NPR: Big firms’ quarterly results may signal what’s next for the economy
Mike Dickson, Ph.D.
July 21, 2025
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Over the summer months, Horizon conducted the firm’s first annual Advisor Sentiment Survey to gauge
Inflation fears have dramatically shifted investor sentiment After months of expecting the Federal Reserve Board
What Happened Last Week Energy Escalation: The U.S./Israeli coalition and Iran both ramped up strikes
Consumers and businesses are well-positioned to weather uncertainty One good reason to exercise and stay
What Happened Last Week Hormuz Remains Closed: The Strait of Hormuz remains closed to Western-aligned
Oil price volatility surges as bombs fall in the Middle East Be ready for more
What Happened Last Week De Facto Hormuz Closure: Global oil supply was severely curtailed by
Strong recent returns and a long-term case for portfolio diversification Emerging market stocks were up
What Happened Last Week Strikes on Iran: Over the weekend, a U.S.-Israeli coalition began heavy
Looking beyond tech for positive earnings surprises Investors’ sky-high hopes for technology companies are being
What Happened Last Week Tariff Uncertainty Returns: After the Supreme Court struck down the administration’s
Much stronger growth than expected last month After a volatile 2025, the job market has
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Stock market returns are broadening out Technology stocks’ stranglehold on U.S. markets appears to be
What Happened Last Week Poor Sentiment: Volatility in crypto, stocks, and metals dampened investors’ risk
A look at the precious metal’s plunging price Since last fall, silver has soared –
What Happened Last Week Warsh Nominated: President Trump selected Kevin Warsh as the next Fed
Rising bond yields in Japan may boost costs for U.S. consumers and borrowers Yields on
What Happened Last Week Trump Eases Threats: Markets staged a recovery as the President backed
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The Productivity Payoff: AI’s Real-World Impact OVERVIEW As 2026 begins, the U.S. appears to be
Affordability is moving in the right direction It’s no secret that the U.S. has suffered
What Happened Last Week Broad Stock Rally: Equities opened 2026 with a strong start, led
What Happened Last Week Equity Broadening: Equities outside of the Mag-7 continue to lead their
Economic growth could be stronger than previously expected Is the U.S. economy about to accelerate?
What Happened Last Week The Fed Delivers: The Fed delivered a 25 basis-point cut with
Five of the “Mag 7” tech stocks are lagging the broader market Is a shift
What Happened Last Week Procyclical Rally: Global stocks rallied, led by cyclicals and small caps
A major rebound in investors’ expectations for lower rates With the federal government shutdown in
Investors typically regard bonds as a safe haven because of their reputation for having lower
What Happened Last Week Stocks Rebound: U.S. stocks rebounded sharply during the holiday-shortened week, reversing
What Happened Last Week Volatile Trading: Despite a great report, Nvidia shares reversed over 6%
Understand cryptocurrency’s unique traits before investing The roller coaster ride that is cryptocurrency investing continues.
