Posts by Highland

Summary Global stocks and bonds, broadly, finished lower for July in the face of some familiar headwinds. As the war in Iran finished its fifth month with no definitive agreement, oil prices regained momentum, putting renewed strain on global markets. Elsewhere, the AI trade cooled considerably on concerns that the previous runup in many infrastructure…

Summary Stocks finished broadly lower for the month of June while bond investors enjoyed modest returns. Progress in an accord with Iran over the Strait of Hormuz drove oil prices within range of their pre-war levels. The Kevin Warsh era kicked off at the Federal Reserve with a rate pause and unexpectedly hawkish commentary on…

Summary Global stocks and bonds rallied in May, pushing U.S. equity indexes to new highs. While resolution in Iran has been slower than investors would hope, regular reports of progress on an accord led to easing oil prices and equity gains during the month. Earnings were generally strong and the AI trade continued to boost…

Summary Global equity markets rebounded strongly in April on optimism related to various agreements, and potential agreements in the ongoing war in Iran. Bond markets were more wary, with interest rates higher on the margin as oil continued to climb, driving inflation concerns. Commodity prices drove macroeconomic momentum, for better or worse, and a strong…

Summary Global markets tumbled and energy prices surged in March, as the U.S. moved beyond rhetoric and plunged into war with Iran, entering the month with the hope for a swift regime change, but finishing March with the situation unresolved. Disruptions to the supply and accessibility of oil from key Middle East producers reverberated across…

Summary U.S. stocks lagged and interest rates fell during an uneven month marketed by shifting market sentiment, rising geopolitical risk, and continued murkiness on domestic trade policy. Interest rates fell, giving bonds a boost, and international equities continued to shine. The cost and consequence of the AI buildout swayed U.S. markets throughout the month with…

Summary The new year got off to an eventful start as geopolitical intrigue, growing artificial intelligence capital expenditures, and a slew of creative economic proposals from the White House kept investors on their toes. With the United States front and center for most of the turmoil, both domestically and abroad, U.S. markets broadly underperformed their…

Summary Domestic stocks faded into the year-end holiday, finishing mostly flat for the month of December, while interest rates edged higher. The Federal Reserve pushed through one final rate cut for 2025, as U.S. markets wrapped the year on a tumultuous note. International stocks finished strong, with both developed and emerging markets gaining 3% for…

Summary Markets wavered throughout November but finished mostly higher as investors weighed the AI trade, the end of the longest U.S. government shutdown in history and softening economic data. Interest rates oscillated during the month as well, with markets flip-flopping on the Fed’s next move at December’s meeting. Data releases were limited due to the…