Market Commentary | Elsass Financial Group

Market Commentary | September 14th, 2026

by lportee53 | Sep 14, 2026 | Market Commentary

Weekly Market Commentary

September 14th, 2026

Week in Review

The economic data last week continued to show a U.S. economy that remains resilient, but with inflation pressures moving back into focus ahead of the September Federal Open Market Committee (FOMC) meeting. Treasury yields moved sharply higher over the week, with the 10-year finishing around 4.97%, up from roughly 4.78% the prior Friday, while the 30-year ended near 5.38%, reaching its highest level in nearly two decades.

Despite the rise in yields, demand at both long-duration Treasury auctions was strong. Wednesday’s $39 billion 10-year note auction cleared at 4.834%, the highest auction yield since 2007, but generated a strong 2.71 bid-to-cover ratio. The bid-to-cover ratio measures the amount investors bid relative to the amount of Treasury debt offered, with a higher ratio generally indicating stronger demand. Indirect bidders took roughly 79% of the issue and primary dealers were left with only about 4%, further indicating healthy underlying demand. Thursday’s $22 billion 30-year bond auction was similarly strong, clearing at 5.308% with a bid-to-cover ratio around 2.6. Dealers absorbed just 2.2% of the issue, another indication that investors were willing to add duration at these higher yield levels.

On the economic front, Thursday’s Producer Price Index (PPI) report showed producer prices rising 0.4% month-over-month and 5.4% year-over-year in August. Goods prices rose 1.1%, while services increased just 0.1%, showing that much of the latest inflation pressure is concentrated in goods and energy-related categories. Existing-home sales fell 2.0% to a 3.98 million annualized pace, the lowest level in 14 months, while inventory increased to 1.62 million homes. Housing therefore remains one of the clearer areas where elevated borrowing costs continue to weigh on activity.

Wednesday’s crude-oil inventory report showed commercial crude inventories falling only about 391,000 barrels to 424.1 million, while U.S. production reached a record 13.9 million barrels per day. Gasoline and distillate inventories both increased. Friday’s Consumer Price Index (CPI) report was the most important release of the week. Headline CPI rose 0.4% in August and 3.4% year-over-year, while core CPI increased 0.3% for the month and 2.4% from a year earlier. Gasoline prices rose 3.9%, showing the growing impact of the recent energy-price increase, while the firmer core monthly reading suggested that inflation pressures were not limited entirely to energy.

Economic and Capital Markets Dashboard

Week Ahead…

The first major release this week will be August retail sales on Wednesday morning, just hours before the Fed decision. Retail sales fell 0.6% in July, their first decline in nine months, so August’s report will be important in determining whether consumer spending has rebounded or whether higher prices and softer confidence are beginning to restrain demand.

The primary focus, however, will be the September FOMC meeting on Tuesday and Wednesday, with the policy decision being released Wednesday afternoon. This meeting is particularly highly anticipated because the Fed appears to be approaching an important shift in policy. At the July meeting, the Committee held the federal funds target at 3.50%-3.75%, but the decision was already unusually divided, with three members voting for a 25-basis-point hike. Since then, the Fed has received a strong August employment report, higher-than-expected PPI, a firmer monthly CPI reading, and another sharp increase in energy prices. Markets have consequently moved from viewing a September hike as a close call to pricing roughly an 85% probability of a 25-basis-point increase.

The meeting is also important because September includes an updated Summary of Economic Projections and dot plot. Investors will therefore be looking beyond the immediate rate decision to see how policymakers have changed their forecasts for inflation, growth, unemployment, and the appropriate path for interest rates. The central question is whether the Fed views the recent inflation pressure, particularly from energy, as temporary, or whether the combination of persistent inflation and a still-resilient labor market warrants a broader return to tighter monetary policy. With inflation still materially above the Fed’s 2% objective and three policymakers already favoring a hike at the previous meeting, Wednesday’s decision and updated projections should provide the clearest indication yet of how the Fed intends to navigate the remainder of the year.

