June Market Update 2017

| June 30, 2017
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It’s still early in the year, but a lot has been happening both in markets and the economy.  The Dow’s first close ever above the 20,000 level drew a lot of attention to the granddaddy of the three major indexes, but the real winner so far in 2017 has been baby of the three, the Nasdaq, which made new all-time highs on seven consecutive days for the first time since December 1999.

Energy, Financials and Technology sector earnings have each contributed to strong performance year-to-date.  I am also encouraged by U.S. economic data that are pointing to improving growth.  In fact, two-thirds of economic reports received in 2017 met or exceeded consensus expectations.  Looking deeper, sentiment reports on the services and manufacturing sectors, new orders for durable goods, vehicle sales, and employment were all notably better than expected.

Despite the momentum in equity markets and the improving economic data, I am still mindful of policy risks that remain.  A policy mistake by a government or central bank, uncertainty associated with the new presidential administration, Brexit, China’s debt problems, and above-average stock valuations may present challenges to the relatively smooth ride we’ve seen so far in 2017 and periods of volatility over the course of the year are expected.

I remain generally optimistic but am closely monitoring a variety of data and important events that could impact your portfolio in the months ahead. 

As always, please contact me with any questions or to book a phone appointment click the link below:

www.calendly.com/retirement/phone-meeting/

Sincerely,

Bryan Foronjy, CFP®

Founder and Principal Wealth Manager

Foronjy Financial

CA Insurance Lic. # 0F84170

Bryan Foronjy is a registered representative with, and securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Strategic Wealth Advisors Group LLC, a registered investment advisor.  Strategic Wealth Advisors Group LLC and Foronjy Financial are separate entities from LPL Financial.

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Economic forecasts set forth may not develop as predicted.

Investing in stock includes numerous specific risks including: the fluctuation of dividend, loss of principal and potential illiquidity of the investment in a falling market.  Investing in specialty market and sectors carries additional risks such as economic, political, or regulatory developments that may affect many or all issuers in that sector.  The NASDAQ Composite Index measures all NASDAQ domestic and non-U.S.-based common stocks listed on the NASDAQ stock market. The index is market-value weighted. This means that each company's security affects the index in proportion to its market value. The market value, the last sale price multiplied by total shares outstanding, is calculated throughout the trading day, and is related to the total value of the Index. It is not possible to invest directly in an index.  The Dow Jones Industrial Average Index is comprised of U.S.-listed stocks of companies that produce other (non-transportation and non-utility) goods and services. The Dow Jones Industrial Averages are maintained by editors of The Wall Street Journal. While the stock selection process is somewhat subjective, a stock typically is added only if the company has an excellent reputation, demonstrates sustained growth, is of interest to a large number of investors and accurately represents the market sectors covered by the average. The Dow Jones averages are unique in that they are price weighted; therefore their component weightings are affected only by changes in the stocks’ prices.  The S&P 500 Index is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.  This research material has been prepared by LPL Financial LLC.  Securities offered through LPL Financial LLC. Member FINRA/SIPC.

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