What Happened Last Week Government Reopens: The government reopening induced a short-lived rally in risk
Sales—a fundamental driver of corporate strength—are on the rise Stocks’ (mostly) steady march higher since
What Happened Last Week Sputtering Rally: Last week, investors reversed the recent strength in tech
A historic moment for the S&P 500 calls for investors’ attention Diversification is a core
What Happened Last Week Earnings Strength: Strong tech earnings powered the S&P 500 and NASDAQ
Treasury yields are takin’ it easy Volatility in the Treasury bond market has fallen to
What Happened Last Week Earnings Week Two: Earnings continue to come in strong. Autos, aerospace,
Muddle, Bust, or Boom? Scenarios for the Economy and Consumers OVERVIEW The third quarter of
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What Happened Last Week Markets Rebound: Cooling trade tensions and strong earnings helped the market
Strong fundamentals—not investors’ exuberance—are supporting this market The stock market’s recent string of new highs
What are Investment Management Services? Investment management services offer professional oversight and strategic management of
What Happened Last Week Friday Selloff: The return of tariff fears sent markets reeling on
Market Review Equity markets continued to climb the wall of worry in the third quarter
What Happened Last Week Fresh Equity Records: U.S. and international equities shook off the government
U.S. households’ strong spending is keeping the economy chugging along Despite recent labor market weakness
What Happened Last Week Equities Slide: The S&P 500 posted a weekly decline for the
What is Portfolio Risk Analysis? Portfolio risk analysis is a systematic approach to evaluating and
Can the small-cap surge continue? Small-cap stocks, represented by the Russell 2000, soared more than
What Happened Last Week Fed Cuts 25 Basis Points: The Fed lowered interest rates by
Would-be homebuyers are seeing lower mortgage rates Mortgage rates just dipped to a two-and-a-half year
What Happened Last Week Oracle’s Blowout Report: A massive increase in its revenue guidance renewed
Another major revision to U.S. employment data The U.S. economy created 911,000 fewer jobs from
What Happened Last Week Yields Plunged: A weak jobs report helped push the 30-year yield
Guard against the negative, position for the positive While autumn officially begins in a few
What Happened Last Week Nvidia Earnings: Nvidia reported strong earnings, but its forward guidance fell
What might partial ownership by the Feds mean? The U.S. government is taking a 10%
What Happened Last Week Jackson Hole: Fed Chair Powell opened the door to a September
The Fed is nearing a crucial decision As Federal Reserve Board Chair Jerome Powell prepares
What Happened Last Week Inflation Data: Tuesday’s headline Consumer Price Index (CPI) was in line
Investors are cheering second-quarter results Corporate profits continue to impress and reassure investors. Now that
What Happened Last Week Federal Appointments: President Trump named Stephen Miran to be a temporary
Big surprises that could spell trouble for the economy Employers are increasingly putting their “help
What Happened Last Week Weak Payroll Data: Friday’s weak labor data and massive downward revisions
Momentum may be tested this week After bottoming out in early April in response to
What Happened Last Week Tariff Impacts: As earnings season rolls on, investors have found that
The Confidence Gap: Strong Economy, Shaky Sentiment OVERVIEW U.S. stocks posted strong returns during the
Foreign demand for our financial assets remains strong There has been considerable concern lately that
Listen Now – James’s interview starts at 36:00. The Underlying Dividend Yield reflects the annualized
What Happened Last Week Q2 Earnings: Earnings season kicked off with generally strong results, but
If the first quarter of 2025 felt worse than it actually was, the second quarter
The AI boom is also being driven by some old-school industries Last week, Nvidia—whose processors
What Happened Last Week Trade Headlines: The US announced new tariffs against Brazil, Mexico, the
What Happened Last Week All-Time Highs: Although shortened by the holiday, last week saw the
Man-made tariffs, then un-man-made, took markets on a wild ride this quarter After plummeting nearly
What Happened Last Week All-Time Highs: Investor optimism on trade and the budget bill in
A rising supply of homes has the potential to bring relief to would-be buyers For
What Happened Last Week Middle East Escalation: Investors largely shrugged off rising tensions last week,
Sentiment finally rises After months of feeling downbeat, consumers’ attitudes are perking up. The University
What Happened Last Week Israel Strikes Iran: Israel struck Iran’s nuclear infrastructure and senior military
Powell and co. are likely to sit on their hands for a while Fed watchers
What Happened Last Week Labor Data: Friday’s non-farm payrolls report showed a slowing, but still
Consider a goals-based investment perspective going into summer The old adage “April showers bring May
What Happened Last Week Tariffs in the Courts: A trade court ruled that most of
The timely importance of taking a differentiated approach to diversification Bonds these days are doing
Some assets may have rallied too far, too fast Investors have breathed multiple sighs of
Despite lower levies for now, uncertainty remains On Monday, the U.S. and China announced that
What Happened Last Week Markets Listless: Equity markets consolidated with notably lower volatility last week
A lengthy run for the S&P 500 These days, the stock market is showing up
What Happened Last Week Stocks Rally: The S&P 500 rallied for nine straight days to
Equity investors should look beyond the usual suspects these days This week marks the 100th
What Happened Last Week Easing Fears: Equities rallied, led by the Mag 7, as tariffs,
Market participants have fled dollar-based assets, leading to dollar weakness The U.S. dollar has experienced
What Happened Last Week Yields Stabilized: Despite Trump’s consideration of firing Powell, 10-year yields declined,
Although uncertainty remains, perpetual market swings may be less frequent While still higher than what
Gain Strategies The first quarter was one of volatility and investor whiplash that felt much
What Happened Last Week Equities: The S&P 500 surged 5.7%, yet frequent trade policy reversals,
Short-Term Market Volatility Market volatility over the past week has been nothing short of historic.
