Market Outlook and Week in Review with Glenn Leest

Market Outlook and Week in Review

The week of 5/2 sees stocks open lower as buyers remain on the sidelines ahead of the Federal Reserve meeting this week to implement the next rate hike. Fed fund rate futures are anticipating a 50 basis point increase this week as inflation persists, and we’ll look for confirmation during the Wednesday afternoon FOMC statement. Earnings season continues, with notable names AMD, BP, CVS, Pfizer, Starbucks, and Square all announcing this week. Global markets continue to show weakness with the ongoing war in Ukraine, a rallying U.S. Dollar, and slowing economic activity in China. Gold and oil are trading lower as well.

Looking back, the week of April 25th was a disappointing week for U.S. stocks, and a busy week of earnings was not enough to avoid a sharp selloff Friday to end the week. There were heavy hitters in the technology, consumer cyclical, financials, industrial, and consumer defensive sectors that announced earnings, and only Visa (V) and Mastercard (MA) were able to end the week in the black. Markets temporarily rallied mid-week on news that Q1 Gross Domestic Product declined 1.4% (vs analyst expectations of a 1% gain), leading to hopes that this bad news was good news if it slowed the Feds monetary tightening policy, but reality set in that the Feds are too early in the tightening process and inflation is still too far off target for them to back off yet. 

Glenn has lived in Flagstaff for over 20 years and has strong ties to both the community and local businesses. Coming from an entrepreneurial background, Glenn has developed and honed his skills to help his clients make educated and timely decisions about their investment strategies and how they relate to their long-term financial well-being. His unique real-world business perspective and down to earth communication skills allow Glenn to easily connect and communicate complex financial strategies to his clients.

Brent joined WT Wealth Management (WTWM) in August of 2020, after years of practice working for Charles Schwab, as well as time with J.P. Morgan Chase. Brent will be responsible for researching, implementing, and managing technology, applications, and tools for all aspects of our wealth management practice.


Categories: Jeff's TOP NEWS Picks, State of Arizona

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: