfinancial.net/economic-market-report-stocks-dont-care-who-wins/) - We’ve got a big election coming up in the United States that’s now less than two weeks away.
- [Economic & Market Report: Silver and Gold](https://griffithsfinancial.net/economic-market-report-silver-and-gold/) - The U.S. stock market continues to claim new all-time highs. But another segment of capital markets is also glistening brightly as we continue through 2024.
- [Economic & Market Report: Rekindling the Flames](https://griffithsfinancial.net/economic-market-report-rekindling-the-flames/) - It continues to top the charts as a major downside risk for capital markets as we continue through the 2020s. It sent the markets reeling a few years ago, and the problem was never fully eradicated even though the focus of policy makers has since turned elsewhere.
- [](https://griffithsfinancial.net/6228-2/) - Investing is a long-term game. And when evaluating long-term portfolio opportunities, it is worthwhile to consider the relative performance of various segments relative to the broader market.
- [Economic & Market Report: Knock Your Sox Off](https://griffithsfinancial.net/economic-market-report-knock-your-sox-off/) - A changing of the guard appears to be taking place in the U.S. stock market. The S&P 500 Index continues to set fresh all-time highs with a year end run toward 6000 increasingly coming into view.
- [Economic & Market Report: Why The Fifty?](https://griffithsfinancial.net/economic-market-report-why-the-fifty/) - The U.S. Federal Reserve still managed to deliver a surprise to markets this week.
- [Economic & Market Report: Careful What You Wish For](https://griffithsfinancial.net/economic-market-report-careful-what-you-wish-for/) - The time has finally come. At long last and following nearly two years of anticipation, the U.S. Federal Reserve is ready to begin delivering the interest rate cuts investors have longed for.
- [Economic & Market Report: Elections](https://griffithsfinancial.net/economic-market-report-elections/) - It’s time again. Much like the Olympics and the FIFA World Cup, it’s an epic event that comes once every four years. It is U.S. presidential election season.
- [Economic & Market Report: NVIDI-yeah!](https://griffithsfinancial.net/economic-market-report-nvidi-yeah/) - Mega cap technology titan Nvidia posted earnings after the bell on Wednesday. The company vastly exceeded stated analysts’ expectations both on the top line and the bottom line.
- [Economic & Market Report: August & Everything After](https://griffithsfinancial.net/economic-market-report-august-everything-after/) - The sudden and sharp stock market correction that marked the beginning of August has quickly become a distant memory.
- [Economic & Market Report: Hidden Gems](https://griffithsfinancial.net/economic-market-report-hidden-gems/) - The stock market dominates the headlines, and understandably so. The S&P 500 has been a stellar performer for years, and the last nine months last year have been no exception, having surged as much as nearly +40% trough to peak since late October.
- [Economic & Market Report: Embrace the Ides of July](https://griffithsfinancial.net/economic-market-report-embrace-the-ides-of-july/) - The U.S. stock market is on the retreat. After peaking in the middle of July at 5669 on the S&P 500, U.S. stocks have fallen by as much as -5%.
- [Economic & Market Report: Chips & Dip](https://griffithsfinancial.net/economic-market-report-chips-dip/) - Technology stocks have been a force behind capital market gains for nearly a decade.
- [Economic & Market Report: Rhymes of History](https://griffithsfinancial.net/economic-market-report-rhymes-of-history/) - History does not repeat, but it sure can rhyme. We are heading into the prime of the political election season, and with the various speeches and pontifications from our leading candidates comes statements that end up having meaningful market consequences.
- [Economic & Market Report: Overheating](https://griffithsfinancial.net/economic-market-report-overheating/) - The U.S. stock market much like most of the country this summer remains blazing hot. The S&P 500 has already notched a +18% year to date return, and every single trading day so far in July has brought with it a new all-time high for the benchmark index. How much longer should we expect these blistering stock returns to continue through the rest of the summer?
- [Economic & Market Report: Three Cheers for the Red, White, & Blue… & Green](https://griffithsfinancial.net/economic-market-report-three-cheers-for-the-red-white-blue-green/) - It is the Fourth of July holiday in the United States. With this spirit in mind, it is a good time to take a look at how well the U.S. stock market continues to move independently from the rest of the world in keeping with a tradition that has gone on for many years now.
- [Economic & Market Report: 2024 Second Half Outlook](https://griffithsfinancial.net/economic-market-report-2024-second-half-outlook/) - The first half of 2024 is just about officially in the books. It has been a rousing start to the year so far for the U.S. stock market. Following such strong performance in the first six months of the year, what can investors reasonably expect through the rest of 2024? The good news is that investors have a variety of reasons to remain constructive and optimistic. The outlook is not without risks, however.
