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Trade War?: How Are Trump’s Tariffs Affecting Financial Markets?
Welcome to another edition of our Market Commentary with RFG Advisory’s Chief Investment Officer, Rick Wedell!
It’s been a very interesting week in the markets – Tariff’s, Unemployment, and Earnings – oh my! On the tariff front, the on again / off again shifts that we saw early this week lay out a little bit of a roadmap for how the Administration may approach these types of trade issues going forward. So far that path seems to be that allies will get threats in an effort to win negotiation points (as well as political points), while geopolitical rivals will receive actual tariffs held in over the long run. So long as this remains the case, then the trade issues do not appear to be overly material. Meanwhile, we got another read on unemployment this week, which saw the unemployment rate drop down to about 4%. That’s great news if you are looking for a job, but not great news if you are looking for a rate cut out of the Federal Reserve anytime soon.
Last, but certainly not least, earnings have been relatively strong so far, and we are about 60% of the way through the reporting process, giving the markets some support. In this edition of Market Commentary, Rick breaks down each one of these factors and explains why we may be back in a “good news is bad news” market cycle for a while.
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This commentary reflects the personal opinions, viewpoints and analyses of RFG Advisory, LLC employees and should not be regarded as a description of advisory services provided by RFG Advisory, LLC or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice. Nothing herein constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. RFG Advisory, LLC manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.
Securities offered by Registered Representatives of Private Client Services (“PCS”). Member FINRA / SIPC. Advisory services offered by Investment Advisory Representatives of RFG Advisory, a registered investment Advisor. Private Client Services and RFG Advisory are unaffiliated entities. Advisory services are only offered to clients or prospective clients where RFG Advisory and its representatives are properly licensed or exempt from licensure. No Advisory services may be rendered by RFG Advisory unless a Client agreement is in place.