Advisor Sentiment Survey Results
Over the summer months, Horizon conducted the firm’s first annual Advisor Sentiment Survey to gauge
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Over the summer months, Horizon conducted the firm’s first annual Advisor Sentiment Survey to gauge
Small-cap stocks may offer tactical opportunities. Investors who expect a late-year, post-election rally in small-company
What Happened Last Week Equity Reprieve: U.S. large-cap gains paused last week despite a rally
The digital currency seems to have the wind at its back these days. An ongoing
What Happened Last Week Fresh All-Time High: S&P notches another ATH, supported by mega-caps. Price
Opportunities outside of the top performers. It’s no secret that a small number of stocks
What Happened Last Week All-Time Highs: Both domestic large- and small-caps hit fresh all-time highs
What Happened Last Week Stocks Rose: S&P 500 closed within a hair of all-time highs
Positive earnings surprises are back on track. With more than 90% of the companies in
What Happened Last Week Price Action: Headline equities sold off as investors digested marginally hawkish
Recent election results bring a 2016 vibe back to the market, with U.S. stocks currently
What Happened Last Week Republican Election Sweep: Republicans granted a strong mandate to pursue an
Investors saw sharp market movement the day following the election Donald Trump and the Republicans
Stocks have had a habit of gaining ground no matter who becomes President. Regardless of
What Happened Last Week Yields Rose: Concerns over higher spending in the U.S. post-election caused
Buyers need lower rates to get back in the game. In anticipation of the Fed’s
What Happened Last Week Yields Pushed Higher: Talk of fiscal worries added to the existing
Consumer spending, corporate earnings, and the overall economy remain robust. Investors will examine one of
What Happened Last Week New All-Time High: S&P 500 notches new all-time highs and posted
OVERVIEW Stocks posted another quarter of positive returns — despite some significant volatility along the
The stock market is two years (and counting) into a bull market. Last Saturday marked
What Happened Last Week Price Action: Fresh all-time highs in U.S. large caps on bank
Gain Strategies Despite returns of over 5% for both global stocks (MSCI All Country
Lowest spreads in nearly three years Want more evidence that the U.S. economy is in
What Happened Last Week Geopolitical Volatility: Oil soared over 9% as investors weighed Israeli retaliation
It’s been 17 years since we’ve seen a weekly return this strong Long-suffering Chinese stocks
What Happened Last Week China: Property market support was announced over the weekend in major
Which sector has been leading the rally so far in 2024? One market sector has
What Happened Last Week Fed: Equities rallied as the Fed cut 50 bps to kick
What Happened? The Federal Reserve (Fed) started their much-awaited easing cycle on Wednesday after holding
Are you ready? All eyes are on Jerome Powell on Wednesday as investors await the
What happened last week Stocks Rebound: U.S. large caps posted their best week of the
Successful investing doesn’t have to be a thrill ride. Anyone who has driven California’s Pacific
Election Season: A Time for Ballots, Not Drastic Portfolio Changes When major elections are near,
What happened last week Price Action: Poor September seasonality may be to blame for a
Here’s how stocks may perform for the rest of 2024 As the fall harvest season
What happened last week NVDA: Nvidia’s (NVDA) beat and raise was not enough to impress
Fed Chair Powell tees up the long-awaited rate cut Fed Chair Powell said just about
What happened last week Powell Pivot: Chair Powell validated the market’s view that a rate
Best week of 2024 for the S&P 500 After a brief summer slump and a
What happened last week Market Recovery: S&P rallies to within 2% of its all-time high.
U.S. company profits continue to impress. Earnings season is in the home stretch, with more
What happened last week Price Action: U.S. and global stocks ended the week practically unchanged
The S&P 500 fell 3% on Monday—its biggest one-day decline in nearly two years—amid growing
Market volatility spikes—but how much should you worry about it? The first full week of
What happened last week Price action: Summer liquidity, poor economic data, a less dovish than
A growing number of stocks are having their moment in the sun Everybody loves a
What happened last week Price Action: Small-caps continued to outperform year-to-date leaders, like the tech-heavy
Don’t read too much into harbingers of stock market doom and gloom Sometimes, it pays—literally—to
What happened last week Equity Market Reversion: Small-caps outperformed mega-cap technology by a little less
Overview Overall, stocks delivered another quarter of strong gains during the three-month period ending June
Will softness in housing inflation, jobs, and other metrics prompt the Fed to act soon?
What happened last week Softening Economic Data: Cooler than expected inflation data weighed on interest
Gain Strategies Global stocks continued their upward march in the second quarter, powered higher
What happened last week Price Action: MAG-7 leads U.S. equity indices to fresh all-time highs
Six more months! Six more months! Investors cheered as stocks ended the second quarter last
What happened last week Reversion Price Action: Year-to-date equity trends continued their reversal last week;
Is the seventh month of the year a stock investor’s best friend? While scorching temperatures
What happened last week AI vs. the Rest: Year-to-date equity trends reversed last week as
Are there potential opportunities beyond the handful of big stock market winners? The equity market
What happened last week All-Time Equity Highs: Another week of new highs for U.S. large-caps
Falling bond market volatility could support equity prices. Investors looking for signs of what stocks
What happened last week AI Theme: NVIDIA (NVDA) rally to $3T in market capitalization vaults
Potential homebuyers are hitting the brakes. What could that mean for the future? Would-be homebuyers
What happened last week Revenge of the Meme Traders: Small-caps outperformed large-caps on resurgent trading
Thanks to AI, it seems a bunch of people want Nvidia’s semiconductors. Is it Nvidia’s
What happened last week Semis: NVDA’s “beat and raise” earnings report reignited the AI trade
Should investors consider opportunities in global stocks? We believe international stocks could deserve a place
What happened last week Price action: China led on a green week for global stocks,
Are U.S. consumers ready to go more rounds? “When will the consumer finally crack?” is
What happened last week Price action: The S&P 500 rose higher and through key technical
Generating goals-based income with an equity-centric, globally diversified portfolio. Memo to retirees seeking sustainable spending
What happened last week Earnings: Strong earnings from AI-exposed mega-cap technology supported a modest rally
It’s a big week for news from corporate America. Earnings season is in full bloom,
OVERVIEW Stocks during the first quarter of 2024 extended the rally that began late last
What happened last week Stocks rose for the first time in four weeks on the
Middle East conflicts shouldn’t derail the strong domestic growth story. Rising Middle East tensions caused
What happened last week Equities fell for the third consecutive week as rates continued to
Can economic growth tailwinds outweigh higher interest rates? Month-over-month retail sales for March topped economist
What happened last week Equities sank as the 10-year Treasury yield surged above 4.5%. Third
Gain Strategies Global stocks put in another strong quarter to start 2024 as continued
Can company profits exceed rising expectations? First quarter 2024 earnings season kicks off this week,
What happened last week The second quarter opened with a whimper as stocks declined and
First-quarter returns suggest the market may have more to give. Stocks went out like a
What happened last week Holiday-shortened week ends 1Q 2024 – U.S. equities (S&P 500) rose
Derivatives can be effective when you know what you’re buying or selling. Covered call option
What happened last week Dovish central bank policy meetings resulted in fresh S&P 500 all-time
Keeping a close eye on Treasury market volatility Volatility in the Treasury bond market is
What happened last week Last week’s price action was choppy and lacked a cogent narrative.