- [Economic & Market Report: One](https://griffithsfinancial.net/economic-market-report-one/) - The U.S. stock market is off to a roaring start in 2024. We are not even half way through the year yet, and the S&P 500 Index is higher by more than +15%. Sounds fantastic, right? It is definitely great news on a headline basis, but unfortunately all is not necessarily well with the broader stock market. A closer look underneath the surface reveals that the market is not nearly as healthy as the headline return might imply.
- [Economic & Market Report: Mr. Brightside](https://griffithsfinancial.net/economic-market-report-mr-brightside/) - That was fast. It was just one week ago that this Chief Market Strategist was putting pen to paper to raise early warning signals about potential signs of economic slowing amid an environment where inflationary pressures were bubbling underneath the surface.
- [Economic & Market Report: Economic Soft Serve](https://griffithsfinancial.net/economic-market-report-economic-soft-serve/) - So much feels great about capital markets as summertime temperatures heat up. But the U.S. economy is offering up a soft and cool economic twist with the start of the beach season. As fireworks like NVIDIA continue its march past $3 trillion toward becoming the largest company in the world by market cap and GameStop is suddenly back to posting daily stock price doubles, it’s important to also keep an eye on the daily economic waves rolling in throughout the summer.
- [Economic & Market Report: Hot Stock Summer](https://griffithsfinancial.net/economic-market-report-hot-stock-summer/) - The summer season is now officially underway. And despite robust gains already this year, capital markets are primed and ready for a hot stock summer.
- [Economic & Market Report: Why Meme Stocks Matter](https://griffithsfinancial.net/economic-market-report-why-meme-stocks-matter/) - It seems like a frivolous stock market novelty. Companies like GameStop and AMC Entertainment with their relatively small market caps and even more meager sales in the context of the overall marketplace suddenly found themselves returning to the financial news spotlight.
- [Economic & Market Report: Cool Runnings](https://griffithsfinancial.net/economic-market-report-cool-runnings/) - It has been a primary downside risk for financial markets for more than a year now. But after repeatedly coming in hotter than expected in many reports so far in 2024, the latest reading on inflation surprised the markets by coming in cooler than expected on Wednesday.
- [Economic & Market Report: Breakout](https://griffithsfinancial.net/economic-market-report-breakout/) - The U.S. stock market got off to a bumpy start in 2024 Q2. No sooner did the calendar flip to April and the S&P 500 descended into a pullback. Over the course of the first fifteen trading days of the new quarter, the S&P 500 retreated by nearly -6%. Knowing that stock market corrections within
- [Economic & Market Report: S&P’s Eleven](https://griffithsfinancial.net/economic-market-report-sps-eleven/) - A passing glance at the U.S. market might make an investor think that it’s all about technology stocks all of the time. But the S&P 500 Index is made up of eleven sectors, all with their unique and individual forces driving their returns.
- [Economic & Market Report: Bond Market Broadside](https://griffithsfinancial.net/economic-market-report-bond-market-broadside/) - The bond market sustained its latest broadside from the U.S. hot economic data warship on Thursday. Not only did the advance reading for 2024 Q1 U.S. GDP come in weaker than expected, but inflation readings also came in hotter than expected.
- [Economic & Market Report: How Low Can We Go](https://griffithsfinancial.net/economic-market-report-how-low-can-we-go/) - The long overdue correction has finally arrived. No sooner did the market peak at 5264 on the last trading day of March than the calendar flipped to the start of the second quarter and the market has been moving sustainably to the downside. Now that the correction is underway, how low can we reasonably expect
- [Economic & Market Report: Worth Its Weight In Gold](https://griffithsfinancial.net/economic-market-report-worth-its-weight-in-gold/) - When thinking about portfolio diversification, investor minds often focus on how much in bonds to own against their stock allocations. But as we saw most recently in 2022, limiting our diversification thinking exclusively to these two asset classes can have its limits. The good news is that capital markets offer a variety of highly liquid
- [Economic & Market Report: Outlook 2024 – 3/4 Pole](https://griffithsfinancial.net/economic-market-report-outlook-2024-3-4-pole/) - Hard to believe the first quarter of 2024 is drawing to a close. As we pass the 3/4 pole in our 8 furlong race through the calendar year, it is worthwhile to assess the key market events that are now behind us and what lies ahead in the horse race to the year-end finish line.