What Happened Last Week Tariff Shock: Trump’s huge tariffs—a 10% baseline already in effect and
The power of diversification has been on display throughout 2025 Headline after headline this week
What Happened Last Week Tariff Impact: Equity markets declined following Trump’s announcement of 25% auto
History suggests a rebound could be in order The market’s smaller stocks are down—and it
What Happened Last Week Equity Consolidation: Intra-equity market volatility was calmer last week after a
What Happened Last Week Market Correction Signals: S&P 500 falls for a fourth week—one of
Recent stock market losses are not as bad as they may seem Last week saw
What Happened Last Week U.S. Sell-Off: Weak investor sentiment drove the S&P 500 to its
Consumers may be tapping the brakes on their spending The outlook for the U.S. economy
The President Trump Seesaw: A Post-Inauguration Review of the Markets Over the last several weeks,
What Are Risk Management Strategies? Risk management strategies are systematic investment approaches to identifying, assessing,
Understanding Wealth Preservation Wealth preservation refers to protecting and maintaining your financial assets to ensure
What Happened Last Week Sentiment Souring: Policy uncertainty is likely contributing to the deterioration in
The U.S. has been lagging Europe and China in recent months. It seems “America First”
What Happened Last Week Equity Sentiment Falls: S&P 500 hits new all-time highs but small-caps
Uncertainty is spiking, but optimism remains strong. The White House’s sweeping, and sometimes see-sawing, economic
What Happened Last Week Tariffs: Markets welcomed Trump’s tariff delay, but skepticism raises the risk
Earnings have been much better than expected thus far among the market’s small companies. Large-company
What Happened Last Week Policy Uncertainty: Investors welcomed a delay in tariffs on Canada and
What is a Goals-Based Investment Manager? A goals-based investment manager typically creates and implements personalized
Understanding Goals-Driven Investing Goals-driven investing is a unique approach to asset management that places your
What is Goal-Based Investment Planning? Goal-based investment planning is a comprehensive approach to investment management
What is Goals-Based Asset Management? Goals-based asset management is a unique financial approach that aligns
New import taxes on China, while Mexico and Canada get a reprieve for now. The
What Happened Last Week DeepSeek Dip: Tech stocks plunged due to fears of overinvestment in
What is a Goals-Based Investment Manager? A goals-based investment manager typically creates and implements personalized
What does Nvidia’s historic rout mean for investors? The bad news: AI darling Nvidia lost
What Happened Last Week Dollar Decline: The dollar had its worst week in a year
Will Trump’s tariffs push the greenback even higher? The U.S. dollar has risen sharply in
What Happened Last Week Lower Rates: Downside inflation surprises in the U.S. and U.K. and
OVERVIEW Stocks posted mixed results during the fourth quarter of 2024. Investors were initially encouraged
Will the U.S. economy’s growth machine keep on humming? Surging bond yields are rattling investors,
Gain Strategies The choppy, volatile market environment continued in the final quarter of 2024.
