January opened the year with equity markets extending the constructive tone that has defined much of the post-Liberation Day environment. Major indices finished solidly higher for the month, with the S&P 500 gaining 1.37%, and the Nasdaq rising 0.95%.

U.S. equities rallied in January. The S&P 500 closed higher by 1.37%, posting its best month since October and ticking above 7,000 for the first time ever. The Nasdaq snapped a two-month losing streak, finishing the month higher by 0.95%, but was…

Over the past few editions of The TANDEM Report, as well as within our other commentary pieces, we’ve spent a lot of time discussing the narrow focus of the S&P 500. This concern persisted throughout the fourth quarter as well.

December capped a year in which U.S. equities delivered strong absolute returns but increasingly narrow leadership beneath the surface. Major indices finished the month modestly lower, with the S&P 500 snapping a seven-month winning streak and slipping 0.05%, the Nasdaq falling 0.53%,…

Santa Claus skipped Wall Street again this year! Last week’s holiday-shortened trading week saw very light volumes as the major U.S. equity indices drifted lower.

Major U.S. equity indices delivered mixed results last week, driven by the continuation of the recent rotation in stocks. The S&P 500 and the tech-heavy Nasdaq ended the week in negative territory, declining 0.63% and 1.62%, respectively.

Investing and speculation often appear interchangeable in everyday market discussions, yet they represent fundamentally different mindsets, behaviors, and objectives. At their core, the two activities diverge on time horizon, underlying philosophy, and the role of the business itself in shaping returns.

Last week’s holiday-shortened trading saw U.S. stocks close in the green, with the major indices logging five consecutive sessions of gains to finish out the month. Increased odds of a December interest rate cut from the Federal Reserve helped to bolster risk…

October proved to be yet another strong month for U.S. equities, underscoring both the resilience and the fragility of market sentiment as we approach year-end. The S&P 500 advanced +2.27%, the Nasdaq Composite surged +4.70% and the Russell 2000 managed a +1.76%…

A note of caution has crept into markets this week, even as major U.S. indices hover just below record highs. Stocks have retreated from recent highs amid growing concerns over lofty valuations and increasing scrutiny of the sustainability of the AI trade….

The S&P 500 is supposed to be an index that tracks performance of the “500 leading companies” listed on U.S. exchanges. However, today it seemingly tracks performance of the 7 or 8 leading companies, maybe 10 if we are being generous.

In the short run, the market is driven by momentum, sentiment, news, and expectations. In the long run, the market is driven by consistent execution by companies.