- [Economic & Market Report: The Monopolistic Seven](https://griffithsfinancial.net/economic-market-report-the-monopolistic-seven/) - On Thursday, the U.S. Department of Justice (DOJ) in conjunction with a bipartisan group of state attorneys general announced an antitrust lawsuit against technology giant Apple. The filing claims that Apple engaged in anticompetitive behavior through its control of the iPhone, resulting in harm to businesses and consumers. This suit is the latest in a
- [Economic & Market Report: The Ides of March](https://griffithsfinancial.net/economic-market-report-the-ides-of-march/) - The middle of March was certainly a bad time of year for Julius Caesar, but what about capital markets? After all, it was almost exactly one year ago when investors were looking directly into the abyss of another potential financial crisis with the sudden unraveling of Silicon Valley Bank, Signature Bank, and global banking giant
- [Economic & Market Report: Shortness of Breadth](https://griffithsfinancial.net/economic-market-report-shortness-of-breadth/) - The U.S. stock market is flying once again this year. After posting an impressive +24% advance in 2023, a year when many prognosticators thought that the market would descend further into bear territory instead of skyrocketing, the S&P 500 Index is already up nearly +7% in 2024 so far. But a troubling characteristic continues to
- [Economic & Market Report: Looking Beneath The Surface](https://griffithsfinancial.net/economic-market-report-looking-beneath-the-surface/) - “Look beneath the surface; let not the several quality a thing nor its worth escape thee.” – Marcus Aurelius The gains in the U.S. stock market keep on coming. This includes the headline benchmark S&P 500, which is now up over +7% year to date with seemingly any and all dips (Tuesday this week) almost immediately
- [Economic & Market Report: Stress Test](https://griffithsfinancial.net/economic-market-report-stress-test/) - The U.S. economy continues to exude resilience as we make our way through the early months of the New Year. And capital markets are increasingly reflecting this strength including the headline benchmark S&P 500 Index, which has cleared the 5000 level and is already surging toward 5100. Amid this atmosphere where everything is seemingly awesome,
- [Economic & Market Report: Déjà Vu?](https://griffithsfinancial.net/economic-market-report-deja-vu/) - It was nearly a year ago when global capital markets came under sudden and intense pressure. Over the course of hours in March 2023, Silicon Valley Bank evaporated into insolvency. In the subsequent days, New York based Signature Bank and Swiss banking giant Credit Suisse followed into the abyss, and global investors found themselves having Great Financial Crisis flashbacks as they spent two consecutive weekends waiting with bated breath for a government resolution to prevent another major banking contagion. So as financial headlines start to gather around New York Community Bank (NYCB), it is reasonable to wonder whether we are going to see déjà vu all over again in early 2024.
- [Economic & Market Report: Pain Points](https://griffithsfinancial.net/economic-market-report-pain-points/) - The New Year is off to a rousing start for the U.S. stock market. With the recent stock bear market now definitively behind us and a new all-time high on the S&P 500 now in the books, it is reasonable to consider what are the most likely pain points that could dash the optimism for the U.S. stock market as we continue our way through 2024.
- [Economic & Market Report: Managing Expectations](https://griffithsfinancial.net/economic-market-report-managing-expectations/) - It has been a sputtering start for capital markets thus far in 2024. The performance of the headline benchmark S&P 500 has been bumpy at best in moving between marginal gains and losses so far in January.
- [Economic & Market Report: Dissecting the Fed Rate Cut Case](https://griffithsfinancial.net/economic-market-report-dissecting-the-fed-rate-cut-case/) - Investors are all a flutter over the idea that the U.S. Federal Reserve is set to aggressively cut interest rates in 2024. It was a primary narrative behind why both the stock and bond market rallied so strongly in November and December of last year. And the debate about how many rate cuts and when ranks at the top of the list of discussion topics in the financial news media today.
- [Economic & Market Report: Some Like It Hot](https://griffithsfinancial.net/economic-market-report-some-like-it-hot/) - The latest jobs report for the month of January came in “hot”. The latest reading on CPI inflation to start the New Year was “hot”. While most of us are all for some unexpected heat during the frigid winter months, these hot readings on the U.S. economy have upset the thesis for many investors banking their portfolio strategies on a steady wave of interest rate cuts from the U.S. Federal Reserve in 2024. But maybe these recently hot economic readings are signaling an outcome even better for investors in the year ahead.
- [Economic & Market Report: Winners & Contrarians](https://griffithsfinancial.net/economic-market-report-winners-contrarians/) - A fresh new calendar year is underway for capital markets, so much focus is on what we can reasonably expect in the year ahead. But given that capital market movements flow across the beginnings and ends of our calendar pages, it is worthwhile to consider as investors get back up to speed from the holiday season what segments of the markets have been winning thus far, and what areas of the market may have been left behind and offering potential opportunity depending on how events unfold in the weeks ahead.
- [Economic & Market Report: Setting The Bar](https://griffithsfinancial.net/economic-market-report-setting-the-bar/) - A New Year is underway for capital markets, and the consensus prognostications are tilted toward a favorable year for both stocks and bonds.
- [Economic & Market Report: ‘Tis the Season](https://griffithsfinancial.net/economic-market-report-tis-the-season/) - The age-old stock market adage has rang so true over the past year. The notion of “sell in May and go away” is based on the historical trend of relative underperformance by stocks during the period from May 1 to October 31. Of course, the flip side of this adage is the historical trend of relative stock outperformance during the period from November 1 to April 30.
