Category: Weekly Updates

Weekly Updates

Financial News and Portfolio Management Discussion through July 8th

All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.

US stocks edged up over the week aided by bank stocks. The S&P 500 ticked up just under 0.1% and the Dow gained 0.3% for the week. Internationally, Europe rose 0.2%, while Japan was down 0.5% for the week. The yield on the 10 year Treasury bond continued its recent rise ending the week at 2.39%. Oil prices sagged with a barrel ending the week at $44.23 down 3.9% on the week.  Article

US employers added 222,000 workers in June well ahead of expectations. The unemployment rate rose to 4.4% as more people entered the workforce. Average hourly earnings rose 2.5% in June much lower than historical levels. In addition, April and May were revised higher.  Article

US auto sales fell 2% over the first half of the year and 3% in June.

At the Fed’s June meeting they began planning for reducing their balance sheet and the debate moved to when that process would begin. September was considered likely.

QVC and the Home Shopping Network are merging in a $2.1 billion deal.

Berkshire Hathaway is buying Energy Future Holdings, one of the largest power transmission companies in the US, for $9 billion.

 

About

Raffa Wealth Management is an independent investment advisor providing nonprofit organizations, high net-worth investors, and qualified retirement plans with a full range of investment consulting services.  We were established to fill the need for transparency, clarity, and vision in the professional management of investment assets.   Visit us at www.raffawealth.com

 

Financial News and Portfolio Management Discussion through July 1st

All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.

US stocks ended the first half of the year on a down note as stocks declined on hawkish comments from global central bankers. The S&P 500 fell 0.6% and the Dow ticked down 0.2% for the week. Abroad, Japan sank 0.5% and Europe dropped 2.1% for the week. The yield on the 10 year Treasury rose over the week to 2.30% posting its largest weekly yield increase since March. Oil prices recovered to a degree rising 7% to finish at $46.04 a barrel.  Article

ECB president Draghi alluded to the ECB cutting back its stimulus in response to improving growth in Europe.   On the news the euro surged 1.4%, its largest one day gain against the dollar and eurozone bonds fell.  Article

The chiefs of the Bank of England and the Bank of Canada said they would be pairing back stimulus in the future.

Italy said it was prepared to spend as much as $19 billion to shut down two regional banks.

Durable goods orders fell in May for the second straight monthly declining 1.1%, more than expected. However for the year to date orders have gained over 2016.

National US banks all passed the Fed stress tests and their capital plans were approved by the Fed. As a result, big banks will increase share repurchases and dividend payouts to their highest levels in years.  Article

The US grew at a 1.4% rate in the first quarter, in the final revision to GDP growth.

Economic confidence in the Eurozone reached its highest level since 2007.

Inflation eased for the third consecutive month in May to 1.4% from a year earlier. It’s the lowest level in six months and well below the fed’s target of 2%.

The EU gave Google a record fine of $2.7 billion saying the search engine favored its own online shopping service over others.  Article

Office supply store Staples was bought by private equity fund Sycamore for $6.9 billion.

 

About

Raffa Wealth Management is an independent investment advisor providing nonprofit organizations, high net-worth investors, and qualified retirement plans with a full range of investment consulting services.  We were established to fill the need for transparency, clarity, and vision in the professional management of investment assets.   Visit us at www.raffawealth.com

 

Financial News and Portfolio Management Discussion through June 24th

All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.

US stocks edged up over the week aided by healthcare and pharmaceutical stocks. The S&P 500 rose 0.2% and the Dow ticked up less than 0.1% for the week. Abroad, Japan gained 1.0% and Europe declined 0.3% for the week. Oil fell 4.4% for the week to $43.01 a barrel entering bear market territory. The yield on the 10 year Treasury fell slightly to finish the week at 2.15%.  Article

The largest US banks passed the Fed’s stress tests providing more ammunition for calls of reduced regulations.

New home sales rose 2.9% in May and prices hit a record high.

Travis Kalanick, the embattled founder and CEO of Uber was forced to resign.  Article

Oracle posted earnings that well outpaced expectations.

 

About

Raffa Wealth Management is an independent investment advisor providing nonprofit organizations, high net-worth investors, and qualified retirement plans with a full range of investment consulting services.  We were established to fill the need for transparency, clarity, and vision in the professional management of investment assets.   Visit us at www.raffawealth.com

 

Financial News and Portfolio Management Discussion through June 17th

All the news you need to stay informed about what’s currently driving the market – courtesy of Raffa Wealth Management, LLC.

US stocks rose slightly over the week as the outcome of the Fed meeting was in line with expectations. The S&P 500 edged up 0.1% and the Dow rose 0.5% for the week. Internationally, Japan ticked down 0.3% and Europe eased 0.5% for the week. The yield on the 10 Year Treasury edged up to 2.16% near its lowest level of the year. Oil prices fell to $44.73 a barrel its lowest level of 2017 on news of still high levels of inventory. For the year oil is down 17%. The price decline show the limitations of OPEC production cuts.  Article

At the Fed’s June meeting, as expected, it raised the Fed Funds rate a quarter percent to a range between 1% and 1.25%. They still expect to raise interest rates one more time this year. It also spelled out how it would begin to unwind its $4.5 trillion bond portfolio later this year. It will start by letting $6 billion in Treasury securities and $4 billion in mortgage bonds mature without being reinvested and let that increase until a maximum of $30 billion in Treasuries and $20 billion in mortgages a month mature.  Article

Amazon agreed to buy Whole Foods for $13.7 billion upending the grocery business.  Article

 

About

Raffa Wealth Management is an independent investment advisor providing nonprofit organizations, high net-worth investors, and qualified retirement plans with a full range of investment consulting services.  We were established to fill the need for transparency, clarity, and vision in the professional management of investment assets.   Visit us at www.raffawealth.com

 

Financial News and Portfolio Management Discussion through June 10th

US Stocks were mixed over several market moving events and a sharp drop in tech company shares to end the week. The S&P 500 eased 0.3% and the Dow rose 0.3% for the week. Internationally, Europe was off 0.6% and Japan fell 1.3% for the week. The yield on the 10 Year Treasury edged up to 2.20%. Oil prices have continued to slide ending the week at $45.83 a barrel down 3.8% for the week.  Article

The World Bank estimates that global growth will reach a seven year high of 2.9% next year.

The UK election surprised pundits again with the ruling Conservative Party losing its majority. The election was called to strengthen the Theresa May and her parties hand, but instead weakened it heading into negotiations to exit the EU.

US worked productivity was revised upwards to be flat in the first quarter. Compared to a year ago it gained 1.2%.

After an ECB meeting President Draghi revealed a more upbeat outlook and stated they probably would not need to cut rates again, but did not reduce any of the simulative actions its taking.