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Weekly Market Commentary

Market Recap week ending 8/30/2019

-Darren Leavitt, CFA

After four straight weeks of declines, US markets rallied in the last week of August.  The prior week’s escalation of trade tariffs between the US and China took a bit of a siesta last week. Early in the week, Trump claimed that Chinese negotiators had called and expressed a desire to reopen talks.  Despite Trump’s claim being denied, China came out later in the week with a statement indicating they hoped negotiations would restart and be “calm” and further that they would not immediately retaliate with additional tariffs based on Trumps latest tariff increases.  All that said, the more constructive tone helped markets rally.  Additionally, month-end rebalancing also likely aided the rally.  The S&P 500 gained 2.8%, the Dow led US averages- forging a 3% increase, the NASDAQ added 2.7%, and the Russell 2000 notched a 2.4% gain.

The US Treasury market ended the week little changed.  The 2-year note yield fell three basis points to close at 1.50 while the 10-year bond yield fell one basis point to close at 1.51.  Of note, the 30-year bond yield fell below 2% during the week- and hit a record low yield of 1.94% before settling at a yield of 1.97% on Friday.  Gold lost ~$10 on the week to close at 1529.70 an Oz and Oil gained 1.7% to close at $55.06 a barrel.  We did have a couple of slight changes to the Core Satellite models last week.  We sold out of our emerging bond exposure and trimmed a little bit off our S&P position and put the proceeds into mid-duration bonds.  Please let us know if you have any questions regarding these changes.

The information in this Market Commentary is for general informational and educational purposes only. Unless otherwise stated, all information and opinion contained in these materials were produced by Foundations Investment Advisers, LLC (“FIA”) and other publicly available sources believed to be accurate and reliable.  No representations are made by FIA or its affiliates as to the informational accuracy or completeness.  All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation. No party, including but not limited to, FIA and its affiliates, assumes liability for any loss or damage resulting from errors or omissions or reliance on or use of this material.

The views and opinions expressed are those of the authors do not necessarily reflect the official policy or position of FIA or its affiliates.  Information presented is believed to be current, but may change at any time and without notice.  It should not be viewed as personalized investment advice. All expressions of opinion reflect the judgment of the authors on the date of publication and may change in response to market conditions. Due to rapidly changing market conditions and the complexity of investment decisions, supplemental information and other sources may be required to make informed investment decisions based on your individual investment objectives and suitability specifications. You should consult with a professional advisor before implementing any strategies discussed. Content should not be viewed as an offer to buy or sell any of the securities mentioned or as legal or tax advice. You should always consult an attorney or tax professional regarding your specific legal or tax situation. Investment advisory services are offered through Foundations Investment Advisors, LLC, an SEC registered investment adviser.

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