- [A Few Highlights from 2023](https://griffithsfinancial.net/a-few-highlights-from-2023/) - As the year draws to a close and we prepare for our 2024 Economic & Market Outlook in the week ahead (on January 2), we take a break from our regular investment coverage (the Santa Claus Rally is still rocking with the S&P 500 within 38 points of a new all-time high and the 10-Year U.S. Treasury yield dipping below 3.8%) to wish everyone a Happy New Year and to express our sincere thanks for a great 2023.
- [Economic & Market Report: Giddy Yap, Let’s Go](https://griffithsfinancial.net/economic-market-report-giddy-yap-lets-go/) - Christmas came early to capital markets on Wednesday. The U.S. Federal Reserve emerged from its latest Open Market Committee meeting on Wednesday with good tidings for investors, sharing tales that inflation continues to come down and labor markets coming into balance.
- [Economic & Market Report: All Things Mid & Small](https://griffithsfinancial.net/economic-market-report-all-things-mid-small/) - It has been a November to remember. Following a three-month slide from August to October that saw U.S. stocks decline by more than -10% and the 10-Year U.S. Treasury yield jump by more than a percentage point (ouch and ouch), capital markets roared back to life this month.
- [Economic & Market Report: World Make Way](https://griffithsfinancial.net/economic-market-report-world-make-way/) - For more than a decade, the U.S. stock market has been the place to be for global equity investors. But as we continue to emerge from the inflationary induced bear market over the last two years, developed international and emerging markets may be worth a closer look.
- [Economic & Market Report: Savoring the Feast](https://griffithsfinancial.net/economic-market-report-savoring-the-feast/) - Capital markets have had a remarkable run in recent weeks. After bottoming at the end of October, the S&P 500 Index has soared roughly +10%. The 10-Year U.S. Treasury yield has also plunged by more than a half percentage point since recently peaking at 5.00%, driving a comparable nearly +10% bounce in long-term U.S. Treasuries. Given these head turning gains for both stocks and bonds over such a short-term period of time, it is reasonable to consider what we should reasonably expect from here between now and when many across America are carving turkey for their Thanksgiving Day feasts.
- [Economic & Market Report: The Running of the Bulls](https://griffithsfinancial.net/economic-market-report-the-running-of-the-bulls/) - Just over a week ago, both stock and bond markets were long overdue for a bounce. And bounce they have. Just like a slingshot, the further and deeper capital markets pulled back through late October, the greater the energy released once the upside rally finally arrived. In the wake of this recent capital market burst, it is worthwhile to evaluate both where we stand today and what we can reasonably expect in the weeks ahead through the end of the year.
- [Economic & Market Report: Three Market Scares This Halloween](https://griffithsfinancial.net/economic-market-report-three-market-scares-this-halloween/) - It’s been a haunted ride for capital markets over the last two years. And just when it looked like the horrors were finally coming to an end this past summer, the last few months have seen the stock and bond market demons rise again. While a new dawn may still lie ahead for capital markets
- [Economic & Market Report: Investment Market Battle Lines](https://griffithsfinancial.net/economic-market-report-investment-market-battle-lines/) - The volatility across capital markets continues. Following a great summertime stretch, U.S. stocks have been tumbling to the downside since the start of August. As for the bond market, it was just three months ago in mid-July when the 10-Year U.S. Treasury yield rallied its way back to 3.75% before fast tracking its way up
- [Economic & Market Report: Forests Over Trees](https://griffithsfinancial.net/economic-market-report-forests-over-trees/) - Global financial markets are shrouded in uncertainty, and the risks to the downside remain pronounced. Stocks continue to waver amid a difficult stretch dating back to the end of July. And bond yields continue to spike to levels last seen nearly two decades ago. While it is reasonable that investors may wish to recoil amid
- [Economic & Market Report: The Market Impact of War](https://griffithsfinancial.net/economic-market-report-the-market-impact-of-war/) - The world was shaken this past weekend by the sudden and unexpected outbreak of war in Israel. As we continue to watch closely as the geopolitical and humanitarian crisis unfolds, it is also understandable to wonder about the potential impact on capital markets going forward. And history provides a useful guide to our understanding of
- [Economic & Market Report: How Low Can You Go?](https://griffithsfinancial.net/economic-market-report-how-low-can-you-go/) - The period from mid-August to mid-November is a notorious time of year for capital markets. The pithy investment strategy “Sell in May and go away” is based on the idea of avoiding this stretch of time of year in stocks and picking back up after Halloween. And 2023 has been no exception in this regard.
