Despite the politicking about the Iran War and the price of gasoline, financial markets seem to be viewing those as “transitory events”. The real economic news is providing support for that view. Manufacturing is continuing to register improved growth, while the services sector is holding onto moderate growth. Housing is reinforcing the existence of strong underlying demand, despite the challenges in supply and stubbornly higher mortgage rates. Overseas, economic data remains steady. The S&P 500 ended the week up 0.88% with Foreign Developed at 2.17% and Emerging Markets at 1.11%. In the US, Small Caps outperformed Large Caps by 3 to 1, while Value generally outperformed Growth. Bond yields declined marginally, which led to positive...... (click for more)

Continuing enthusiasm for the Artificial Intelligence (AI) trade coupled with a steady stream of solid economic news, helped financial markets to mostly look past the Iran War. Positive comments from President Trump and Treasury Secretary Bessent in the final week of the month regarding progress in the Iran War negotiations, further helped markets look past the War. Overseas, China and Brazil reported positive upgrades in business activity with Japan showing improvement in consumer spending. The S&P 500 ended the month up 5.15% with Foreign Developed at 3.07% and Emerging Markets at 9.69%, the latter reflecting the rally in chip stocks related to the AI trade.  In the US, Large Caps outperformed Small Caps, while Growth outperformed Value, both of which were.... (click for more)