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Zachary Hill, CFA®

People Have Power!

Robust consumer spending continues to support a strong economy.  Last week’s impressive jobs data—employers added

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Small Packages

Will December bring glad tidings to small-company stocks? Small-cap stocks have had quite the slog

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Fast Take: Market Update

https://www.horizoninvestments.com/wp-content/uploads/2022/09/Fast-Take-With-Zach-Hill.mp4 Hear Horizon’s view of the markets as we head into the fall, along with

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Weekly Market Recap | 12/02/2024

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

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Weekly Market Recap | 11/18/2024

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

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Weekly Market Recap | 11/11/2024

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,

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Weekly Market Recap | 11/04/2024

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

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Weekly Market Recap | 10/07/2024

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

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Special Report: Election 2024

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

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Weekly Market Recap | 08/26/24

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

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Weekly Market Recap | 08/12/24

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

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Weekly Market Recap | 08/05/24

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

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Weekly Market Recap | 07/29/24

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

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The Case Against Pessimism

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:

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Weekly Market Recap | 07/22/24

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.

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Weekly Market Recap | 07/15/24

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

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Q2 2024 – Strategies in Review​

  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.

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Weekly Market Recap | 07/08/24

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

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Weekly Market Recap | 07/01/24

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:

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Weekly Market Recap | 6/24/24

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

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Weekly Market Recap | 6/17/24

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

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A Sunny Summer for Stocks?

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

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Weekly Market Recap | 6/10/24

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:

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Weekly Market Recap | 6/03/24

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

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Weekly Market Recap | 5/28/24

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:

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Weekly Market Recap | 5/13/24

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

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Weekly Market Recap | 5/06/24

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

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Weekly Market Recap | 4/22/24

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

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Weekly Market Recap | 4/15/24

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

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Weekly Market Recap | 4/08/24

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,

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Weekly Market Recap | 4/01/24

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

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Weekly Market Recap | 3/25/24

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

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Weekly Market Recap | 3/11/24

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

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Weekly Market Recap | 3/04/24

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

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Weekly Market Recap | 2/26/24

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

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Weekly Market Recap | 2/20/24

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.

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People Have Power!

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

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Weekly Market Recap | 1/29/24

What happened last week Economic growth remains hot with inflation cooling – the probability of a ‘soft landing’ or ‘no landing’ is increasing. The strong

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Weekly Market Recap | 1/22/24

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 –

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Weekly Market Recap | 1/16/24

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

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Small Packages

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

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Weekly Market Recap | 11/13/23

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

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Weekly Market Recap | 11/06/23

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

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Weekly Market Recap | 10/30/23

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

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Weekly Market Recap | 10/23/23

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

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Weekly Market Recap | 10/16/23

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

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Weekly Market Recap | 10/09/23

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

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Weekly Market Recap | 9/18/23

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

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Weekly Market Recap | 9/11/23

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

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Weekly Market Recap | 8/21/23

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

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Turbulence Ahead?

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

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Weekly Market Recap | 8/14/23

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

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Weekly Market Recap | June 26, 2023

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

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BIG NUMBER 1=2000

A One-Stock Army?

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

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Hard Truths About Soft Landings

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

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Fast Take: Market Update

https://www.horizoninvestments.com/wp-content/uploads/2022/09/Fast-Take-With-Zach-Hill.mp4 Hear Horizon’s view of the markets as we head into the fall, along with our expectations around Fed policy, global economic conditions, and our

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