Taking a tactical approach to “junk” bonds Yield-hungry investors eyeing an eventual Fed rate cut
What happened last week Mega-cap tech underperformed the broad market and equal-weight indices as market
Prices of many services are heating up again. Last week, we learned that the Fed’s
What happened last week Stocks rose as mega-cap tech and theAI theme continued to propel
Eventually, many clients will rely on the nest egg they have accumulated and preserved to
Do shares of non-U.S. companies deserve a place in your portfolio? With soaring U.S. stocks—and
What happened last week Nvidia, now a $2 trillion market-cap company, crushed lofty earnings expectations
What happened last week Hot inflation print pushed back the start of rate cuts; more
Is stocks’ extended winning streak “an offer you can’t refuse”? The S&P 500 has now
What happened last week A mega-cap-led rally lifted the S&P 500 above 5,000, a new
Robust consumer spending continues to support a strong economy. Last week’s impressive jobs data—employers added
What happened last week Stocks ended the week higher on a mix of very strong
The economy and inflation are lining up as investors hoped they would. All eyes were
What happened last week Economic growth remains hot with inflation cooling – the probability of
It could be a great time to buy stocks. Here’s why. Investors celebrated last Friday
Navigating heightened market volatility and an evolving regulatory landscape has become the new normal for
What happened last week Action-packed and holiday-shortened trading week underscored by new all-time highs across
“Sticky” shelter costs could keep overall prices uncomfortably high. While inflation’s steady march downward of
What happened last week Magnificent-7 (“MAG-7”) mega-caps led the “broadening-out” trades’ outperformers (e.g. small caps).
OVERVIEW Following a third-quarter slump, stocks roared back to life during the final three months
Gain Strategies In a topsy-turvy year for investors and economists alike, 2023 ended on a
Value and growth index fund investors may be surprised by their returns last year. Investors
What happened last week The S&P 500 snaps its 9-week winning streak to end Friday
What happened last week 2023 set a high bar for 2024 market-wise, although new all-time
How are the “Magnificent 7” stocks really doing? Outperformance isn’t always exactly what it seems
What happened last week Last week was a full macro week with a string of
Some crucial context on Americans’ “out of control” debt levels. “Credit Card Debt Crisis” “Credit
What happened last week The S&P 500 has rallied for its sixth straight week, retracing
Most stocks have been laggards this year, but that could be starting to change. It’s
What happened last week A strong seasonal rally is in full swing as the S&P
Will December bring glad tidings to small-company stocks? Small-cap stocks have had quite the slog
Baby boomers have been approaching retirement for a decade, bringing billions of dollars out of
What happened last week A short trading week saw the S&P 500 inch toward an
One active approach to risk management is currently beating the market. Risk management can be
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What happened last week Risk sentiment increased last week, lifting the S&P 500 through key
The end of Fed rate hikes suggests good things for equities. The stock market’s surge
What happened last week Risk sentiment increased last week, lifting the S&P 500 through key
Three years of less-than-stellar financial market performance. It’s been a tough slog for investors over
What happened last week Investors reduced market exposure due to geopolitical tensions weighing on equities
GDP growth over the past three months may have been huuuuuge. Third-quarter GDP growth could
House hunters are facing a shocking number these days. Pity today’s homebuyers who are looking
OVERVIEW During the third quarter of 2023, investors hit “pause” on the rally that had
What happened last week Stocks and bonds sold off as geopolitical tensions outweighed strong economic
Gain Strategies After a surprising and surprisingly positive first half of the year for financial
What happened last week Stocks close the week higher despite mounting geopolitical concerns and rising
What happened last week Stronger economic data and domestic political turmoil contributed to a resumption
It’s been bleak days—and lots of them—for bond investors. As the fourth quarter begins, bonds
What happened last week Last week, the quarter ended with both stocks and bonds mainly
The greenback’s recent rally could have legs. The U.S. dollar is lighting up the charts,
What happened last week A more hawkish than expected Fed meeting saw higher interest rate
Falling interest rate volatility in Treasuries could herald a stock market rally. There are few
What happened last week Treasury yields continued to move last week higher on strong economic
Sharply higher oil prices have the potential to re-ignite inflation. Last week saw oil prices
What happened last week Strong data drove Treasury yields higher and stocks lower in a
Historically, the 9th month of the year hasn’t been kind to investors. “April is the
What happened last week It was a recovery week for equities as yield moves continued
What happened last week A choppy week in markets saw small recoveries for stocks and
There are few signs of the economic struggles predicted at Jackson Hole last year. Attention
What happened last week The push higher in Treasury yields drove the third consecutive week
Stock investors may want to brace for some bumps in the road. After months of
What happened last week Pressure building on the disinflation narrative as global bond yields surge
Spend Stage Our goals-based retirement income strategies aim to take the guesswork out of hitting your
Protect Stage Our disciplined risk mitigation strategies seek to preserve wealth, reduce investor anxiety, and combat poor
What happened last week Negative bond market developments likely drove the sell-off in equities Jobs
Other market sectors are showing signs of life. The S&P 500 continued its winning streak
What happened last week Stocks climbed as the Fed and European Central Bank (ECB) raised
Is the Fed’s battle to contain inflation finally done? The market seems to think so.