Economic Indicators:

CPI: Consumer Price Index measures the average change in prices paid by consumers for goods and services over time. Source: Bureau of Labor Statistics.
Core CPI: Core Consumer Price Index excludes food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Labor Statistics.
PPI: Producer Price Index measures the average change in selling prices received by domestic producers for their output. Source: Bureau of Labor Statistics.
Core PPI: Core Producer Price Index excludes food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Labor Statistics.
PCE: Personal Consumption Expenditures measure the average change in prices paid by consumers for goods and services. Source: Bureau of Economic Analysis.
Core PCE: Core Personal Consumption Expenditures exclude food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Economic Analysis.
Industrial Production: Measures the output of the industrial sector, including manufacturing, mining, and utilities. Source: Federal Reserve.
Mfg New Orders: Measures the value of new orders placed with manufacturers for durable and non-durable goods. Source: Census Bureau.
Durable New Orders: Measures the value of new orders placed with manufacturers of durable goods. Source: Census Bureau.
Durable Inventories: Measures the value of inventories held by manufacturers for durable goods. Source: Census Bureau.
Consumer Confidence (CB, 1985=100): Measures the degree of optimism that consumers feel about the overall state of the economy and their personal financial situation. Source: Conference Board.
ISM Manufacturing Report: Measures the economic health of the manufacturing sector based on surveys of purchasing managers. Source: Institute for Supply Management.
ISM Non-Manufacturing Report: Measures the economic health of the non-manufacturing sector based on surveys of purchasing managers. Source: Institute for Supply Management.
Leading Economic Index: Measures overall economic activity and predicts future economic trends. Source: Conference Board.
Building Permits (Mil. of Units, saar): Measures the number of new residential building permits issued. Source: Census Bureau.
Housing Starts (Mil. of Units, saar): Measures the number of new residential construction projects that have begun. Source: Census Bureau.
New Home Sales (Mil. of Units, saar): Measures the number of newly constructed homes sold. Source: Census Bureau.
SA: Seasonally adjusted.
SAAR: Seasonally adjusted annual rate.

Market Indices & Indicators:

S&P 500: A market-capitalization-weighted index of 500 leading publicly traded companies in the U.S., widely regarded as one of the best gauges of large U.S. stocks and the stock market overall.
Dow Jones 30: Also known as the Dow Jones Industrial Average, it tracks the share price performance of 30 large, publicly traded U.S. companies, serving as a barometer of the stock market and economy.
NASDAQ: The world’s first electronic stock exchange, primarily listing technology giants and operating 29 markets globally.
Russell 1000 Growth: Measures the performance of large-cap growth segment of the U.S. equity universe, including companies with higher price-to-book ratios and growth metrics.
Russell 1000 Value: Measures the performance of large-cap value segment of the U.S. equity universe, including companies with lower price-to-book ratios and growth metrics.
Russell 2000: A market index composed of 2,000 small-cap companies, widely used as a benchmark for small-cap mutual funds.
Wilshire 5000: A market-capitalization-weighted index capturing the performance of all American stocks actively traded in the U.S., representing the broadest measure of the U.S. stock market.
MSCI EAFE Index: An equity index capturing large and mid-cap representation across developed markets countries around the world, excluding the U.S. and Canada.
MSCI Emerging Market Index: Captures large and mid-cap representation across emerging markets countries, covering approximately 85% of the free float-adjusted market capitalization in each country.
VIX: The CBOE Volatility Index measures the market’s expectations for volatility over the coming 30 days, often referred to as the “fear gauge.”
FTSE NAREIT All Equity REITs: Measures the performance of all publicly traded equity real estate investment trusts (REITs) listed in the U.S., excluding mortgage REITs.
S&P U.S. Aggregate Bond Index: Represents the performance of the U.S. investment-grade bond market, including government, corporate, mortgage-backed, and asset-backed securities.
3-Month T-bill Yield (%): The yield on U.S. Treasury bills with a maturity of three months, reflecting short-term interest rates.
10-Year Treasury Yield (%): The yield on U.S. Treasury bonds with a maturity of ten years, reflecting long-term interest rates.
10Y-2Y Treasury Spread (%): The difference between the yields on 10-year and 2-year U.S. Treasury bonds, often used as an indicator of economic expectations.
WTI Crude ($/bl): The price per barrel of West Texas Intermediate crude oil, a benchmark for U.S. oil prices.
Gold ($/Troy Oz): The price per troy ounce of gold, a standard measure for gold prices.
Bitcoin: A decentralized digital currency without a central bank or single administrator, which can be sent from user to user on the peer-to-peer bitcoin network.

This content was developed by Cambridge from sources believed to be reliable. This content is provided for informational purposes only and should not be construed or acted upon as individualized investment advice. It should not be considered a recommendation or solicitation. Information is subject to change. Any forward-looking statements are based on assumptions, may not materialize, and are subject to revision without notice. The information in this material is not intended as tax or legal advice.