What Happened Last Week Global Selloff: Stocks fell as rising yields and rate uncertainty pressured
Do top-heavy markets eventually spread out? Many investors have experienced extraordinary stock market gains over
What Happened Last Week Santa Rally Fizzles: The S&P 500 closed the week ~2% below
What Happened Last Week Hawkish Cut: The Fed cut 25 bp and pointed to a
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
CHARLOTTE, NC (November 19, 2024) – Horizon Investments, LLC, a leader in providing the financial
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
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
The Power of Customization Horizon Custom Portfolios Designed for clients who seek a customizable investment
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 At Horizon, we believe that as a client transitions to retirement, their focus
Protect Stage At Horizon, we believe the second phase of a client’s financial journey should
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
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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
Inflation fears have dramatically shifted investor sentiment After months of expecting the Federal Reserve Board to cut interest rates this year, investors have returned to
What Happened Last Week Energy Escalation: The U.S./Israeli coalition and Iran both ramped up strikes against energy infrastructure in the Gulf region. Yields Rise: Concerns
Consumers and businesses are well-positioned to weather uncertainty One good reason to exercise and stay fit is to withstand an unexpected health problem. Should trouble
What Happened Last Week Hormuz Remains Closed: The Strait of Hormuz remains closed to Western-aligned oil tankers. Capabilities Increase: Last week, the U.S. began to
Oil price volatility surges as bombs fall in the Middle East Be ready for more wild swings in oil and gas prices. The Cboe Crude
What Happened Last Week De Facto Hormuz Closure: Global oil supply was severely curtailed by increasing military action in the region. Escalating Combat: Last week,
Strong recent returns and a long-term case for portfolio diversification Emerging market stocks were up sharply last year, and they’re continuing to do well in
What Happened Last Week Strikes on Iran: Over the weekend, a U.S.-Israeli coalition began heavy strikes against Iran, killing Ayatollah Khamenei and much of the
Looking beyond tech for positive earnings surprises Investors’ sky-high hopes for technology companies are being met these days by a far more earthbound reality. Case
What Happened Last Week Tariff Uncertainty Returns: After the Supreme Court struck down the administration’s justification for tariffs, President Trump reinstated the duties, citing a
Much stronger growth than expected last month After a volatile 2025, the job market has started 2026 with some much-needed strength U.S. employers added a
What Happened Last Week SaaS-Pocalypse Now (Redux): AI disruption fears again led investors to sell first and ask questions later in software and other parts
Stock market returns are broadening out Technology stocks’ stranglehold on U.S. markets appears to be easing—a welcome development for stockpickers and diversified investors. Soaring shares
What Happened Last Week Poor Sentiment: Volatility in crypto, stocks, and metals dampened investors’ risk appetite early last week. Legacy Software Concerns: The release of
A look at the precious metal’s plunging price Since last fall, silver has soared – up a whopping 148% from the end of September through
What Happened Last Week Warsh Nominated: President Trump selected Kevin Warsh as the next Fed Chair nominee. Precious Metal Selloff: The Warsh nomination saw a
Rising bond yields in Japan may boost costs for U.S. consumers and borrowers Yields on Japanese government bonds have surged to their highest levels in
What Happened Last Week Trump Eases Threats: Markets staged a recovery as the President backed off his rhetoric about Greenland. Rate Checks: Indications point to
What Happened Last Week Breadth Expands: Cyclical and smaller-cap parts of the market continue to lead the major indices. Sell the News: Despite strong earnings,
The Productivity Payoff: AI’s Real-World Impact OVERVIEW As 2026 begins, the U.S. appears to be entering a new phase of rising productivity—one that may have
Affordability is moving in the right direction It’s no secret that the U.S. has suffered from a housing affordability crisis for several years. Soaring home
What Happened Last Week Broad Stock Rally: Equities opened 2026 with a strong start, led by more cyclical parts of the market. Labor Data: Last
What Happened Last Week Equity Broadening: Equities outside of the Mag-7 continue to lead their mega-cap counterparts. Venezuela Operation: U.S. Special Forces captured Venezuelan President
