Suriya Phosri/iStock via Getty Images Market Commentary Although the first quarter began with plenty of uncertainties on the horizon, sentiment was generally positive and the arrow pointed upwards for domestic equities. In fact, the S&P 500® registered a new all-time high, even breaching the 7000 level, in late January. Much of this optimism was based on the expectation that the Federal Reserve wo...
Suriya Phosri/iStock via Getty Images Market Commentary Although the first quarter began with plenty of uncertainties on the horizon, sentiment was generally positive and the arrow pointed upwards for domestic equities. In fact, the S&P 500® registered a new all-time high, even breaching the 7000 level, in late January. Much of this optimism was based on the expectation that the Federal Reserve would continue cutting interest rates, while the more widespread adoption of AI might also boost earnings and push economic growth above consensus expectations. Investors were sanguine to start the year. There were, however, some meaningful changes underway regarding market internals. Since the beginning of the year, we've witnessed a decisive shift in market leadership and a rotation away from the mega-cap growth and AI-driven themes that dominated the previous year. The NASDAQ® and S&P 500® faced pressure from valuation compression and "higher-for-longer" interest rate expectations, while value-oriented benchmarks have been buoyed by a resurgence in "old economy" sectors. This shifting market leadership—and the importance of valuations—was underscored as volatility and turmoil gripped the market during the latter parts of the first quarter. In late February, the launch of new military actions in Iran roiled markets, The VIX spiked and the sell-off deepened when it appeared this conflict might persist and severely disrupt energy markets. Investors worried that any sustained oil price shock would work its way into inflation numbers. In turn, this could tie the Federal Reserve's hands with regard to further eases in monetary policy. Although the price of oil has receded somewhat and the market rebounded with a sharp rally on the last day of the quarter, the situation remains tenuous at best. For the first quarter, the S&P 500®, the most popular proxy for the U. S. stock market that has become dominated by a handful of mega-caps, declined by 4.6%. Not surprisingly Energy stocks...
Aluminum rose for a fourth day to hit its highest since 2022, extending this year’s powerful gain as US President Donald Trump struggles to keep peace talks with Iran on track. The metal rallied as much as 1.6% in early trading to hit $3,775 a ton in London. Iran said it was suspending negotiations because of Israeli actions in Lebanon, threatening to complicate Trump’s push for a ceasefire extens...
Aluminum rose for a fourth day to hit its highest since 2022, extending this year’s powerful gain as US President Donald Trump struggles to keep peace talks with Iran on track. The metal rallied as much as 1.6% in early trading to hit $3,775 a ton in London. Iran said it was suspending negotiations because of Israeli actions in Lebanon, threatening to complicate Trump’s push for a ceasefire extension and reopening of the Strait of Hormuz. War in the Middle East has helped aluminum to a 25% gain this year after smelters in the region — a major production hub — were forced to close or reduce operations. At the same time, investors are piling into industrial metals, including copper and aluminum, on optimism over demand. In the latest sign of tightening conditions, cash aluminum contracts on Monday traded at the biggest premium over three-month futures since 2007, reaching as high as $111.75 a ton. That gap points to a growing call on near-term supply. Aluminum was up 1% to $3,755 a ton on the London Metal Exchange by 10:30 a.m. Shanghai time. Copper added to its recent surge, rising 0.5% to $13,899.50 a ton.
To head off a public health crisis, China is stepping up efforts to find new treatments for Alzheimer’s disease and Parkinson’s disease. As its population ages, the country already has more cases of these neurodegenerative diseases than anywhere else in the world and their prevalence is rising faster than the global average. Cases of Parkinson’s disease in China are forecast to rise from 3.6 milli...
To head off a public health crisis, China is stepping up efforts to find new treatments for Alzheimer’s disease and Parkinson’s disease. As its population ages, the country already has more cases of these neurodegenerative diseases than anywhere else in the world and their prevalence is rising faster than the global average. Cases of Parkinson’s disease in China are forecast to rise from 3.6 million in 2024 to 10.5 million in 2050, while the number of people in China with dementia is projected...