capital markets commentary

Capital Markets Update Q2 2020

July 2020

After a devastating first quarter where equity markets experienced the fastest decline since the Great Depression, global equity and credit markets rebounded with the S&P 500 posting its best return since the fourth quarter of 1998. Aggressive central bank policy, coupled with hopes that economic indicators have bottomed, fostered a market rally. Since the March 23 market low, the S&P 500 has rebounded 39.3% leaving the index with a 3.1% decline for 2020.

Market Update as of May 31, 2020

June 2020

With heightened market volatility and significant news flow over the past week, Ellwood shares a brief, high-level observations on the investment environment for the week of May 31, 2020.

Market Update as of April 26, 2020

April 2020

With heightened market volatility and significant news flow over the past week, Ellwood shares a brief, high-level observations on the investment environment for the week of April 26, 2020.

Market Update as of April 9, 2020

April 2020

With heightened market volatility and significant news flow over the past week, Ellwood shares a brief, high-level observations on the investment environment for the week of April 9, 2020.

Capital Markets Update Q1 2020

April 2020

In what feels like a distant memory, the first quarter of 2020 began on a positive note, with the S&P 500 rising to a record high on February 19. Markets quickly retreated as investors digested the impact of COVID-19 on the global economy. The S&P 500 plummeted, losing 34% in 23 trading days, the fastest decline of that magnitude in history. Global central banks and governing bodies responded quickly, injecting historic levels of monetary and fiscal stimulus which pared losses.

Market Update as of March 29, 2020

March 2020

With heightened market volatility and significant news flow over the past week, Ellwood shares a brief, high-level observations on the investment environment for the week of March 29, 2020.

Market Update as of March 22, 2020

March 2020

With heightened market volatility and significant news flow over the past week, Ellwood wanted to share brief, high-level observations on the investment environment from Ellwood's Capital Markets Committee.

Trying to Understand Recent Market Volatility

March 2020

The title of this piece, Trying to Understand Recent Market Volatility, suggests a lofty goal, and one that is not likely possible at a time such as this. So, let us first express an element of humility and say that we are highly uncertain about what is to come. There is no magic Investing in a Pandemic playbook that will provide us answers. We can only rely upon our understanding of markets and make judgements accordingly.

Market Update: March 11, 2020

March 2020

Markets had been on edge since the Coronavirus started rapidly spreading outside of China. Then on Saturday, March 7, following a breakdown in negotiations of supply reductions between the OPEC and Russia, Saudi Arabia signaled a willingness to ramp up production by slashing its selling price for crude oil. The news surprised investors, sending markets tumbling on the following Monday. Market sentiment remains erratic, jostling between hopes that central banks and governments will provide stimulus to ease economic stress and anxiety over the length and depth of the virus-related slowdown.

Coronavirus: Investment Implications

February 2020

On January 10, 2020, China’s state media agency reported the first known death from a new strain of virus that had infected people during December 2019. Markets had little reaction to the news, as anticipation over the signing of a Phase-1 trade deal between the U.S. and China was top-of-mind for investors.