capital markets commentary

Market Update as of August 31, 2020

September 2020

Major domestic indices reached record highs in August, bolstered by an ultra-accommodative Federal Reserve policy and growing optimism for a COVID-19 vaccine. U.S. growth continues to lead the way while U.S. value, small cap, international developed equity, and emerging markets experienced less torrid appreciation. Rising yields hampered fixed income returns whereas commodities gained, supported by a weaker U.S. dollar.

Market Update as of July 31, 2020

August 2020

The return to risk continued during July with U.S. growth and emerging markets equity leading the charge. Cyclicals continued to lag the broader equity market highlighted by more modest returns from U.S. value, small cap, and international developed equity. Precious metals rallied with gold reaching an all-time high.

Investment Outlook Mid-Year Update 2020

July 2020

In January 2020, Ellwood published its annual Investment Outlook which expressed our asset class views for the year. Ellwood was generally cautious going into the year as the economic cycle indicators we monitor were decelerating. Now as we provide a brief update to our views, we face the considerable challenge of assessing the impact of COVID-19 for the remainder of 2020.

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.