Donny DBM/iStock via Getty Images Market Update Global equity markets opened 2026 on a volatile note, as geopolitical shocks and shifting rate expectations reversed last year's momentum. The MSCI ACWI declined 3.2% for the quarter, reflecting a broad pullback in risk appetite. In the U.S., the S&P 500 fell 4.3%, weighed down by a sharp March correction. International Developed and Emerging Markets...
Donny DBM/iStock via Getty Images Market Update Global equity markets opened 2026 on a volatile note, as geopolitical shocks and shifting rate expectations reversed last year's momentum. The MSCI ACWI declined 3.2% for the quarter, reflecting a broad pullback in risk appetite. In the U.S., the S&P 500 fell 4.3%, weighed down by a sharp March correction. International Developed and Emerging Markets entered the period with stronger momentum through February, enabling relative outperformance for the full quarter despite a more severe March selloff. The MSCI EAFE finished down just 1.2%, even as the U.S. Dollar's flight-to-safety rally turned currency movements from a 2025 tailwind into a headwind. Emerging Markets proved most resilient, finishing nearly flat at -0.2%, supported by commodity-exporting regions. Macro conditions were increasingly shaped by the Middle East energy shock. The EU held rates steady, the Bank of England paused its easing cycle, and the Bank of Japan halted hikes while reaffirming its normalization path. Yield curves steepened broadly as inflation expectations rose. China remained mixed with stabilizing unemployment offset by weak industrial production and an unresolved property sector. Within the MSCI EAFE, sector performance was sharply bifurcated. Energy surged +40.1% on rising crude prices, while Utilities and Materials also benefited from commodity tailwinds. Consumer Discretionary fell 14.6% on inflationary pressure, and Financials declined 3.5% amid stability concerns. On the factor side, Value, Yield, and Size were positive contributors; Volatility was a headwind; and Growth, Quality, and Momentum produced mixed results. Key Performance Takeaways The International Equity portfolio declined 6.5% gross (-6.7% net) during 1Q vs a 1.2% decline for the MSCI EAFE Index. Both sector exposure & stock selection were headwinds to relative performance. The International Equity portfolio trailed its benchmark, and came up short of our 75-80% downsid...
M. Suhail/iStock Editorial via Getty Images McDonald's ( MCD ) is going to report shortly and it's a good time to revisit the earnings profile of the golden arches and see what Q1 has in store for the market. With the stock off of the highs, it doesn't seem obvious to me that the company is going to beat on Q1 revenue despite an easy compare due to the lack of a real marketing push or limited time...
M. Suhail/iStock Editorial via Getty Images McDonald's ( MCD ) is going to report shortly and it's a good time to revisit the earnings profile of the golden arches and see what Q1 has in store for the market. With the stock off of the highs, it doesn't seem obvious to me that the company is going to beat on Q1 revenue despite an easy compare due to the lack of a real marketing push or limited time offerings during the quarter. I do, however, expect earnings will beat and I am ahead of consensus on the quarter and year. Q2's marketing calendar looks to be trending in a better direction ahead of the Snack Wraps lap mid-year, so the setup seems to be improving for shares after next week. Business Profile McDonald's is a heavily franchised business in the burger QSR space. This means that the entity that is public is largely the corporation and receives franchisee royalties instead of pure sales and is much more of a defensive asset than a company-owned restaurant. The company operates three divisions - US, International Operated Markets (commonly referred to as "IOM") and International Developmental Licensed Markets (commonly referred to as "IDL"). The US is the most important market as it's where investors have the most visibility. While the US is self-explanatory, it's important to distinguish between IOM and IDL. IOM includes core markets that are very well-established like the UK, France, Germany, Canada and Australia. IDL tends to be higher growth less developed markets like parts of Asia, Latin America, Middle East and Africa. As a percentage of systemwide sales, the US is about 40%, while IOM is also about 40%. The balance is IDL at 20%. The story currently revolves around the value meal and the comp trajectory post-food safety incident in Q4 2024. The "value wars" as it has been dubbed in fast food continue to be in full force. McDonald's until last year struggled to have a compelling value menu proposition versus peers and peers were taking share. When those i...
Apple (AAPL.US) iOS 27 introduces significant breakthroughs in imaging capabilities, with generative AI tools set to redefine the photo editing experience. Moomoo
Apple (AAPL.US) iOS 27 introduces significant breakthroughs in imaging capabilities, with generative AI tools set to redefine the photo editing experience. Moomoo