What happened last week Global stocks edge higher, led by the US, in a week
The S&P 500’s lowest correlation level in years suggests outperformers and underperformers should emerge. Think
When was the last time a client asked, “What was my portfolio’s alpha?” You may
OVERVIEW During the second quarter of 2023, several key equity market indices built on their
Gain Strategies After a furious and volatile start to the year for stock and bond
Will six months of returns cause you to forsake global diversification? While it’s true that
What happened last week Equities sold off in volatile trading to start the third quarter
What happened last week Strong end to a strong quarter with the S&P 500 closing
Stock market volatility has fallen to multi-year lows? “Merrily, we roll along, roll along.” Those
What happened last week Stocks sold off with small caps, value, and internationals leading losses
With the oldest baby boomers over eleven years into retirement and the oldest Generation X
The housing market is the latest economic indicator to light up the charts? One of
What happened last week Increasingly positive investor sentiment boosted the S&P 500 closer to all-time
Does This Market Have Staying Power? Stocks escaped the bear’s grip. What comes next Investors
What happened last week It was a quiet week, with recent trends reversing in favor
The positive surprises in the labor market just keep on coming. Job creation in the
What happened last week Friday’s strong labor market data defined the trading week. A bipartisan
Is the fast-moving market moving too fast? Technology stocks generally hate higher interest rates. Tech
What happened last week A debt ceiling agreement was reached, and will likely become law
Active management aims to navigate trends as they emerge—and fade We believe an active, dynamic
What happened last week The market saw year-to-date highs in stocks despite a lack of
Apple is once again worth more than the entire Russell 2000 In Marvel movies, it’s
Fear-inducing headlines are likely painting too grim of a picture. Silicon Valley Bank. Signature. First
Investors seem to be a relatively calm, cool, and collected bunch these days—which may be
Overview The idea that the financial markets “climb a wall of worry” by showing resilience
Identifying investment opportunities may take a sharper focus going forward Fears about banks’ financial health
Gain Strategies Investors shifted among dominant themes numerous times in what was a volatile but
What tools can investors use to fight longevity risk in retirement? Many retirees today probably
There’s tech, and there’s the rest Investors in tech stocks these days are a wildly
Key Takeaways Investors require different outcomes from their investments, a one-size-fits-all passive approach is unlikely
Here’s something we have only seen once in 20 years In a true study of
Stocks stand to benefit if the Fed eases up on the brakes Continued concerns about
Bank woes raise questions about the Fed’s next move. Investors’ sudden hunger for U.S. government
Chip stocks have come out swinging to start 2023 In what could be a harbinger
The U.S. real estate market has been flexing its muscles in recent weeks. Unexpected strength
U.S. stocks have clearly perked up so far this year. But now, two key market
In the consumer market, high-quality products are identified as reliable, longer lasting, and are generally
In the wake of a bruising 2022, investors seem to have decided that “risk on”
Expected interest rate volatility has fallen 28 points so far this year The financial markets
Gain Strategies The final quarter of what has been a difficult year for asset owners
Overview Financial markets suffered sizable—in some cases, historic—losses in 2022. Soaring inflation combined with an
Investors eye foreign markets and like what they see. For more than a decade, international
Put “protection” has come up short lately—but there’s a better way. Put options are often
Up is down, and down is up Two key components of the equity market—growth stocks
This year we have seen a first for stocks and bonds. Welcome to uncharted territory.
Everybody can appreciate a smooth ride—and for investors, a journey without too many bumps along
Throughout 2022, investors have seen various positive economic developments as signs that the Federal Reserve
Could bond investors find the next few months to be “the most wonderful time of
https://www.horizoninvestments.com/wp-content/uploads/2022/11/Zach-Hill-Fast-Take-FInal-Video.mp4 Hear Horizon’s thoughts on quarterly earnings, Fed policy, and market outlook. Disclosure: The commentary
Investors won’t have to dip into their savings to pay for their Thanksgiving feasts this year,
Investors are shifting gears in the wake of good inflation news. Will it last? The
The losers of the past are riding high—while yesterday’s winners appear to be out of
We’re more than halfway through the third-quarter earnings season, and thus far, the S&P 500
We all know that last week’s inflation report showed headline inflation continues to surge, with
Central bankers have become laser-focused on crushing inflation. What could that mean for the economy
Gain Strategies This year’s punishing price action across markets continued last quarter as global stocks
Historical Recessions Given the increase in signs of a cooling economy, this study aims to
What a difference a couple of months can make. Since hitting its low point (closing
Overview Investors faced a wall of worry during the second quarter that proved to
Gain Strategies The second quarter of 2022 was another difficult one for asset markets
Over the next few weeks, a steady stream of second-quarter earnings reports will reveal how
The S&P 500 hasn’t seen two consecutive quarters of negative returns since the global financial
The truth is, individual investors today don’t care as much about exposures as they do
Kahneman’s Behavioral Approach Noise: an unwanted variability in decision-making. Ask yourself, when am I at
Investment professionals rarely agree on the risks and direction of markets, yet many would agree
We see active financial advice as the new reality. Not robo. Not passive. But active!
