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Pinnacle Retirement Group
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Weekly Market Commentary

Market Recap Week ending 8/9/19

-Darren Leavitt, CFA

It was a turbulent week for investors as uncertainty on trade escalated between the US and China.  Markets started the week deep in the red with the worst single-day performance of the year on news that the Chinese had let the Yuan depreciate beyond the critical threshold of 7.  The US swiftly responded to the depreciation by officially labeling China as a currency manipulator.   Adding fuel to the fire, the Chinese also announced that it would cease buying agricultural goods from the US.  The realization that trade negotiations between the two countries are getting worse, not better, dampened global growth expectations, and induced investors to sell risk assets and seek safe-haven assets.  Despite a terrible start to the week markets stabilized mid-week.

For the week, the S&P 500 fell -0.46%, the Dow lost -0.75%, the NASDAQ shed -0.56%, and the Russell 2000 gave up -1.34%.  The yield curve continued to flatten last week, and at one point the 2-10 spread was at levels not seen since 2007.  The 2-year note yield fell 8 basis points to close at 1.63% while the 10-year bond yield fell 13 basis points to close at 1.73%.  The action in treasuries seemed only to reinforce global growth concerns and stoked recession rhetoric from some prominent market pundits.  Oil fell nearly 2% to $54.61 a barrel, the move down came despite constructive supply comments out of Saudi Arabia.  A safe-haven bid into Gold continued the metal’s recent ascent.  Gold gained $51 or 3.5% and closed at $1508 an Oz.  There were no changes to the 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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