Investing involves risk. Depending on the different types of investments there may be varying degrees of risk. Socially responsible investing does not guarantee any amount of success. Clients and prospective clients should be prepared to bear investment loss including loss of original principal. Indices mentioned are unmanaged and cannot be invested into directly. Past performance is not a guarantee of future results.

The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the NASDAQ stock exchange.

Securities offered through Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC, and investment advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Both are wholly-owned subsidiaries of Cambridge Investment Group, Inc. V.CIR.0926-3452

Market Commentary | September 8th, 2026

by lportee53 | Sep 8, 2026 | Market Commentary

Weekly Market Commentary

September 8th, 2026

Week in Review

The week of August 31 was characterized by continued economic expansion and generally constructive labor market data, while inflation-related indicators remained elevated. The data suggested the U.S. economy continued to grow despite some moderation within selected manufacturing measures.

Business activity remained in expansion territory throughout August. The Manufacturing Purchasing Managers’ Index (PMI) held steady at 53.9, while the ISM Manufacturing PMI eased to 54.6 from 55.6 in July, remaining comfortably above the 50 threshold that separates expansion from contraction. Service-sector activity continued to support growth, with the Services PMI registering 56.5 and the ISM Non-Manufacturing PMI increasing to 55.4 from 54.1. Collectively, these readings indicate ongoing expansion across both manufacturing and service industries.

Inflation pressures remained elevated. The ISM Manufacturing Prices Index held at 71.1, while the ISM Non-Manufacturing Prices Index rose to 72.6 from 70.3. These readings suggest businesses continue to experience meaningful input cost pressures, particularly within the services sector.

Labor market data were generally constructive, highlighted by a stronger-than-expected August payroll report. Nonfarm Payrolls increased by 162,000, significantly exceeding expectations for 55,000 jobs and accelerating from July’s 21,000 gain. Average hourly earnings rose 0.3% month over month, while the unemployment rate held steady at 4.1%. Initial jobless claims were largely unchanged at 206,000. Elsewhere, the Job Openings and Labor Turnover Survey (JOLTS) job openings increased to 7.27 million from 7.18 million, while ADP employment growth totaled 38,000, indicating hiring trends remained somewhat mixed outside of the payroll report.

Overall, the week’s releases pointed to an economy that remained on solid footing, supported by continued business expansion and a stronger payroll report, though elevated price pressures continued to warrant monitoring.

Economic and Capital Markets Dashboard

Week Ahead…

The upcoming week will be highlighted by several important economic releases focused on inflation, labor market conditions, and housing activity. Inflation data will remain the primary area of focus for investors as markets continue to assess price pressures and the potential implications for future Federal Reserve policy decisions.

Producer and consumer inflation reports are scheduled for release later in the week. Consensus expectations call for Producer Price Index (PPI) growth of 0.4% month over month in August, while headline Consumer Price Index (CPI) is also expected to increase 0.4%. On an annual basis, CPI is projected to remain unchanged at 3.4%, while Core CPI, which excludes food and energy, is expected to rise 0.2% month over month. Together, these reports will provide important insight into whether inflation pressures are stabilizing or show signs of renewed acceleration.

Beyond inflation, investors will be monitoring indicators tied to both the labor and housing markets. Initial jobless claims are expected to total 205,000, essentially unchanged from the prior week’s 206,000 reading, suggesting labor market conditions remain relatively stable. Existing home sales are projected at 3.98 million units, down modestly from 4.06 million previously, providing another measure of housing demand amid elevated borrowing costs.

Additional releases include crude oil inventory data and Treasury auctions for both 10-Year Notes and 30-Year Bonds, which may offer insight into investor demand for government debt, longer-term interest rate expectations, and inflation sentiment. Overall, this week’s reports should help investors assess the direction of inflation, the stability of labor market conditions, and whether recent economic momentum remains intact heading into the final quarter of the year.