Many investors and financial advisors are still in the dark on what ESG factor investing
Inflation sticker shock is spreading; 55% of the items in the Consumer Price Index have
Eye-popping jumps in energy prices worldwide has some people proclaiming we’re in a replay
From the youngest to the oldest American workers – GenZ to Baby Boomers – their
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What was a rumbling of change in the last few years is now barreling into
Millions of workers are retiring early. But not necessarily because they want to. The pandemic
When financial markets went haywire in March 2020, people pursuing a traditional financial plan may
Of all the financial challenges facing retirees, being a widow can be one of the
DOWNLOAD FOCUS It’s one thing for the Federal Reserve to set interest rates at essentially
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Topics
Over the summer months, Horizon conducted the firm’s first annual Advisor Sentiment Survey to gauge opinions and expectations around the current market, interest rates, asset
Small-cap stocks may offer tactical opportunities. Investors who expect a late-year, post-election rally in small-company stocks may need to be patient. Historically, December has been
What Happened Last Week Equity Reprieve: U.S. large-cap gains paused last week despite a rally across the mega-cap growth complex led by AVGO. U.S. Inflation:
The digital currency seems to have the wind at its back these days. An ongoing post-election surge drove Bitcoin’s price above $100,000 for the first
What Happened Last Week Fresh All-Time High: S&P notches another ATH, supported by mega-caps. Price Action: A weaker dollar drove international stocks outperformance. Payrolls: Good,
Opportunities outside of the top performers. It’s no secret that a small number of stocks in the S&P 500 have been largely responsible for the
What Happened Last Week All-Time Highs: Both domestic large- and small-caps hit fresh all-time highs over the holiday-shortened trading week. Rates Lower: Treasury yields fell
What Happened Last Week Stocks Rose: S&P 500 closed within a hair of all-time highs on the back of easing growth concerns, Trump’s cabinet picks,
Positive earnings surprises are back on track. With more than 90% of the companies in the S&P 500 index reporting their earnings results, we now
What Happened Last Week Price Action: Headline equities sold off as investors digested marginally hawkish Fed commentary and Trump’s cabinet picks. Controversial Cabinet Picks: RFK
Recent election results bring a 2016 vibe back to the market, with U.S. stocks currently leading over internationals, but inflation concerns are real. Head of
What Happened Last Week Republican Election Sweep: Republicans granted a strong mandate to pursue an ambitious policy with Trump’s decisive victory, anticipated majorities in Congress,
Investors saw sharp market movement the day following the election Donald Trump and the Republicans outperformed expectations on Election Day, securing the White House and
Stocks have had a habit of gaining ground no matter who becomes President. Regardless of which candidate emerges victorious, historically, investors have generally come out
What Happened Last Week Yields Rose: Concerns over higher spending in the U.S. post-election caused yields to spike, dampening equity sentiment. Mega-cap Earnings: The NASDAQ
Buyers need lower rates to get back in the game. In anticipation of the Fed’s rate cut last month, more would-be homebuyers applied for mortgages.
What Happened Last Week Yields Pushed Higher: Talk of fiscal worries added to the existing upside momentum for U.S. yields. Stocks Sold Off: Global equities
Consumer spending, corporate earnings, and the overall economy remain robust. Investors will examine one of the last snapshots of the economy’s health before election day—and
What Happened Last Week New All-Time High: S&P 500 notches new all-time highs and posted gains for the sixth consecutive week. Price Action: Financials, value,
OVERVIEW Stocks posted another quarter of positive returns — despite some significant volatility along the way—with several equity market indices recording a string of record
The stock market is two years (and counting) into a bull market. Last Saturday marked the second anniversary of the current bull market for stocks.
What Happened Last Week Price Action: Fresh all-time highs in U.S. large caps on bank earnings and re-kindling of the AI narrative. Uncertainty: Market rallied
Gain Strategies Despite returns of over 5% for both global stocks (MSCI All Country World Index) and core bonds (Bloomberg US Aggregate Index), the
Lowest spreads in nearly three years Want more evidence that the U.S. economy is in good shape? Just take a look at the junk bond
What Happened Last Week Geopolitical Volatility: Oil soared over 9% as investors weighed Israeli retaliation against Iran’s energy infrastructure. U.S. Jobs: A blow-out jobs figure
It’s been 17 years since we’ve seen a weekly return this strong Long-suffering Chinese stocks broke out of their doldrums last week following the announcement
What Happened Last Week China: Property market support was announced over the weekend in major cities in addition to the raft of monetary and fiscal
Which sector has been leading the rally so far in 2024? One market sector has outperformed all others so far this year—and it’s probably not
What Happened Last Week Fed: Equities rallied as the Fed cut 50 bps to kick off its rate-cutting cycle, guiding for further rate decreases down
What Happened? The Federal Reserve (Fed) started their much-awaited easing cycle on Wednesday after holding their target rate in the 5.25-5.50% range since last July.
Are you ready? All eyes are on Jerome Powell on Wednesday as investors await the Federal Reserve Board’s near-certain decision to cut the federal funds
What happened last week Stocks Rebound: U.S. large caps posted their best week of the year, up about 4% and mostly reversing the worst week
Successful investing doesn’t have to be a thrill ride. Anyone who has driven California’s Pacific Coast Highway or North Carolina and Tennessee’s Tail of the
Election Season: A Time for Ballots, Not Drastic Portfolio Changes When major elections are near, investors may be concerned about how their portfolios will be
What happened last week Price Action: Poor September seasonality may be to blame for a more than 4% decline in U.S. large caps. AI Woes:
Here’s how stocks may perform for the rest of 2024 As the fall harvest season begins, it’s a time of reaping the rewards of hard
What happened last week NVDA: Nvidia’s (NVDA) beat and raise was not enough to impress investors, resulting in a nearly double-digit sell-off. Strong Data: Second
Fed Chair Powell tees up the long-awaited rate cut Fed Chair Powell said just about everything investors wanted to hear during his Jackson Hole, Wyoming
What happened last week Powell Pivot: Chair Powell validated the market’s view that a rate cut is coming in September. Markets Rally: Investors took comfort
Best week of 2024 for the S&P 500 After a brief summer slump and a short-lived overreaction, stocks enjoyed their best week since November, up
What happened last week Market Recovery: S&P rallies to within 2% of its all-time high. Healthy Data: Strong retail sales, good guidance from Walmart, and
U.S. company profits continue to impress. Earnings season is in the home stretch, with more than 90% of the companies in the S&P 500 index
What happened last week Price Action: U.S. and global stocks ended the week practically unchanged despite Monday’s historic volatility. Carry & Dispersion Trades: Unwinds in
The S&P 500 fell 3% on Monday—its biggest one-day decline in nearly two years—amid growing fears that July’s slowdown in hiring could spark a recession.