Economic growth could be stronger than previously expected Is the U.S. economy about to accelerate? The Federal Reserve Board seems to think so. Last week,
What Happened Last Week The Fed Delivers: The Fed delivered a 25 basis-point cut with a slightly hawkish tilt. Tech Earnings Disappoint: Oracle and Broadcom
Five of the “Mag 7” tech stocks are lagging the broader market Is a shift underway among today’s tech titans? Investors who cheered as valuations
What Happened Last Week Procyclical Rally: Global stocks rallied, led by cyclicals and small caps as yields rose across the curve. Competition in the Chip
A major rebound in investors’ expectations for lower rates With the federal government shutdown in the rearview mirror, an interest rate cut by the Fed
Investors typically regard bonds as a safe haven because of their reputation for having lower risk and lower return profile. For investors preparing for retirement,
What Happened Last Week Stocks Rebound: U.S. stocks rebounded sharply during the holiday-shortened week, reversing recent weakness. Fed Frontrunner Emerges: Kevin Hassett is likely the
What Happened Last Week Volatile Trading: Despite a great report, Nvidia shares reversed over 6% and led the market lower as technical selling continued. Solid
Understand cryptocurrency’s unique traits before investing The roller coaster ride that is cryptocurrency investing continues. Since hitting an all-time high in October, Bitcoin has fallen
What Happened Last Week Government Reopens: The government reopening induced a short-lived rally in risk assets. Hawkish Fedspeak: Fed speakers cast doubt last week on
Sales—a fundamental driver of corporate strength—are on the rise Stocks’ (mostly) steady march higher since April has some investors concerned about an overextended market. However,
What Happened Last Week Sputtering Rally: Last week, investors reversed the recent strength in tech shares, turning against the stocks that had been leading gains.
A historic moment for the S&P 500 calls for investors’ attention Diversification is a core tenet of prudent investing. But thanks to a historic market
What Happened Last Week Earnings Strength: Strong tech earnings powered the S&P 500 and NASDAQ 100 to new all-time highs. Hawkish Fed: The Fed cut
Treasury yields are takin’ it easy Volatility in the Treasury bond market has fallen to its lowest level in nearly four years—a potential sign of
What Happened Last Week Earnings Week Two: Earnings continue to come in strong. Autos, aerospace, and bank names were the brightest spots last week. Easing
Muddle, Bust, or Boom? Scenarios for the Economy and Consumers OVERVIEW The third quarter of 2025 reinforced the year’s defining pattern — a series of
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What Happened Last Week Markets Rebound: Cooling trade tensions and strong earnings helped the market recover most of the prior week’s losses. Credit Fears: The
Strong fundamentals—not investors’ exuberance—are supporting this market The stock market’s recent string of new highs has investors wondering what comes next. No one knows with
What are Investment Management Services? Investment management services offer professional oversight and strategic management of financial assets, enabling clients to achieve their investment objectives. These
What Happened Last Week Friday Selloff: The return of tariff fears sent markets reeling on Friday, but markets modestly recovered in early Monday trading. Private
Market Review Equity markets continued to climb the wall of worry in the third quarter as investors weighed mixed economic data, conflicting news around trade
What Happened Last Week Fresh Equity Records: U.S. and international equities shook off the government shutdown to notch new highs. Jobs Data Delayed: The shutdown
U.S. households’ strong spending is keeping the economy chugging along Despite recent labor market weakness that has captured headlines, numerous signs point to continued economic
What Happened Last Week Equities Slide: The S&P 500 posted a weekly decline for the second time since August. AI Theme Weakness: Tech stocks led
What is Portfolio Risk Analysis? Portfolio risk analysis is a systematic approach to evaluating and measuring potential investment risks within a portfolio. This comprehensive assessment
Can the small-cap surge continue? Small-cap stocks, represented by the Russell 2000, soared more than 2.5% following the Fed’s decision last week to cut a
What Happened Last Week Fed Cuts 25 Basis Points: The Fed lowered interest rates by 25 bps, with one voting for a larger cut Nvidia’s
Would-be homebuyers are seeing lower mortgage rates Mortgage rates just dipped to a two-and-a-half year low—sparking hope that the slumbering real estate market will get