- [Q4 Outlook: Stocks & Bonds](https://griffithsfinancial.net/q4-outlook-stocks-bonds/) - It has been an interesting and eventful year so far. Heading into 2023, it was widely expected that the U.S. was headed toward recession and that the equity markets would face continued volatility amid the uncertain economic outlook. But in the nine months since, we’ve seen a resilient U.S. economy that continues to grow at
- [Economic & Market Report: Seeing Red](https://griffithsfinancial.net/economic-market-report-seeing-red/) - It’s back. After spending much of the year watching pricing pressures abate, investor concerns are rising about a renewed rise in inflation. It’s easy to see why – U.S. economic growth has been much more resilient than expected, the labor market remains tight, wage pressures are rising, and oil prices are spiking to the upside.
- [Economic & Market Report: Leaves Turning Brown](https://griffithsfinancial.net/economic-market-report-leaves-turning-brown/) - The U.S. stock market continues to hold its ground as summer gradually turns to fall across capital markets. While the headline benchmark S&P 500 Index has been middling at best since the end of July, its overall performance over the past year has been impressive and if anything stocks are continuing to hold their ground
- [Economic & Market Report: Inflation, The Sequel](https://griffithsfinancial.net/economic-market-report-inflation-the-sequel/) - It was a blockbuster forty years in the making. Following its first breakout hit since the late 1970s, the burst of inflation that has defined the early 2020s has increasingly been coming down the other side of the mountain. Stocks have found comfort throughout this year as the pricing craze has increasingly faded into to
- [Economic & Market Report: Red Alert](https://griffithsfinancial.net/economic-market-report-red-alert/) - The U.S. stock market has hit a rough patch in recent weeks. Just as notable has been the sharp rise in U.S. Treasury yields over the past month. While it is understandable for U.S. investors to look inward in seeking explanations for why both stocks and bonds are performing poorly as of late despite a
- [Economic & Market Report: Why Bonds? Why Now?](https://griffithsfinancial.net/economic-market-report-why-bonds-why-now/) - The U.S. stock market has had a banner year so far. The S&P 500 is higher by double-digits year-to-date, and what was shaping up to be a lousy August has been surging back toward breakeven as the month draws to a close. But while stocks continue to mend following a particularly difficult 2022, the bond
- [Economic & Market Report: The Dog Days of Summer](https://griffithsfinancial.net/economic-market-report-the-dog-days-of-summer/) - The dog days of summer have descended on capital markets in recent weeks. Following a blistering rally that began with the government resolution to the banking crises in March and accelerated as we moved into the summer months, U.S. stocks have been fading to the downside since the start of August. What can we take
- [Economic & Market Report: Strange Market Bedfellows Worth Monitoring](https://griffithsfinancial.net/economic-market-report-strange-market-bedfellows-worth-monitoring/) - When monitoring capital markets, strange and unexpected relationships can exist between two market segments. Correlation without causation? Perhaps, but these bedfellows often come together for understandable reasons when considered more thoughtfully. Three particular relationships stand out today as worth monitoring for risk and opportunity as we continue through the second half of the year and
- [Economic & Market Report: Cool Inflation Summer](https://griffithsfinancial.net/economic-market-report-cool-inflation-summer/) - The primary risk for financial markets in the second half of the year in this Chief Market Strategist’s view is a renewed rise in inflation. Over the past year, capital markets have been cheered by the notion that the surge in inflation that began in 2021 and peaked in mid-2022 is increasingly fading into the
- [Economic & Market Report: Putting Junk to Good Use](https://griffithsfinancial.net/economic-market-report-putting-junk-to-good-use/) - The debate remains ongoing across the economic landscape and financial markets. Will the economy fall into recession between now and the end of the year? And will any looming economic slowdown push the U.S. stock market back into bear market territory? While a number of indicators are flashing conflicting signals, one historically reliable reading within
- [Economic & Market Report: The Four Horses for Portfolio Gains](https://griffithsfinancial.net/economic-market-report-the-four-horses-for-portfolio-gains/) - The outlook is strong for asset allocation portfolios heading into the second half of 2023. From a broad diversification perspective, markets are providing good reasons for optimism across the key asset class spectrum. Of course, the outlook is not without risks that must also be considered. Stocks. The trend for stocks as measured by the S&P
- [Economic & Market Report: A Closer Look at Corporate Earnings Season](https://griffithsfinancial.net/economic-market-report-a-closer-look-at-corporate-earnings-season/) - Corporate earnings season is underway once again. With the second quarter of 2023 having just drawn to a close at the end of June, publicly traded companies will soon be coming forward to not only reflect on their recent operating results, but perhaps more importantly to update their projections on performance through the remainder of
- [Economic & Market Report: Outlook from Jackson Hole](https://griffithsfinancial.net/economic-market-report-outlook-from-jackson-hole/) - On Wednesday, I had the opportunity to attend the GIC Teton Economic Outlook conference in Wyoming. The event brought together some of the best and most thoughtful economic and financial minds in the industry today for an interactive discussion about the broader macroeconomic and investment outlook as well as more focused discussions on labor markets and cryptocurrencies.