Market volatility spikes—but how much should you worry about it? The first full week of August started with a bang: The S&P 500 dropped 3%
What happened last week Price action: Summer liquidity, poor economic data, a less dovish than desired Fed, and positioning all contributed to a broad-based decline
A growing number of stocks are having their moment in the sun Everybody loves a good comeback story: Seabiscuit. The Mighty Ducks. 493 stocks in
What happened last week Price Action: Small-caps continued to outperform year-to-date leaders, like the tech-heavy NASDAQ 100. U.S. Data: U.S. GDP came in stronger than
Don’t read too much into harbingers of stock market doom and gloom Sometimes, it pays—literally—to look beyond what’s “obvious” to everyone else. Case in point:
What happened last week Equity Market Reversion: Small-caps outperformed mega-cap technology by a little less than 6% as year-to-date laggards continued their string of outperformance.
Overview Overall, stocks delivered another quarter of strong gains during the three-month period ending June 28, 2024. For the quarter: The Nasdaq 100 returned 8.1%.
Will softness in housing inflation, jobs, and other metrics prompt the Fed to act soon? Those long-sought-after Fed rate cuts are looking more plausible, thanks
What happened last week Softening Economic Data: Cooler than expected inflation data weighed on interest rates; September rate cut now the base case. Equity Markets
Gain Strategies Global stocks continued their upward march in the second quarter, powered higher by continued economic resilience and investor enthusiasm around the AI-theme.
What happened last week Price Action: MAG-7 leads U.S. equity indices to fresh all-time highs as small-caps and large-cap value decline. Softening Economic Data: Unemployment
Six more months! Six more months! Investors cheered as stocks ended the second quarter last Friday up 4.3%. . . and 15.3% for the first
What happened last week Reversion Price Action: Year-to-date equity trends continued their reversal last week; small caps and internationals led U.S. mega-cap technology. U.S. Debate:
Is the seventh month of the year a stock investor’s best friend? While scorching temperatures continue to sweep across much of the country, equity investors
What happened last week AI vs. the Rest: Year-to-date equity trends reversed last week as small-caps led mega-cap tech; quarter/month-end and specific product rebalancing flows
Are there potential opportunities beyond the handful of big stock market winners? The equity market has spent the better part of 2024 notching a series
What happened last week All-Time Equity Highs: Another week of new highs for U.S. large-caps as Broadcom, Oracle, and Adobe earnings show AI-driven upside fundamental
Falling bond market volatility could support equity prices. Investors looking for signs of what stocks may do next often turn to the bond market for
What happened last week AI Theme: NVIDIA (NVDA) rally to $3T in market capitalization vaults U.S. large caps to fresh all-time highs. Strong Payrolls Data:
Potential homebuyers are hitting the brakes. What could that mean for the future? Would-be homebuyers are increasingly deciding to stay put —which could help further
What happened last week Revenge of the Meme Traders: Small-caps outperformed large-caps on resurgent trading in “meme-stocks.” Slightly Softer U.S. Data: 1Q U.S. GDP was
Thanks to AI, it seems a bunch of people want Nvidia’s semiconductors. Is it Nvidia’s world and we’re just living in it? At least, that’s
What happened last week Semis: NVDA’s “beat and raise” earnings report reignited the AI trade and propelled mega-cap tech to fresh all-time highs. Hawkish Fedspeak:
Should investors consider opportunities in global stocks? We believe international stocks could deserve a place in many investors’ portfolios because they can potentially add diversification
What happened last week Price action: China led on a green week for global stocks, ratcheting higher as Chinese policy support continues to improve the
Are U.S. consumers ready to go more rounds? “When will the consumer finally crack?” is a question that seems to be on more investors’ minds
What happened last week Price action: The S&P 500 rose higher and through key technical levels, recovering the majority of April’s losses. Interest Rates: Ahead
Generating goals-based income with an equity-centric, globally diversified portfolio. Memo to retirees seeking sustainable spending power: Consider sticking with stocks. One of our core beliefs
What happened last week Earnings: Strong earnings from AI-exposed mega-cap technology supported a modest rally in US equities. Jobs report: The labor market remains strong
It’s a big week for news from corporate America. Earnings season is in full bloom, with roughly half of the companies in the S&P 500
OVERVIEW Stocks during the first quarter of 2024 extended the rally that began late last year, with major market indices frequently hitting new highs during
What happened last week Stocks rose for the first time in four weeks on the back of strong earnings. Economic data was weak, with GDP
Middle East conflicts shouldn’t derail the strong domestic growth story. Rising Middle East tensions caused oil prices to briefly spike last week before reversing course
What happened last week Equities fell for the third consecutive week as rates continued to climb higher. Strong retail sales print supported the trend of
Can economic growth tailwinds outweigh higher interest rates? Month-over-month retail sales for March topped economist expectations at 0.7%, with February figures revised higher to 0.9%
What happened last week Equities sank as the 10-year Treasury yield surged above 4.5%. Third consecutive upside CPI surprise pushed rate cuts out of market
Gain Strategies Global stocks put in another strong quarter to start 2024 as continued economic upside surprises, especially in the U.S. and falling bond
Can company profits exceed rising expectations? First quarter 2024 earnings season kicks off this week, on the heels of reports showing both a robust jobs
What happened last week The second quarter opened with a whimper as stocks declined and the U.S. Treasury yield curve bear steepened. Strong economic data,
First-quarter returns suggest the market may have more to give. Stocks went out like a lion in March, with the S&P 500 hitting its 22nd
What happened last week Holiday-shortened week ends 1Q 2024 – U.S. equities (S&P 500) rose over 10%, a strong (85 percentile since 1993) historical quarterly
Derivatives can be effective when you know what you’re buying or selling. Covered call option strategies can be an innovative and potentially impactful way to
What happened last week Dovish central bank policy meetings resulted in fresh S&P 500 all-time highs. Market leadership in the U.S.’s largecap growth extended last
Keeping a close eye on Treasury market volatility Volatility in the Treasury bond market is once again flirting with its recent lows. That could be
What happened last week Last week’s price action was choppy and lacked a cogent narrative. 10-year U.S. Treasury yields rose by their most since last
Taking a tactical approach to “junk” bonds Yield-hungry investors eyeing an eventual Fed rate cut are moving into high-yield corporate bonds thesedays, a show of
What happened last week Mega-cap tech underperformed the broad market and equal-weight indices as market breadth improved. The underperformance of mega-cap tech is likely short-term
Prices of many services are heating up again. Last week, we learned that the Fed’s preferred inflation gauge—the core personal consumption expenditures(PCE) price index—rose by
What happened last week Stocks rose as mega-cap tech and theAI theme continued to propel equitymarkets to new all-time highs. Retail speculation and flow into
Eventually, many clients will rely on the nest egg they have accumulated and preserved to address their financial needs during what may be a lengthy
Do shares of non-U.S. companies deserve a place in your portfolio? With soaring U.S. stocks—and domestic tech stocks in particular—capturing the headlines these days, it’s
What happened last week Nvidia, now a $2 trillion market-cap company, crushed lofty earnings expectations and sent equities to all-time highs. China’s equity performance picked
What happened last week Hot inflation print pushed back the start of rate cuts; more importantly, longer-term interest rate expectations drifted higher, weighing on equities.