What Happened Last Week Oracle’s Blowout Report: A massive increase in its revenue guidance renewed optimism in the AI theme. Inflation As Expected: The inflation
Another major revision to U.S. employment data The U.S. economy created 911,000 fewer jobs from April 2024 through March 2025 than originally reported, according to
What Happened Last Week Yields Plunged: A weak jobs report helped push the 30-year yield to its biggest weekly fall since April. Tech Stocks Rose:
Guard against the negative, position for the positive While autumn officially begins in a few weeks, investors might have a different type of fall on
What Happened Last Week Nvidia Earnings: Nvidia reported strong earnings, but its forward guidance fell short of expectations, signaling slower growth ahead. Equity Rotation: Investors
What might partial ownership by the Feds mean? The U.S. government is taking a 10% ownership stake in semiconductor maker Intel, in a move that
What Happened Last Week Jackson Hole: Fed Chair Powell opened the door to a September rate cut in his speech on Friday at the annual
The Fed is nearing a crucial decision As Federal Reserve Board Chair Jerome Powell prepares to speak at the Fed’s annual Wyoming conference late this
What Happened Last Week Inflation Data: Tuesday’s headline Consumer Price Index (CPI) was in line with expectations, but Producer Price Index (PPI) on Thursday came
Investors are cheering second-quarter results Corporate profits continue to impress and reassure investors. Now that over 90% of S&P 500 companies have reported their second-quarter
What Happened Last Week Federal Appointments: President Trump named Stephen Miran to be a temporary Fed Governor. Earnings Reports: Corporate earnings continue to surpass investor
Big surprises that could spell trouble for the economy Employers are increasingly putting their “help wanted” signs back into storage. Last week, the nonfarm payrolls
What Happened Last Week Weak Payroll Data: Friday’s weak labor data and massive downward revisions for the prior two months disappointed investors. Bureau of Labor
Momentum may be tested this week After bottoming out in early April in response to Trump’s first tariff announcement, the S&P 500 has rebounded —
What Happened Last Week Tariff Impacts: As earnings season rolls on, investors have found that tariff impacts on U.S. companies are mostly less severe than
The Confidence Gap: Strong Economy, Shaky Sentiment OVERVIEW U.S. stocks posted strong returns during the second quarter of 2025, but the path to those gains
Foreign demand for our financial assets remains strong There has been considerable concern lately that foreign investors are growing cold on U.S. stocks, bonds, and
Listen Now – James’s interview starts at 36:00. The Underlying Dividend Yield reflects the annualized income net of expenses of the fund as a percentage
What Happened Last Week Q2 Earnings: Earnings season kicked off with generally strong results, but the next two weeks are the real test for the
If the first quarter of 2025 felt worse than it actually was, the second quarter made that disconnect even bigger. Early April saw extreme market
The AI boom is also being driven by some old-school industries Last week, Nvidia—whose processors are a key driver of the AI wave—became the world’s
What Happened Last Week Trade Headlines: The US announced new tariffs against Brazil, Mexico, the EU, and others, but pushed the deadline out to August
What Happened Last Week All-Time Highs: Although shortened by the holiday, last week saw the major indices make fresh all-time highs. Labor Data: The jobs
Man-made tariffs, then un-man-made, took markets on a wild ride this quarter After plummeting nearly 19% on tariff fears, the S&P 500 staged a truly
What Happened Last Week All-Time Highs: Investor optimism on trade and the budget bill in DC sent the S&P 500 to fresh all-time highs. Oil
A rising supply of homes has the potential to bring relief to would-be buyers For years, Americans have lamented that rising housing prices and elevated
What Happened Last Week Middle East Escalation: Investors largely shrugged off rising tensions last week, assuming a weakened Iran will quickly back down. Weekend Bombing:
Sentiment finally rises After months of feeling downbeat, consumers’ attitudes are perking up. The University of Michigan Consumer Sentiment index (one of the oldest gauges
What Happened Last Week Israel Strikes Iran: Israel struck Iran’s nuclear infrastructure and senior military leadership, leading to open conflict between the two nations. Cooling
Powell and co. are likely to sit on their hands for a while Fed watchers may want to consider taking the summer off this year.
