AlexSecret/E+ via Getty Images Key Takeaways • Markets: US equities delivered solid gains over the fourth quarter of 2025, maintaining their upward trajectory against a backdrop of generally robust corporate earnings, despite mixed economic signals and investor concerns about stretched technology valuations. Continued monetary easing by the US Federal Reserve (Fed) helped investor sentiment. The o...
AlexSecret/E+ via Getty Images Key Takeaways • Markets: US equities delivered solid gains over the fourth quarter of 2025, maintaining their upward trajectory against a backdrop of generally robust corporate earnings, despite mixed economic signals and investor concerns about stretched technology valuations. Continued monetary easing by the US Federal Reserve (Fed) helped investor sentiment. The outperformance of the Magnificent Seven mega-capitalization technology stocks during the quarter drove gains for the S&P 500 Index. • Contributors: A lack of exposure to Meta Platforms ( META ) was the quarter's top relative individual contributor. Selection in the financials and industrials sectors contributed on a relative basis, as did a lack of exposure to real estate. • Detractors: The key driver of underperformance was a lack of exposure to Google parent Alphabet ( GOOGL ) and several stocks in the information technology (IT) sector that advanced sharply but did not meet the portfolio's dividend screen for investment. Positioning in IT and materials weighed on returns, along with a lack of exposure to communication services. • Outlook: We have made a number of changes to the portfolio, which we believe better positions it to perform across market cycles, increasing allocations to high-conviction areas and key secular themes. We believe greater exposure to such secular growth themes as artificial intelligence (AI), energy transition, digitalization, innovation in biopharma and growth in wealth management should help the portfolio. Looking ahead to 2026, we believe the equity market environment could continue to broaden and provide opportunities across a wide range of sectors. We see attractive opportunities for dividend growth investors as many companies with strong balance sheets, pricing power and disciplined capital allocation continue to differentiate themselves from more leveraged or speculative peers. Our focus remains on identifying high-quality companies with du...
gorodenkoff U.S. equity futures surged Monday evening after a report that President Donald Trump is prepared to wind down the military campaign against Iran within weeks, even if the Strait of Hormuz remains closed. S&P 500 futures ( SPX ) climbed +0.62% to 6,382, while Dow futures ( INDU ) added +0.66% to 45,515. Nasdaq 100 futures ( US100:IND ) rose +0.48% to 23,062. The moves came after the Wal...
gorodenkoff U.S. equity futures surged Monday evening after a report that President Donald Trump is prepared to wind down the military campaign against Iran within weeks, even if the Strait of Hormuz remains closed. S&P 500 futures ( SPX ) climbed +0.62% to 6,382, while Dow futures ( INDU ) added +0.66% to 45,515. Nasdaq 100 futures ( US100:IND ) rose +0.48% to 23,062. The moves came after the Wall Street Journal reported that Trump told aides he is willing to end hostilities on a four-to-six week timeline, prioritizing the degradation of Iran's navy and missile stocks over the more complex mission of reopening the strait. Markets appeared to read the prospect of a near-term ceasefire as grounds for a risk-on move, setting aside the unresolved energy picture. The relief rally comes against a complicated macro backdrop. U.S. crude ( CL1:COM ) ( USO ) closed Monday above $100 a barrel for the first time since 2022, with some analysts projecting prices could reach $200 if the Hormuz closure proves sustained. Around a fifth of global oil supply transits the waterway. Secretary of State Marco Rubio said Monday that current military objectives would be completed within weeks, after which the strait question would fall to Iran or a multinational coalition to resolve. Treasury Secretary Scott Bessent told Fox News that markets remain "well-supplied" and that freedom of navigation would be restored over time, through U.S. or multinational escorts. Dear readers: We recognize that politics often intersects with the financial news of the day, so we invite you to click here to join the separate political discussion. More on the markets The Dollar's Strength The S&P 500 Fell Almost 9%, And I Took The Opportunity To Buy More (Here's Why) Another Monday Madness: A Tech Take Stock index futures fall as Trump delays Iran energy strikes Next phase of Iran trade: checking the tape before the tweet?
David Dieter, Executive Vice President & General Counsel of Collegium Pharmaceutical (NASDAQ:COLL) , reported the sale of 6,224 shares of common stock in an open-market transaction on March 9, 2026, according to a SEC Form 4 filing . Transaction value based on SEC Form 4 reported price ($36.65); post-transaction value based on March 9, 2026 market close price. * 1-year price change calculated usin...