Is stocks’ extended winning streak “an offer you can’t refuse”? The S&P 500 has now closed higher for 14 out of the last 15 weeks.
What happened last week A mega-cap-led rally lifted the S&P 500 above 5,000, a new all-time high. Interest rates continued to drift higher as the
Robust consumer spending continues to support a strong economy. Last week’s impressive jobs data—employers added 353,000 new jobs in January, nearly double the expected amount—had
What happened last week Stocks ended the week higher on a mix of very strong AI-driven mega-cap earnings and a large upside surprise to January
The economy and inflation are lining up as investors hoped they would. All eyes were on the Fed this week as it held its first
What happened last week Economic growth remains hot with inflation cooling – the probability of a ‘soft landing’ or ‘no landing’ is increasing. The strong
It could be a great time to buy stocks. Here’s why. Investors celebrated last Friday as the S&P 500 notched its first record-high close in
Navigating heightened market volatility and an evolving regulatory landscape has become the new normal for many financial advisors, all while managing the operational and administrative
What happened last week Action-packed and holiday-shortened trading week underscored by new all-time highs across major US equity indices. Economic data fueled the rally –
“Sticky” shelter costs could keep overall prices uncomfortably high. While inflation’s steady march downward of late has investors (and the Fed) cheering, it may be
What happened last week Magnificent-7 (“MAG-7”) mega-caps led the “broadening-out” trades’ outperformers (e.g. small caps). Benign December CPI & PPI prints contributed to a dip
OVERVIEW Following a third-quarter slump, stocks roared back to life during the final three months of 2023. The S&P 500 index of large-company stocks rallied
Gain Strategies In a topsy-turvy year for investors and economists alike, 2023 ended on a high note with strong rallies across equities and fixed income.
Value and growth index fund investors may be surprised by their returns last year. Investors commonly own both value and growth stocks to diversify their
What happened last week The S&P 500 snaps its 9-week winning streak to end Friday less than 3% from all-time highs. Rates moved higher across
What happened last week 2023 set a high bar for 2024 market-wise, although new all-time highs are just a hair away from last week’s closing
How are the “Magnificent 7” stocks really doing? Outperformance isn’t always exactly what it seems to be. Many investors this year have been hungrily eyeing
What happened last week Last week was a full macro week with a string of positive surprises that drove a bid to risk assets. Consumer
Some crucial context on Americans’ “out of control” debt levels. “Credit Card Debt Crisis” “Credit Card Debt Hits New Record” “Americans Are Drowning in Credit-Card
What happened last week The S&P 500 has rallied for its sixth straight week, retracing back to 1Q ‘22 levels. Small-caps and other higher beta
Most stocks have been laggards this year, but that could be starting to change. It’s no secret that a minute group of tech stocks has
What happened last week A strong seasonal rally is in full swing as the S&P 500 posted its best month since July 2022. The rally
Will December bring glad tidings to small-company stocks? Small-cap stocks have had quite the slog this year. Punished by rising interest rates and lingering fears
Baby boomers have been approaching retirement for a decade, bringing billions of dollars out of retirement accounts as America’s second-largest generation approaches the IRS’s required
What happened last week A short trading week saw the S&P 500 inch toward an all-time high. Short covering starts to narrow the dispersion between
One active approach to risk management is currently beating the market. Risk management can be an important component of goals-based planning. Used well, it has
Want to learn more? Contact Us Connect the power of goals-based investing with custom solutions https://youtu.be/Z0eF82iIYQ4 The Horizon Difference For over two decades, Horizon’s mission
What happened last week Risk sentiment increased last week, lifting the S&P 500 through key technical levels as Treasury yields plummeted. Bullish price action was
The end of Fed rate hikes suggests good things for equities. The stock market’s surge last week—U.S. and global equities soared nearly 6%—may be the
What happened last week Risk sentiment increased last week, lifting the S&P 500 through key technical levels as Treasury yields plummeted. Bullish price action was
Three years of less-than-stellar financial market performance. It’s been a tough slog for investors over roughly the past three years, with most corners of the
What happened last week Investors reduced market exposure due to geopolitical tensions weighing on equities for the second week in a row. The relative stability
GDP growth over the past three months may have been huuuuuge. Third-quarter GDP growth could be a monster. True, it’ll be a few weeks before
House hunters are facing a shocking number these days. Pity today’s homebuyers who are looking at an average monthly mortgage payment just shy of $2,900.
