It’s been a rocky road for the stock market of late and last week two major indices, the S&P 500 and NASDAQ, both reached "correction" status meaning both are now down over 10% from their recent price highs. The 'Magnificent 7' stocks meanwhile, on average, are starting to close in on a 20% loss from their highs.

Two major factors have been impacting market prices in recent weeks.  First, the spike in longer-term interest rates due to a stronger-than-expected economy has negatively impacted equity valuations.  Second, it is clear from a variety of price charts, but the major conflict in the Middle East has been a clear inflection point for prices.  Two leading examples are that stock prices had a short-term price peak when the military conflict began, and gold prices had a short-term price bottom.

This week will have plenty of trick or treat opportunities for investors. Developments in the Middle East will be one.  The direction of longer-term interest rates is another.  Ten-year Treasuries have been knocking on the door of 5% yields but finished last week at 4.85%.  This week we have the latest Federal Reserve meeting. The expectation is that the Fed will change short-term rates, but any perceived guidance could be impactful.  The largest stock in the world, Apple, releases earnings this Thursday.  This coming Friday also has the latest employment numbers.  

Short-term, there are some positives.  We are soon entering November, and the typically positive return profile for the last two months of the year. Investor sentiment has also moved to its most negative levels in months, which in turn usually sets the stage for above-average returns in the months ahead.

Add it all up...


Stay invested. Stay diversified. Stay disciplined.


Download Weekly Wire


The views expressed herein are exclusively those of Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor, and are not meant as investment advice and are subject to change.
The CFA® is a globally respected, graduate-level investment credential established in 1962 and awarded by CFA Institute — the largest global association of investment professionals. To learn more about the CFA charter, visit
The CMT Program demonstrates mastery of a core body of knowledge of investment risk in portfolio management. The Chartered Market Technician® (CMT) designation marks the highest education within the discipline and is the preeminent designation for practitioners of technical analysis worldwide. To learn more about the CMT, visit
Think2perform’s Behavioral Financial Advice program integrates traditional finance practices with psychology and neuroscience to improve emotional competency and decision-making behavior that increases effective usage of the financial plan with clients. To obtain the Behavioral Financial Advisor (BFA) designation, participants must complete a self-directed course, which takes 20-30 hours to complete, and includes a mix of interactive exercises, videos and case studies. To learn more about the BFA, visit
Wealth Management services offered through Orion Portfolio Solutions, LLC d/b/a Brinker Capital Investments a registered investment advisor.