- [Economic & Market Report: Bonds Are Back](https://griffithsfinancial.net/economic-market-report-bonds-are-back/) - Summary The bond market is regaining its footing as inflationary pressures continue to wane, with investors showing confidence in improving conditions for the asset class. Favoring U.S. Treasuries over investment-grade corporate bonds and mortgage-backed securities is recommended for the second half of 2023 due to the current market environment. The yield premium for owning corporates
- [Economic & Market Report: Implications of the Recession Outlook](https://griffithsfinancial.net/economic-market-report-implications-of-the-recession-outlook/) - It has arguably been the most anticipated and predicted economic recession in U.S. history. It has many of the classic trappings leading up to the event including aggressively tightening central bank, inverted yield curve, contracting manufacturing activity, declining leading economic index, and tightening bank lending standards just to name a few. The only twist is
- [Economic & Market Report: Surface Pressure](https://griffithsfinancial.net/economic-market-report-surface-pressure/) - Summary The S&P 500 hit a new high for the year, but several signs of downside pressure continue to accumulate under the surface. U.S. mid-caps and small-caps are lagging, and the stock market rally has an increasingly narrowing breadth. The potential exists for this pressure to pull stocks back to the downside, but it also
- [Economic & Market Report: Hold In May and Stay To Trade](https://griffithsfinancial.net/economic-market-report-hold-in-may-and-stay-to-trade/) - “Sell in May and go away” is an age-old stock market adage. It’s based on the principle that stocks historically have performed better during the period from November to April versus the stretch from May to October. Does this maxim still hold up today? Meaningful historical outperformance. The notion of “sell in May and go away”
- [Economic & Market Report: Blue Skies for Now](https://griffithsfinancial.net/economic-market-report-blue-skies-for-now/) - Investors are being provided with some meaningful signals for optimism as the sun brightens and the weather warms with the summer about to begin. This does not mean, however, that we should be ready for blue skies from now on, as the blue days that made markets challenging at times over the last eighteen months
- [Economic & Market Report: The Return of Diversification](https://griffithsfinancial.net/gva-economic-market-report-return-of-diversification/) - Summary It has been a recently tough stretch for traditional asset allocation strategies. Both stocks and bonds plunged sharply to the downside since late 2021. The economic and market environment is increasingly returning toward conditions that support bonds once again providing a diversification benefit relative to stocks. It has been a recently tough stretch for
- [Economic & Market Report: Flashing Lights](https://griffithsfinancial.net/gva-economic-market-report-flashing-lights/) - The stock market has been remarkably resilient so far in 2023 despite a steady stream of challenging news. Whether it has been persistently high inflation readings, a Federal Reserve continuing to raise interest rates longer and farther than expected, a set of sudden bank failures, or the lingering threat of arguably the most anticipated economic
- [Economic & Market Report: The Path Forward for Cryptocurrencies](https://griffithsfinancial.net/gva-economic-market-report-the-path-forward-for-crypto/) - Summary Learning about cryptocurrency from the experts in the field. Three key takeaways about cryptocurrencies. Winners and when. I recently had the opportunity to attend a two-day conference in Sarasota, Florida hosted by the Global Interdependence Center. The topic was Cryptocurrency and the Future of Global Finance. Given that it included some of the leading research
- [Economic & Market Report: When The Levee Breaks](https://griffithsfinancial.net/gva-economic-market-report-when-the-levee-breaks/) - Summary The U.S. banking system is caught in a major storm and the flood waters continue to rise. How much is the banking system at risk going forward? What are the implications for the broader economic and financial markets? If it keeps on rainin’. It was nearly a century ago when the Great Mississippi Flood resulted
- [Economic & Market Report: The Path of Least Resistance](https://griffithsfinancial.net/economic-market-report-the-path-of-least-resistance/) - As good as it gets? The U.S. stock market has been in rally mode dating back to last October. This includes an impressive bounce since mid-March in the wake of the collapse of a handful of major U.S. banking institutions. The stock market resilience has indeed been impressive. But despite these various positives, the path
- [Economic & Market Report: No Clear and Present Danger](https://griffithsfinancial.net/economic-market-report-no-clear-and-present-danger/) - Investors have no shortage of things to worry about in the current environment. The threat of a looming economic recession, banking crises, and the ongoing debt ceiling debate are just a few of the current threats. As a result, investors are understandably nervous about getting blindsided by a sudden and sharp downside move in the
