Financial News and Portfolio Management Discussion through June 8th

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

US Stocks posted their best week of the year on expectations of a Fed interest rate cut later this year.  The S&P 500 surged 4.4% and the Dow jumped 4.7% for the week.  Internationally, Japan rose 1.4% and Europe gained 2.3% for the week.  The yield on the 10-year Treasury fell to 2.09% its lowest level since September 2017.

US factory activity slowed in May posting its lowest reading since October 2016, short of expectations.

Comments from Fed Chair Powell showed that a cut from the current target of 2.25% to 2.5% of the Fed Funds rate was a possibility if trade policy negatively impacted the economy.

The World Bank reduced its global growth forecast from 2.9% to 2.6%.

The ECB said at the conclusion of their meeting they weren’t making any benchmark rate adjustments until at least the second half of 2020, and opened the door to a possible rate cut – a significant change in policy.

After expecting an increase of 180,000 jobs in May employers added just 75,000.   In addition, April and May’s rate of hiring was revised down.  The unemployment rate held at 3.6% and wage growth remained at 3.1%.

The US and Mexico reached a deal to avoid the implementation of tariffs threatened by President Trump.

Federal agencies are poised to investigate Facebook, Amazon and Google over possible anti-competitive practices.

There is no guarantee that any investment strategy, including those described here, will be successful. Any investment or investment strategy can lose money. Past performance does not guarantee or predict future results. You should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Raffa Wealth Management, LLC. This information was gathered from reliable sources but we cannot guarantee accuracy. Indexes do not reflect the fees associated with actual investments and such fees would reduce the performance illustrated.
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