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Weekly Market Commentary

Market recap week ending 5/10/19

-Darren Leavitt, CFA

Markets had their worst week of the year due to concerns regarding the US-China trade negotiations.  The week started with steep declines after President Trump indicated that tariffs on 200 billion in goods would increase to 25% from 10% if a deal could not be struck.  Additionally, the President indicated that tariffs would be imposed on 300 billion goods in the coming months if an agreement cannot be reached.  Markets traded throughout the week with huge intraday swings as investors waited for some resolution.

China’s trade delegation was in Washington late in the week, and the dialogue was described as constructive, but no deal would be had. Increased tariffs were imposed on Friday evening.  For the week, the S&P 500 lost 2.18%, the Dow dropped 2.19%, the Russell 2000 shed 2.54%, and the NASDAQ decreased by 3.03%.  Investors sought safe-haven US Treasuries and sent the 2-year note yield down eight basis points to 2.24% and the 10-year bond yield down seven basis points to 2.46%.  Gold closed a bit higher on the week gaining ~$6 to close at 1287 an oz.  Despite increased tensions in the Middle East, Oil closed down slightly at $61.66 a barrel.  Uber, the “Unicorn” ridesharing company, came public last week with a dismal showing.  The company raised 8.1 billion, pricing 180 million shares at $45, giving the company a valuation of $82 billion.  The company broke issue (traded below its IPO price) right on the open which led to further declines and was one of the worst IPO’s that I can recall.  There were no changes to our models last week.

The information in this Market Commentary is for general informational and educational purposes only. Unless otherwise stated, all information and opinion contained in these materials were produced by Foundations Investment Advisers, LLC (“FIA”) and other publicly available sources believed to be accurate and reliable.  No representations are made by FIA or its affiliates as to the informational accuracy or completeness.  All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation. No party, including but not limited to, FIA and its affiliates, assumes liability for any loss or damage resulting from errors or omissions or reliance on or use of this material.

The views and opinions expressed are those of the authors do not necessarily reflect the official policy or position of FIA or its affiliates.  Information presented is believed to be current, but may change at any time and without notice.  It should not be viewed as personalized investment advice. All expressions of opinion reflect the judgment of the authors on the date of publication and may change in response to market conditions. Due to rapidly changing market conditions and the complexity of investment decisions, supplemental information and other sources may be required to make informed investment decisions based on your individual investment objectives and suitability specifications. You should consult with a professional advisor before implementing any strategies discussed. Content should not be viewed as an offer to buy or sell any of the securities mentioned or as legal or tax advice. You should always consult an attorney or tax professional regarding your specific legal or tax situation. Investment advisory services are offered through Foundations Investment Advisors, LLC, an SEC registered investment adviser.

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