- [2023 Q2 Outlook](https://griffithsfinancial.net/2023-q2-outlook/) - It has been an eventful start to 2023 for the economy and capital markets. Many investors came into the year anticipating that the onset of a mild mid-year recession would finish the job of bringing inflation back down, providing the U.S. Federal Reserve with the flexibility to get back to the lower interest rates that
- [Economic & Market Report: Who’s Next](https://griffithsfinancial.net/gva-economic-market-report-whos-next/) - Meet the new bank crisis. NOT the same as the old bank crisis. This is not the Great Financial Crisis II. It’s not the collapse of Long-Term Capital Management in 1998. It’s not the Great Depression either. A lot of what is taking place today has some rhymes with various past episodes, but we are charting
- [Economic & Market Report: Don’t Sweat the Technique](https://griffithsfinancial.net/gva-economic-market-report-dont-sweat-the-technique/) - Let’s trace the hints and check the file. You’ve got to hand it to the U.S. stock market. The U.S. Federal Reserve keeps throwing monetary policy haymakers, and the S&P 500 takes the hits in stride. The cooling of inflationary pressures has ground to a halt, and in some respects pricing pressures are reaccelerating, yet
- [Economic & Market Report: Reality Check](https://griffithsfinancial.net/economic-market-report-reality-check/) - Summary Fundamental check: Stocks are still expensive as corporate earnings continue their descent. Technical check: Stocks are testing key support levels. Fed check: Not fighting the Fed cuts both ways. We’ve traveled a long way through today’s bear market but more work lies ahead before the journey is complete. After a blazing start to 2023,
- [Economic & Market Report: Good As Gold](https://griffithsfinancial.net/economic-market-report-good-as-gold/) - Summary Gold has a history of adding meaningful diversification in a broad portfolio asset allocation strategy. Gold is historically uncorrelated with other major asset classes such as stocks and bonds. Gold has been in a sustained uptrend dating back to the mid-2010s. The gold-to-S&P 500 ratio continues to trade near its lows over the past
- [Economic & Market Report: Falling Slowly](https://griffithsfinancial.net/economic-market-report-falling-slowly/) - Summary The rate of inflation continues to decline, but it is likely falling too slowly to encourage the Fed to shift their monetary policy stance from tightening to easing any time soon. Stocks have been remarkably resilient in the face of this increasing reality. Segments outside of the stock market are signaling mounting near-term pressures
- [Economic & Market Report: Don’t Go Away](https://griffithsfinancial.net/dont-go-away/) - Summary The Fed is likely to raise rates higher and keep them higher for longer than the market currently expects. Persistent Fed hawkishness is positive for investors in the long-term, as it helps ensure that inflationary pressures are fully extinguished. Why investors are best served to remain fully allocated to equities despite ongoing inflationary pressures
- [Economic & Market Report: Time to Study Abroad](https://griffithsfinancial.net/time-to-study-abroad/) - Summary Developed international and emerging market stocks have been surging relative to the U.S. in recent months. Are non-U.S. stocks finally ready to take the sustained lead over their U.S. counterparts? A closer look reveals that non-U.S. stock performance may not be as impressive as it seems at first glance. Non-U.S. stocks have been on
- [Economic & Market Report: Investing’s Rich Pageant](https://griffithsfinancial.net/investings-rich-pageant/) - Summary The bear market continues, but such challenges are all part of investing’s rich pageant. The looming debt ceiling battle is a likely non-event for capital markets. A new secular phase may be underway. How long will the current cycle last? Remain true to your long-term investment philosophy. Maria: “You should get out of these clothes
- [Economic & Market Report: The Other Side Of The Mountain](https://griffithsfinancial.net/the-other-side-of-the-mountain/) - Summary Inflation is increasingly coming down the other side of the mountain. The benefit to stocks will likely take some time. The sustained rebound in bonds may already be underway. We have begun the descent down the other side of the mountain. The long dormant inflationary pressures that erupted nearly two years ago are increasingly
- [Economic & Market Report: Turning the Bend](https://griffithsfinancial.net/turning-the-bend/) - This week, we had our first full week of market action in 2023. And so far, we’ve been seeing a friendly market with mostly up days here as we begin the year. Could it be a sign of things to come? Maybe but I wouldn’t set my sights on that too soon because there is
- [Economic & Market Report: We Are Where We Are BUT….](https://griffithsfinancial.net/we-are-where-we-are-but/) - As we begin the new year, it’s only fitting to take a step back and reflect on what was and what is to be. Well, we all know how 2022 played out and it was quite frankly an unprecedented year in both the equity and bond markets as both trended down pretty hard all year.