What Happened Last Week Labor Data: Friday’s non-farm payrolls report showed a slowing, but still a healthy labor market. Broadcom Earnings: Broadcom (AVGO) disappointed investors
Consider a goals-based investment perspective going into summer The old adage “April showers bring May flowers” proved true on Wall Street this year. After falling
What Happened Last Week Tariffs in the Courts: A trade court ruled that most of President Trump’s tariffs are illegal, yet he increased levies against
The timely importance of taking a differentiated approach to diversification Bonds these days are doing little to shore up investors’ bottom lines. In our opinion,
Some assets may have rallied too far, too fast Investors have breathed multiple sighs of relief in recent weeks as the Trump administration has dialed
Despite lower levies for now, uncertainty remains On Monday, the U.S. and China announced that they will temporarily suspend the high import tariffs they imposed
What Happened Last Week Markets Listless: Equity markets consolidated with notably lower volatility last week as investors digested the U.S.-UK trade framework and expectations for
A lengthy run for the S&P 500 These days, the stock market is showing up on both the “best of” and “worst of” lists. For
What Happened Last Week Stocks Rally: The S&P 500 rallied for nine straight days to close above pre-Liberation Day levels. Better Than Feared Data: Payrolls
Equity investors should look beyond the usual suspects these days This week marks the 100th day of President Trump’s current term in the White House.
What Happened Last Week Easing Fears: Equities rallied, led by the Mag 7, as tariffs, Powell firing fears, and DOGE-related cuts all eased. Positioning Snapback
Market participants have fled dollar-based assets, leading to dollar weakness The U.S. dollar has experienced a sharp decline this year through April 17, falling 9.8%
What Happened Last Week Yields Stabilized: Despite Trump’s consideration of firing Powell, 10-year yields declined, supported by several solid Treasury auctions. Equity Volatility Eased: Selling
Although uncertainty remains, perpetual market swings may be less frequent While still higher than what Wall Street would prefer, market volatility has trended lower this
Gain Strategies The first quarter was one of volatility and investor whiplash that felt much worse than it was, although the early April price action
What Happened Last Week Equities: The S&P 500 surged 5.7%, yet frequent trade policy reversals, weak confidence, and a lack of a major valuation discount
Short-Term Market Volatility Market volatility over the past week has been nothing short of historic. The two-day loss in the S&P 500 in the wake
What Happened Last Week Tariff Shock: Trump’s huge tariffs—a 10% baseline already in effect and the “reciprocal” tranche to be implemented on April 9—threaten a
The power of diversification has been on display throughout 2025 Headline after headline this week highlighted that stocks posted their worst quarterly return since 2022—with
What Happened Last Week Tariff Impact: Equity markets declined following Trump’s announcement of 25% auto sector tariffs, pushing U.S. tariffs to their highest level since
History suggests a rebound could be in order The market’s smaller stocks are down—and it may be time to pick some up. While the S&P
What Happened Last Week Equity Consolidation: Intra-equity market volatility was calmer last week after a few weeks of sharp investor rotations out of the U.S.
What Happened Last Week Market Correction Signals: S&P 500 falls for a fourth week—one of the quickest corrections in 75 years—as indices finish below key
Recent stock market losses are not as bad as they may seem Last week saw the S&P 500 have its worst week since September. The
What Happened Last Week U.S. Sell-Off: Weak investor sentiment drove the S&P 500 to its third weekly decline, while the NASDAQ 100 entered correction territory.
