by Connor Darrell CFA, Assistant Vice President – Head of Investments
A quarter where trade tensions and geopolitics led to choppy returns ended on an optimistic note as the U.S. and China agreed (once again) to hold off on implementing additional tariffs in an effort to resurrect the ongoing trade negotiations. U.S. equities finished the week largely unchanged, but capped off a strong month of June which saw stock prices rise by over 7%. 

As the second half of the year kicks off, investors will begin turning their attention toward Q2 earnings. Analysts are forecasting a second straight quarter of declining S&P 500 earnings, with the weakest growth expected among companies with large, complex global supply chains; another by-product of the ongoing uncertainty surrounding the future of global trade.

Q2 Commentary Now Available – valleynationalgroup.com/Q22019
Equities and bonds have both started the year at a torrid pace, but returns have been driven by very different underlying tones. We explore the conflicting signals that returns in the stock and bond markets are sending in our latest quarterly commentary.