- [Economic & Market Report: Out with the Old, In with the New](https://griffithsfinancial.net/rebalance-update-out-with-the-old-in-with-the-new/) - Happy New Year! This week, we’ve had a bit of an up and down week in the markets as it has been trying to eke out a Santa Claus rally. One developing story that may shake things up is the news out of China about another Covid outbreak. This is certainly not what anyone wants
- [Jingle Bells, “Market Bells”](https://griffithsfinancial.net/jingle-bells-market-bells/) - Happy Holidays to everyone and wishing you a very Merry Christmas and a Happy Hanukkah! The markets this week have continued to roll over and unfortunately, it does not look like we are going to have that classic Santa Claus rally. So in terms of thinking about the holidays and trying to add some holiday
- [The Markets Always Look Ahead, But…](https://griffithsfinancial.net/the-markets-always-look-ahead-but/) - Happy Holidays to Everyone and I hope you are enjoying a nice, relaxing holiday season. It seems like every day gets a little slower as we look forward to the pause Christmas, Hanukkah and New Years brings. And with the news out of the Fed and BLS this week on inflation and rates, it seems
- [It’s All About Supply and Demand Right Now](https://griffithsfinancial.net/its-all-about-supply-and-demand-right-now/) - Happy Holidays to everyone out there and I hope you are all getting into the Christmas Spirit! Speaking of which, there’s a little bit of “Bah Humbug” going on in the markets right now as concerns over the timing of a Fed pivot and possible recession are weighing on investors’ minds. As of Wednesday’s close,
- [Stringing Christmas Lights](https://griffithsfinancial.net/stringing-christmas-lights/) - Welcome back from Thanksgiving and I hope you all had a nice break with your family and friends. November 2022 is in the books and wow what a year it has been! The market actually closed out November on a strong note with all major indices posting strong gains as Chairman Powell set the tone
- [You Can’t Have One Without the Other](https://griffithsfinancial.net/you-cant-have-one-without-the-other/) - Peanut butter and jelly. Bread and butter. Night and day. Newton’s third law: for every action, there is an equal and opposite reaction. And of course, Frank Sinatra’s famous song “Love and Marriage” is like a horse and carriage! These are all themes of the classic phrase “You Can’t Have One Without The Other”. This
- [In Due Time](https://griffithsfinancial.net/in-due-time/) - We’ve had a busy week in the markets this week between a crash in the crypto market with the fall of FTX, the midterm elections, and new inflation data. And this morning we will hear on consumer sentiment from the University of Michigan. With all the action this week and with all the ups and
- [Bases Loaded!](https://griffithsfinancial.net/bases-loaded/) - With the World Series going on right now between our hometown Philadelphia Phillies and the Houston Astros, it has been pretty exciting here in the Philly area, so I thought we’d keep the momentum going in this week’s note with a baseball theme related to the markets. And with where we are right now it’s
- [Is The Market Spooked?](https://griffithsfinancial.net/is-the-market-spooked/) - This week, the market showed us a mixed bag as disappointing earnings came out from big tech which led to several choppy sessions during the week. Google, Microsoft, and Meta all reported lackluster results which brought the markets down, along with quite a bit of market cap in the process. Hopefully, Apple and Amazon will
- [And…They’re Off!](https://griffithsfinancial.net/andtheyre-off/) - Earnings Season officially kicked off this week and if this year has been any indication of what to expect then we should fasten our seatbelts. But so far, it has actually been pretty good with the banks all posting fairly nice results. The market welcomed that as we saw a nice rally to start the
- [What are the Academics Saying?](https://griffithsfinancial.net/what-are-the-academics-saying/) - Last week, I attended a seminar hosted by SPDR funds on campus at The Kellogg School of Management at Northwestern University just outside of Chicago. It was so nice to be back in the world of academia. Our group actually stayed on campus in a “dorm for professionals”. It wasn’t 5-star luxury but it was
- [That Was a Classic Head Fake](https://griffithsfinancial.net/that-was-a-classic-head-fake/) - This week, we saw back-to-back rallies with huge up days on Monday and Tuesday. But since then, the market has been a little shaky as it continues to digest the fate of rates, challenges overseas, and Q3 earnings and projections going forward. The fact of the matter is nothing has really changed since last week
- [Is TARA the New TINA?](https://griffithsfinancial.net/is-tara-the-new-tina/) - We continue to see more of the same this week with a market in flux as it continues to navigate a variety of issues that have unfortunately caused it to test new lows. Recession jitters came back not only on the heels of the Fed’s latest 75 bps rate hike but also after a rout
- [Every Coin Has Two Sides](https://griffithsfinancial.net/gva-weekly-market-update/) - The big news this week was of course the Fed’s latest rate hike of 75 basis points and their summary of economic projections. That makes it 300 basis points so far this year. 25 in March, 50 in May, 75 in June, 75 in July, and now 75 in September. This has all been quite
- [One Day at a Time](https://griffithsfinancial.net/weekly-update-august-12-22/) - This week has been another week of gains as the market tries to make it a 4th week in a row finishing in the green. If it does, that would make it a nice month-long rally which, so far, has been great to see.
- [Weekly Comments: “Easy Does It”](https://griffithsfinancial.net/weekly-update-august-5-22/) - On the heels on last week’s trifecta news from the Fed raising rates 75 bps, GDP coming in at -0.9% and a barrage of earnings reports led by big tech, this week seems to be more of a breather where the market is taking an “Easy Does It” approach as it continues to try and work itself into another positive finish on the week.

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