The Fed downshifted to a smaller rate hike to start 2023, but the job is far from done. As expected, the Fed raised rates by 25 basis points (bp) today, slowing from the 50bp hike in December, and the 75bp hikes at the four meetings before that. However, the Fed continued to reiterate that ongoing tightening is warranted and repeated the view that the risk to doing too little is greater than the risk of doing too much. While we have to wait for March to get updated forecasts from the Fed (the d… View More
U.S. equities finished higher last week (S&P 500 +2.5%), closing above the 4000 level for the first time since early December. The path of least resistance remains higher even though earnings season continued to undershoot expectations. Best sectors were consumer discretionary (+6.4%) and technology (+4.1%); worst sectors were healthcare (-0.9%) and utilities (-0.5%). 4Q Reporting Season Continues To Underwhelm The 4Q reporting season continues to underwhelm with earnings growth expec… View More
Source: Bob Doll Crossmark Global Investments Sincerely, Fortem Financial(760) 206-8500team@fortemfin.com Latest News Market Recovery Hinges on Quick Drop in Inflation Rate Stocks and bonds have been buoyed by expectations that price increases will cool quickly. The Wall Street Journal Read Story Activist Takes Big Stake in Salesforce Elliott Management has a multibillion-dollar stake in the business-software provider. The Wall Street Journal Read Story Earn… View More
Stocks closed higher last week (S&P 500 +2.7%) at their highest level in a month. The main macro tailwinds include the decline in inflation (CPI) and improved consumer sentiment. Best sectors were consumer discretionary (+5.8%) and technology (+4.6%); worst sectors were consumer staples (-1.5%) and healthcare (-0.2%). Source: Bob Doll Crossmark Global Investments Sincerely, Fortem Financial(760) 206-8500team@fortemfin.com Latest News TaxWatch: IRS wraps up paying p… View More
The Internal Revenue Service offered a lifeboat of sorts Tuesday to California residents and businesses floundering in the atmospheric river: More time to pay their income taxes. The agency announced that taxpayers in any county covered by a federal emergency declaration would have until May 15 to file their income tax returns for 2022. So far, 31 of the state’s 58 counties are in that group, including Los Angeles, Orange, San Diego and Ventura counties; if the declaration is extended to more… View More