Consumers may be tapping the brakes on their spending The outlook for the U.S. economy took a hit recently—and investors will be watching carefully to
The President Trump Seesaw: A Post-Inauguration Review of the Markets Over the last several weeks, President Trump’s White House and the Department of Government Efficiency
What Are Risk Management Strategies? Risk management strategies are systematic investment approaches to identifying, assessing, and mitigating potential risks while optimizing returns. These comprehensive strategies
Understanding Wealth Preservation Wealth preservation refers to protecting and maintaining your financial assets to ensure long-term stability and growth. This practice is important for minimizing
What Happened Last Week Sentiment Souring: Policy uncertainty is likely contributing to the deterioration in animal spirits. Slowdown Fears: Investor growth concerns were fueled in
The U.S. has been lagging Europe and China in recent months. It seems “America First” doesn’t apply to the financial markets these days, as several
What Happened Last Week Equity Sentiment Falls: S&P 500 hits new all-time highs but small-caps and retail darlings suffer big losses. International Outperformance: The string
Uncertainty is spiking, but optimism remains strong. The White House’s sweeping, and sometimes see-sawing, economic policy announcements on tariffs and other issues have a growing
What Happened Last Week Tariffs: Markets welcomed Trump’s tariff delay, but skepticism raises the risk of more aggressive action down the line. Markets: Optimism over
Earnings have been much better than expected thus far among the market’s small companies. Large-company stocks have outpaced their small-cap peers since the start of
What Happened Last Week Policy Uncertainty: Investors welcomed a delay in tariffs on Canada and Mexico. Sentiment Support: A weaker dollar, primarily driven by lower
What is a Goals-Based Investment Manager? A goals-based investment manager typically creates and implements personalized investment solutions to address individual financial goals. Unlike a traditional
Understanding Goals-Driven Investing Goals-driven investing is a unique approach to asset management that places your personal financial objectives at the core of your investment strategy.
What is Goal-Based Investment Planning? Goal-based investment planning is a comprehensive approach to investment management that focuses on aligning investment strategies directly with specific, personalized
What is Goals-Based Asset Management? Goals-based asset management is a unique financial approach that aligns investment solutions with an individual’s financial objectives. Unlike traditional asset
New import taxes on China, while Mexico and Canada get a reprieve for now. The trade war has started—albeit with a smaller opening shot than
What Happened Last Week DeepSeek Dip: Tech stocks plunged due to fears of overinvestment in AI infrastructure following DeepSeek’s model release. Trump Tariffs: Tariff threats
What is a Goals-Based Investment Manager? A goals-based investment manager typically creates and implements personalized investment solutions to address individual financial goals. Unlike a traditional
What does Nvidia’s historic rout mean for investors? The bad news: AI darling Nvidia lost $593 billion in market capitalization on Monday—the single-greatest one-day plunge
What Happened Last Week Dollar Decline: The dollar had its worst week in a year as no “day one” tariffs from the Trump administration lifted
Will Trump’s tariffs push the greenback even higher? The U.S. dollar has risen sharply in value versus other world currencies in the past few months,
What Happened Last Week Lower Rates: Downside inflation surprises in the U.S. and U.K. and dovish Fed comments fueled a move lower in Treasury yields.
OVERVIEW Stocks posted mixed results during the fourth quarter of 2024. Investors were initially encouraged by positive economic news and an uncontested U.S. Presidential election,
Will the U.S. economy’s growth machine keep on humming? Surging bond yields are rattling investors, fueling concerns that stocks may face turbulence ahead, driven by
Gain Strategies The choppy, volatile market environment continued in the final quarter of 2024. Still, in contrast to the prior quarter, global equities (MSCI
What Happened Last Week Global Selloff: Stocks fell as rising yields and rate uncertainty pressured equities. Economic Strength: Strong jobs data showed resilience, but “good
Do top-heavy markets eventually spread out? Many investors have experienced extraordinary stock market gains over the past two years, with the S&P 500 up 26.3%
What Happened Last Week Santa Rally Fizzles: The S&P 500 closed the week ~2% below its levels before the Fed’s rate cut in mid-December. Holiday
What Happened Last Week Hawkish Cut: The Fed cut 25 bp and pointed to a pause in their cutting cycle in January; economic projections and
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
CHARLOTTE, NC (November 19, 2024) – Horizon Investments, LLC, a leader in providing the financial advisor community with highly customized investment and technology solutions, today
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
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
The Power of Customization Horizon Custom Portfolios Designed for clients who seek a customizable investment solution, Horizon Custom Portfolios (HCP) is an actively managed single-stock
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 At Horizon, we believe that as a client transitions to retirement, their focus shifts to ensuring accumulated wealth can generate distributions to stretch
Protect Stage At Horizon, we believe the second phase of a client’s financial journey should focus on preserving the wealth they have worked hard to
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
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