Economic Indicators:

CPI: Consumer Price Index measures the average change in prices paid by consumers for goods and services over time. Source: Bureau of Labor Statistics.
Core CPI: Core Consumer Price Index excludes food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Labor Statistics.
PPI: Producer Price Index measures the average change in selling prices received by domestic producers for their output. Source: Bureau of Labor Statistics.
Core PPI: Core Producer Price Index excludes food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Labor Statistics.
PCE: Personal Consumption Expenditures measure the average change in prices paid by consumers for goods and services. Source: Bureau of Economic Analysis.
Core PCE: Core Personal Consumption Expenditures exclude food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Economic Analysis.
Industrial Production: Measures the output of the industrial sector, including manufacturing, mining, and utilities. Source: Federal Reserve.
Mfg New Orders: Measures the value of new orders placed with manufacturers for durable and non-durable goods. Source: Census Bureau.
Durable New Orders: Measures the value of new orders placed with manufacturers of durable goods. Source: Census Bureau.
Durable Inventories: Measures the value of inventories held by manufacturers for durable goods. Source: Census Bureau.
Consumer Confidence (CB, 1985=100): Measures the degree of optimism that consumers feel about the overall state of the economy and their personal financial situation. Source: Conference Board.
ISM Manufacturing Report: Measures the economic health of the manufacturing sector based on surveys of purchasing managers. Source: Institute for Supply Management.
ISM Non-Manufacturing Report: Measures the economic health of the non-manufacturing sector based on surveys of purchasing managers. Source: Institute for Supply Management.
Leading Economic Index: Measures overall economic activity and predicts future economic trends. Source: Conference Board.
Building Permits (Mil. of Units, saar): Measures the number of new residential building permits issued. Source: Census Bureau.
Housing Starts (Mil. of Units, saar): Measures the number of new residential construction projects that have begun. Source: Census Bureau.
New Home Sales (Mil. of Units, saar): Measures the number of newly constructed homes sold. Source: Census Bureau.
SA: Seasonally adjusted.
SAAR: Seasonally adjusted annual rate.

Market Indices & Indicators:

S&P 500: A market-capitalization-weighted index of 500 leading publicly traded companies in the U.S., widely regarded as one of the best gauges of large U.S. stocks and the stock market overall.
Dow Jones 30: Also known as the Dow Jones Industrial Average, it tracks the share price performance of 30 large, publicly traded U.S. companies, serving as a barometer of the stock market and economy.
NASDAQ: The world’s first electronic stock exchange, primarily listing technology giants and operating 29 markets globally.
Russell 1000 Growth: Measures the performance of large-cap growth segment of the U.S. equity universe, including companies with higher price-to-book ratios and growth metrics.
Russell 1000 Value: Measures the performance of large-cap value segment of the U.S. equity universe, including companies with lower price-to-book ratios and growth metrics.
Russell 2000: A market index composed of 2,000 small-cap companies, widely used as a benchmark for small-cap mutual funds.
Wilshire 5000: A market-capitalization-weighted index capturing the performance of all American stocks actively traded in the U.S., representing the broadest measure of the U.S. stock market.
MSCI EAFE Index: An equity index capturing large and mid-cap representation across developed markets countries around the world, excluding the U.S. and Canada.
MSCI Emerging Market Index: Captures large and mid-cap representation across emerging markets countries, covering approximately 85% of the free float-adjusted market capitalization in each country.
VIX: The CBOE Volatility Index measures the market’s expectations for volatility over the coming 30 days, often referred to as the “fear gauge.”
FTSE NAREIT All Equity REITs: Measures the performance of all publicly traded equity real estate investment trusts (REITs) listed in the U.S., excluding mortgage REITs.
S&P U.S. Aggregate Bond Index: Represents the performance of the U.S. investment-grade bond market, including government, corporate, mortgage-backed, and asset-backed securities.
3-Month T-bill Yield (%): The yield on U.S. Treasury bills with a maturity of three months, reflecting short-term interest rates.
10-Year Treasury Yield (%): The yield on U.S. Treasury bonds with a maturity of ten years, reflecting long-term interest rates.
10Y-2Y Treasury Spread (%): The difference between the yields on 10-year and 2-year U.S. Treasury bonds, often used as an indicator of economic expectations.
WTI Crude ($/bl): The price per barrel of West Texas Intermediate crude oil, a benchmark for U.S. oil prices.
Gold ($/Troy Oz): The price per troy ounce of gold, a standard measure for gold prices.
Bitcoin: A decentralized digital currency without a central bank or single administrator, which can be sent from user to user on the peer-to-peer bitcoin network.

This content was developed by Cambridge from sources believed to be reliable. This content is provided for informational purposes only and should not be construed or acted upon as individualized investment advice. It should not be considered a recommendation or solicitation. Information is subject to change. Any forward-looking statements are based on assumptions, may not materialize, and are subject to revision without notice. The information in this material is not intended as tax or legal advice.