David Dieter, Executive Vice President & General Counsel of Collegium Pharmaceutical (NASDAQ:COLL) , reported the sale of 6,224 shares of common stock in an open-market transaction on March 9, 2026, according to a SEC Form 4 filing . Transaction value based on SEC Form 4 reported price ($36.65); post-transaction value based on March 9, 2026 market close price. * 1-year price change calculated using March 27, 2026 as the reference date. Continue reading
Hedge fund demand for dollar-yen options that profit from a decline in the pair has increased after the currency moved past 160, amplifying intervention rhetoric from Japan’s Ministry of Finance. The yen fell to its weakest level since July 2024 on Monday, prompting Japan’s top currency official, Atsushi Mimura, to warn that authorities may take decisive action in the foreign exchange market if cu...
Hedge fund demand for dollar-yen options that profit from a decline in the pair has increased after the currency moved past 160, amplifying intervention rhetoric from Japan’s Ministry of Finance. The yen fell to its weakest level since July 2024 on Monday, prompting Japan’s top currency official, Atsushi Mimura, to warn that authorities may take decisive action in the foreign exchange market if current conditions persist. The move follows similar remarks from Finance Minister Satsuki Katayama on March 27, when the pair closed above 160. Trading volume in the most active May put option — which rises in value if the pair declines — was more than three times that of the most active call on Monday, according to data from CME Group’s options central limit order book. “There has been some hedge fund interest in USD/JPY options as a way to position for a sharp move lower in the event of potential intervention,” said Mukund Daga , global head of currency options at Barclays Plc in London. He said activity has been concentrated in shorter-dated structures “pointing to a focus on near-term event risk rather than a broader directional shift.” The yen has come under pressure in recent weeks as higher oil prices linked to the Iran conflict weigh on Japan’s trade balance, while haven demand has supported the dollar. The currency is down 1.9% against the greenback this year. Nomura has seen a marked increase in hedge fund demand for dollar-yen options since March 27, as spot approached 160 and intervention rhetoric intensified. “While the broader theme for USD/JPY higher continues in the medium term, there’s been a pickup in tactical plays for intervention which has driven implied volatility higher in the front end of the curve,” said Sagar Sambrani , a senior foreign-exchange options trader at Nomura International Plc in London. Sambrani also said some relative-value hedge funds, expecting the pair to remain range-bound in the near term, are taking advantage of elevated short-ter...
MURAT GOCMEN/iStock via Getty Images Canada’s economy has generated no economic growth in five months and no job growth in eight months. Meanwhile, the household wealth effect is in reverse, with home sale prices nationally down 20% over the past 4 years and the stock market negative year-to-date. The S&P 500 and Canada’s TSX are both off more than 7% and back to their levels last July and Decembe...
MURAT GOCMEN/iStock via Getty Images Canada’s economy has generated no economic growth in five months and no job growth in eight months. Meanwhile, the household wealth effect is in reverse, with home sale prices nationally down 20% over the past 4 years and the stock market negative year-to-date. The S&P 500 and Canada’s TSX are both off more than 7% and back to their levels last July and December 2025, respectively. Financials are falling. The US small-cap index is off more than 9% and back where it was in November 2024. Tech is making matters worse, with the Nasdaq off more than 12%. International exposure isn’t helping; the MSCI all-country stock index, which covers large and mid-cap stocks across 23 developed and 24 emerging markets, is -8% since February and back to where it was last August. No shelter from the storm: defence and health care stocks are off double digits, too. Still, more mean reversion is due: thus far, equities and home prices remain at the high, unattractive end of historic valuation levels. Against this backdrop, fears of persistent oil-price inflation have caused Treasury yields to rise as the futures market is pricing in two Bank of Canada rate hikes in 2026 , with a 30% chance of a third. This has driven up interest rates so that Canadian households are borrowing at an average rate of 4.8% or 3.0% in real terms (CPI at 1.8% in February) – 70 bps above the average for the past three decades. Since the start of the war in Iran, gasoline has been up approximately 30%, and diesel has been up around 40% across Canada, according to the Canadian Fuels Association. No one knows how long fossil fuels will remain elevated, but housing accounts for a larger share of Canada’s cost of living index - the largest single component at 30%. The race is on to see how long central banks can watch from the sidelines as the job and asset markets weaken. The discussion here is on point. Disclosure: No positions Original Post Editor's Note: The summary bullets ...