2017 3rd Quarter Review

There was no “September Surprise” in 2017 as stocks and risk assets continued their climb without a meaningful pullback.  Year to date the US stock market is up 14%, developed international stocks up 20%, and emerging market stocks up 28%.  After years of under-performance, emerging markets have begun to recover helped by strong performance in Latin America and a weaker dollar here in the US.  Bonds are up 3%, gold up 12%, and cash only up 0.6% in this low interest environment.  Economic data continues to come in strong, and a focus on tax reform in Washington continues help the markets.

What we’re reading:

Should the US move to a cashless society? (MarketWatch)

Manufacturing in the US expands at fastest pace in 13 years (Bloomberg)

Here’s what to expect from Google’s huge product event Wednesday (CNBC)

Some market myths hurt investors (Bloomberg View)

Economic Calendar:

Week in review:

  • New home sales at 560k
  • Durable goods orders up +5.1% y/y
  • 2Q17 GDP third estimate at 3.1%
  • Jobless claims at 272k

Week ahead:

  • Market/ISM PMIs
  • Light vehicle sales
  • ADP/ BLS employment reports

• Jobless claims

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