Investing involves risk. Depending on the different types of investments there may be varying degrees of risk. Socially responsible investing does not guarantee any amount of success. Clients and prospective clients should be prepared to bear investment loss including loss of original principal. Indices mentioned are unmanaged and cannot be invested into directly. Past performance is not a guarantee of future results.

The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the NASDAQ stock exchange.

Securities offered through Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC, and investment advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Both are wholly-owned subsidiaries of Cambridge Investment Group, Inc. V.CIR.0926-3386

Market Commentary | August 31st, 2026

by lportee53 | Aug 31, 2026 | Market Commentary

Weekly Market Commentary

August 31st, 2026

Week in Review

This week’s economic data continued to point to an economy that is still expanding, but with inflation remaining above the Federal Reserve’s target and the labor market showing few signs of material deterioration.

July Personal Consumption Expenditures (PCE) inflation, the Fed’s preferred inflation measure, rose 0.2% month-over-month and held at 3.7% year-over-year, slightly above consensus expectations. Core PCE, which excludes food and energy, also rose 0.2% for the month and remained at 3.3% year-over-year, reinforcing that underlying price pressures remain elevated. The report showed that personal income increased 0.4%, while personal spending increased 0.2%, with services spending offsetting a decline in goods spending.

Labor market data showed resiliency. Initial jobless claims fell to 203,000, below the 208,000 consensus estimate, while continuing claims declined to 1.778 million. The data suggest layoffs remain contained, though claims provide a better read on job losses than hiring momentum.

The second estimate of second-quarter gross domestic product (GDP) was unchanged at a 1.5% annualized rate, down from 2.1% in the first quarter. Growth was supported by consumer spending, exports, and investment, while lower government spending and higher imports weighed on the headline figure.

Trade and monetary policy developments also drew investor attention. The U.S.-Canada trade dispute escalated after the U.S. imposed 50% tariffs on $20 billion worth of Canadian goods, prompting Canada to announce retaliatory tariffs that would match the U.S. measures dollar for dollar.

At Jackson Hole, Fed Chair Kevin Warsh reiterated that inflation remains above the Fed’s 2% objective and argued for a “quieter” Fed with less routine forward guidance. Taken together, the week’s data and policy developments left investors weighing resilient labor conditions and still-positive growth against persistent inflation and a less predictable policy backdrop.

Economic and Capital Markets Dashboard

Week Ahead…

Next week’s economic calendar will give investors a more complete read on whether the current mix of resilient activity and elevated inflation is beginning to shift.

Labor market data will be the primary focus. The Job Openings and Labor Turnover Survey (JOLTS) report is scheduled for Tuesday and will provide an update on job openings, hiring, and quits, while Friday’s employment report will include nonfarm payrolls, the unemployment rate, labor force participation, and wage growth. Given the recent disconnect between low layoffs and softer hiring, investors will be focused not only on the headline payroll number, but also on revisions and wage trends.

Business activity data will also be important. The ISM Manufacturing Purchasing Managers’ Index (PMI) is expected early in the week, followed by the ISM Services PMI later in the week. The services reading may carry particular weight because services continue to represent the larger share of U.S. economic activity and have been a key source of consumer spending strength. Investors will also watch the employment and prices components of both reports for signs of either cooling demand or renewed inflation pressure.

With the next Federal Open Market Committee (FOMC) meeting scheduled for September 15–16, incoming labor, inflation, and activity data will remain central to market expectations for the path of interest rates.

Economic Indicators:

