July 2019 Investment Strategy

The S&P 500 Index is back at all-time highs after a furious rally to start the year. This renewed optimism is being spurred by the prospect of the Federal Reserve cutting interest rates and the potential for a trade deal between the U.S. and China. In the current environment, several technology-focused initial public offerings (IPOs) have come to the market, reminiscent of the late 1990s tech bubble. Most of these companies will fail to meet expectations as their valuations are at sky high levels. While equity markets remain buoyant, there are several other asset markets sending potentially conflicting signals. Most notably, bond yields have fallen sharply and gold prices have surged to the highest level in five years.

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