OVERVIEW During the third quarter of 2023, investors hit “pause” on the rally that had lifted stocks higher for much of the year. The major
What happened last week Stocks and bonds sold off as geopolitical tensions outweighed strong economic and fundamental data. Long-end Treasury yields surged, sending the S&P
Gain Strategies After a surprising and surprisingly positive first half of the year for financial markets, the recovery from the challenging market conditions of 2022
What happened last week Stocks close the week higher despite mounting geopolitical concerns and rising long-term interest rates. Bond market volatility driven by the Middle
What happened last week Stronger economic data and domestic political turmoil contributed to a resumption of the bond sell-off. Stocks reversed early weakness as a
It’s been bleak days—and lots of them—for bond investors. As the fourth quarter begins, bonds are on track for a third consecutive calendar year of
What happened last week Last week, the quarter ended with both stocks and bonds mainly in the red. Long-end Treasury yields once again surged to
The greenback’s recent rally could have legs. The U.S. dollar is lighting up the charts, rallying for the past ten weeks (see the chart). That’s
What happened last week A more hawkish than expected Fed meeting saw higher interest rate projections in 2024 and beyond. The long end of the
Falling interest rate volatility in Treasuries could herald a stock market rally. There are few things that make investors happier than having clarity about where
What happened last week Treasury yields continued to move last week higher on strong economic data. U.S. inflation came in slightly hotter than expected, driven
Sharply higher oil prices have the potential to re-ignite inflation. Last week saw oil prices hitting their highest point in 10 months following news that
What happened last week Strong data drove Treasury yields higher and stocks lower in a holiday-shortened trading week. As China signals iPhone bans, $200B of
Historically, the 9th month of the year hasn’t been kind to investors. “April is the cruelest month,” wrote poet T.S. Eliot—who, we assume, didn’t own
What happened last week It was a recovery week for equities as yield moves continued to dictate price action. Labor market data was good news
What happened last week A choppy week in markets saw small recoveries for stocks and bonds. Fed Chair Jerome Powell endorsed a data-dependent message at
There are few signs of the economic struggles predicted at Jackson Hole last year. Attention will be focused on Wyoming this week, where the 46th
What happened last week The push higher in Treasury yields drove the third consecutive week of simultaneous losses in equities and core bonds. Retail sales
Stock investors may want to brace for some bumps in the road. After months of gains and low volatility from stocks, emerging signs show that
What happened last week Pressure building on the disinflation narrative as global bond yields surge and commodities continue their rally Domestic equities were also lower
Spend Stage Our goals-based retirement income strategies aim to take the guesswork out of hitting your client’s target distribution rate. DESIRED OBJECTIVE:Spend PRIMARY RISK:Longevity DEFINED BY:Distribution
Protect Stage Our disciplined risk mitigation strategies seek to preserve wealth, reduce investor anxiety, and combat poor investment decision-making. GOAL:Preservation PRIMARY RISK:Loss Brochure Product Sheet Mitigating risk
What happened last week Negative bond market developments likely drove the sell-off in equities Jobs report pointed to easing wage growth, indicative of progress towards
Other market sectors are showing signs of life. The S&P 500 continued its winning streak in July and is up more than 20% in 2023.
What happened last week Stocks climbed as the Fed and European Central Bank (ECB) raised rates to 22-year highs Continued string of strong US data
Is the Fed’s battle to contain inflation finally done? The market seems to think so. Recent comments from multiple Wall Street firms and economists suggest
What happened last week Global stocks edge higher, led by the US, in a week characterized by slow and sluggish summer sessions Regional banks rallied,
The S&P 500’s lowest correlation level in years suggests outperformers and underperformers should emerge. Think the S&P 500’s low volatility these days means all is
When was the last time a client asked, “What was my portfolio’s alpha?” You may encounter that question with institutions and sophisticated clients, but more
OVERVIEW During the second quarter of 2023, several key equity market indices built on their gains from the prior three months (see Exhibit 1). For
Gain Strategies After a furious and volatile start to the year for stock and bond markets, the second quarter provided a welcome respite for investors
Will six months of returns cause you to forsake global diversification? While it’s true that “the market” is up for the year, it’s really a
What happened last week Equities sold off in volatile trading to start the third quarter Continued economic resilience drove Treasury yields higher and weighed on
What happened last week Strong end to a strong quarter with the S&P 500 closing at its highest level since last April Global yields rose
Stock market volatility has fallen to multi-year lows? “Merrily, we roll along, roll along.” Those Stephen Sondheim lyrics pretty much summarize the sentiment among a
What happened last week Stocks sold off with small caps, value, and internationals leading losses as narrow market leadership continued Monetary policy developments were negative
With the oldest baby boomers over eleven years into retirement and the oldest Generation X members just eight years away, we now have over 135
The housing market is the latest economic indicator to light up the charts? One of the key leading indicators of future economic activity—construction of new
What happened last week Increasingly positive investor sentiment boosted the S&P 500 closer to all-time high levels Fed delivers “hawkish pause,” signaling a hike in
Does This Market Have Staying Power? Stocks escaped the bear’s grip. What comes next Investors cheered last week as the S&P 500 broke free of
What happened last week It was a quiet week, with recent trends reversing in favor of year-to-date underperformers like small-caps and Chinese equities. Technical factors
The positive surprises in the labor market just keep on coming. Job creation in the U.S. continues to defy expectations. Case in point: last week’s
What happened last week Friday’s strong labor market data defined the trading week. A bipartisan debt ceiling bill averted the tail default scenario, suspending the
Is the fast-moving market moving too fast? Technology stocks generally hate higher interest rates. Tech companies often need ongoing access to lots of capital to
What happened last week A debt ceiling agreement was reached, and will likely become law this week. NVIDIA earnings were released and the results offer
Active management aims to navigate trends as they emerge—and fade We believe an active, dynamic approach to portfolio management can provide investors the potential to
What happened last week The market saw year-to-date highs in stocks despite a lack of progress on the debt ceiling negotiations in Washington. Hawkish Fed
Apple is once again worth more than the entire Russell 2000 In Marvel movies, it’s common for one superhero to be bigger than an entire
Fear-inducing headlines are likely painting too grim of a picture. Silicon Valley Bank. Signature. First Republic. PacWest. Comerica. The list of regional banks that have
Investors seem to be a relatively calm, cool, and collected bunch these days—which may be a harbinger of stock market strength in the coming months.
Overview The idea that the financial markets “climb a wall of worry” by showing resilience in the face of significant challenges was fully displayed during
Identifying investment opportunities may take a sharper focus going forward Fears about banks’ financial health have dominated many investors’ thoughts for weeks. But as we
Gain Strategies Investors shifted among dominant themes numerous times in what was a volatile but generally positive first quarter of the new year for equities
What tools can investors use to fight longevity risk in retirement? Many retirees today probably remember the 1976 disco hit “Right Back Where We Started
There’s tech, and there’s the rest Investors in tech stocks these days are a wildly happy bunch. Everybody else? Not so much. The gap between
Key Takeaways Investors require different outcomes from their investments, a one-size-fits-all passive approach is unlikely to work for everyone. Horizon believes tactical strategies can offer
Here’s something we have only seen once in 20 years In a true study of contrasts, the tech-heavy Nasdaq 100 index has soared 6.3% during
Stocks stand to benefit if the Fed eases up on the brakes Continued concerns about the health of the U.S. banking system and economy have
Bank woes raise questions about the Fed’s next move. Investors’ sudden hunger for U.S. government bonds has pushed yields to their lowest levels in months—and created
Chip stocks have come out swinging to start 2023 In what could be a harbinger of things to come for the markets, semiconductor stocks are
The U.S. real estate market has been flexing its muscles in recent weeks. Unexpected strength in the real estate market this week is the latest
U.S. stocks have clearly perked up so far this year. But now, two key market metrics show a heightened level of risk in domestic equities
In the consumer market, high-quality products are identified as reliable, longer lasting, and are generally viewed very positively. Names of iconic brands receive instant recognition,
In the wake of a bruising 2022, investors seem to have decided that “risk on” is where it’s at this year. Case in point: High-beta
Expected interest rate volatility has fallen 28 points so far this year The financial markets are predicting less volatility in interest rates during the coming
Gain Strategies The final quarter of what has been a difficult year for asset owners finished on a positive note as both global stocks (MSCI
Overview Financial markets suffered sizable—in some cases, historic—losses in 2022. Soaring inflation combined with an aggressive monetary policy response by the Federal Reserve Board created
Investors eye foreign markets and like what they see. For more than a decade, international stocks have lost performance race after performance race to the
Put “protection” has come up short lately—but there’s a better way. Put options are often a go-to risk management strategy among investors seeking protection against
Up is down, and down is up Two key components of the equity market—growth stocks and value stocks—are looking significantly different as 2023 gets underway,
This year we have seen a first for stocks and bonds. Welcome to uncharted territory. As we head to the finish line, stocks are down
Everybody can appreciate a smooth ride—and for investors, a journey without too many bumps along the way can potentially result in more wealth. One
Throughout 2022, investors have seen various positive economic developments as signs that the Federal Reserve Board was ready to pivot and end—or considerably scale back—its
Could bond investors find the next few months to be “the most wonderful time of the year?” High-yield (or “junk”) bonds—along with the rest of
https://www.horizoninvestments.com/wp-content/uploads/2022/11/Zach-Hill-Fast-Take-FInal-Video.mp4 Hear Horizon’s thoughts on quarterly earnings, Fed policy, and market outlook. Disclosure: The commentary in this report is not a complete analysis of every
Investors won’t have to dip into their savings to pay for their Thanksgiving feasts this year, but they may choke on their pumpkin pie when they
Investors are shifting gears in the wake of good inflation news. Will it last? The tide is turning—maybe. Following last week’s news of lower-than-expected inflation,
The losers of the past are riding high—while yesterday’s winners appear to be out of gas. To sail to your destination, you need to put
We’re more than halfway through the third-quarter earnings season, and thus far, the S&P 500 overall is reporting its worst year-over-year earnings growth since the third
We all know that last week’s inflation report showed headline inflation continues to surge, with the consumer price index (CPI) accelerating by 8.2% in September
Central bankers have become laser-focused on crushing inflation. What could that mean for the economy and investors? Overview Investors found few places to hide from
Gain Strategies This year’s punishing price action across markets continued last quarter as global stocks (MSCI ACWI Index), and core bonds (Bloomberg U.S. Aggregate Index)
Historical Recessions Given the increase in signs of a cooling economy, this study aims to explain what typically happens before and during recessions, answering the
What a difference a couple of months can make. Since hitting its low point (closing price) for the year on June 16, the S&P 500
Overview Investors faced a wall of worry during the second quarter that proved to be insurmountable for stocks, bonds and virtually every other asset
Gain Strategies The second quarter of 2022 was another difficult one for asset markets as investors continue to grapple with the outlook for inflation
Over the next few weeks, a steady stream of second-quarter earnings reports will reveal how companies have navigated historically high inflation, continued supply chain challenges,
The S&P 500 hasn’t seen two consecutive quarters of negative returns since the global financial crisis—until now, that is. The index’s -16.1% return during the
The truth is, individual investors today don’t care as much about exposures as they do outcomes. They’re asking how to build portfolios that will help
Kahneman’s Behavioral Approach Noise: an unwanted variability in decision-making. Ask yourself, when am I at my best? Are you a morning person? Are you a
Investment professionals rarely agree on the risks and direction of markets, yet many would agree that planning for retirement is one of the most important
We see active financial advice as the new reality. Not robo. Not passive. But active! Today, we can see an emerging problem with the “do
Many investors and financial advisors are still in the dark on what ESG factor investing means and how quickly the data behind this style of
Inflation sticker shock is spreading; 55% of the items in the Consumer Price Index have an annual inflation rate of at least 5% in October.
Eye-popping jumps in energy prices worldwide has some people proclaiming we’re in a replay of the stagflation of the 1970s. That view ignores substantial
From the youngest to the oldest American workers – GenZ to Baby Boomers – their greatest fear about retirement is…
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What was a rumbling of change in the last few years is now barreling into the mainstream with widespread name recognition of Bitcoin and…
Millions of workers are retiring early. But not necessarily because they want to. The pandemic is pushing them to bow out of a job, according
When financial markets went haywire in March 2020, people pursuing a traditional financial plan may have been tempted to do something…
Of all the financial challenges facing retirees, being a widow can be one of the most difficult to bear. As the U.S. comes to the
DOWNLOAD FOCUS It’s one thing for the Federal Reserve to set interest rates at essentially zero during an emergency. But to promise to keep them
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