CPI: Consumer Price Index measures the average change in prices paid by consumers for goods and services over time. Source: Bureau of Labor Statistics.
Core CPI: Core Consumer Price Index excludes food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Labor Statistics.
PPI: Producer Price Index measures the average change in selling prices received by domestic producers for their output. Source: Bureau of Labor Statistics.
Core PPI: Core Producer Price Index excludes food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Labor Statistics.
PCE: Personal Consumption Expenditures measure the average change in prices paid by consumers for goods and services. Source: Bureau of Economic Analysis.
Core PCE: Core Personal Consumption Expenditures exclude food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Economic Analysis.
Industrial Production: Measures the output of the industrial sector, including manufacturing, mining, and utilities. Source: Federal Reserve.
Mfg New Orders: Measures the value of new orders placed with manufacturers for durable and non-durable goods. Source: Census Bureau.
Durable New Orders: Measures the value of new orders placed with manufacturers of durable goods. Source: Census Bureau.
Durable Inventories: Measures the value of inventories held by manufacturers for durable goods. Source: Census Bureau.
Consumer Confidence (CB, 1985=100): Measures the degree of optimism that consumers feel about the overall state of the economy and their personal financial situation. Source: Conference Board.
ISM Manufacturing Report: Measures the economic health of the manufacturing sector based on surveys of purchasing managers. Source: Institute for Supply Management.
ISM Non-Manufacturing Report: Measures the economic health of the non-manufacturing sector based on surveys of purchasing managers. Source: Institute for Supply Management.
Leading Economic Index: Measures overall economic activity and predicts future economic trends. Source: Conference Board.
Building Permits (Mil. of Units, saar): Measures the number of new residential building permits issued. Source: Census Bureau.
Housing Starts (Mil. of Units, saar): Measures the number of new residential construction projects that have begun. Source: Census Bureau.
New Home Sales (Mil. of Units, saar): Measures the number of newly constructed homes sold. Source: Census Bureau.
SA: Seasonally adjusted.
SAAR: Seasonally adjusted annual rate.

Market Indices & Indicators:

S&P 500: A market-capitalization-weighted index of 500 leading publicly traded companies in the U.S., widely regarded as one of the best gauges of large U.S. stocks and the stock market overall.
Dow Jones 30: Also known as the Dow Jones Industrial Average, it tracks the share price performance of 30 large, publicly traded U.S. companies, serving as a barometer of the stock market and economy.
NASDAQ: The world’s first electronic stock exchange, primarily listing technology giants and operating 29 markets globally.
Russell 1000 Growth: Measures the performance of large-cap growth segment of the U.S. equity universe, including companies with higher price-to-book ratios and growth metrics.
Russell 1000 Value: Measures the performance of large-cap value segment of the U.S. equity universe, including companies with lower price-to-book ratios and growth metrics.
Russell 2000: A market index composed of 2,000 small-cap companies, widely used as a benchmark for small-cap mutual funds.
Wilshire 5000: A market-capitalization-weighted index capturing the performance of all American stocks actively traded in the U.S., representing the broadest measure of the U.S. stock market.
MSCI EAFE Index: An equity index capturing large and mid-cap representation across developed markets countries around the world, excluding the U.S. and Canada.
MSCI Emerging Market Index: Captures large and mid-cap representation across emerging markets countries, covering approximately 85% of the free float-adjusted market capitalization in each country.
VIX: The CBOE Volatility Index measures the market’s expectations for volatility over the coming 30 days, often referred to as the “fear gauge.”
FTSE NAREIT All Equity REITs: Measures the performance of all publicly traded equity real estate investment trusts (REITs) listed in the U.S., excluding mortgage REITs.
S&P U.S. Aggregate Bond Index: Represents the performance of the U.S. investment-grade bond market, including government, corporate, mortgage-backed, and asset-backed securities.
3-Month T-bill Yield (%): The yield on U.S. Treasury bills with a maturity of three months, reflecting short-term interest rates.
10-Year Treasury Yield (%): The yield on U.S. Treasury bonds with a maturity of ten years, reflecting long-term interest rates.
10Y-2Y Treasury Spread (%): The difference between the yields on 10-year and 2-year U.S. Treasury bonds, often used as an indicator of economic expectations.
WTI Crude ($/bl): The price per barrel of West Texas Intermediate crude oil, a benchmark for U.S. oil prices.
Gold ($/Troy Oz): The price per troy ounce of gold, a standard measure for gold prices.
Bitcoin: A decentralized digital currency without a central bank or single administrator, which can be sent from user to user on the peer-to-peer bitcoin network.

This content was developed by Cambridge from sources believed to be reliable. This content is provided for informational purposes only and should not be construed or acted upon as individualized investment advice. It should not be considered a recommendation or solicitation. Information is subject to change. Any forward-looking statements are based on assumptions, may not materialize, and are subject to revision without notice. The information in this material is not intended as tax or legal advice.

Investing involves risk. Depending on the different types of investments there may be varying degrees of risk. Socially responsible investing does not guarantee any amount of success. Clients and prospective clients should be prepared to bear investment loss including loss of original principal. Indices mentioned are unmanaged and cannot be invested into directly. Past performance is not a guarantee of future results.

The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the NASDAQ stock exchange.

Securities offered through Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC, and investment advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Both are wholly-owned subsidiaries of Cambridge Investment Group, Inc. V.CIR.0826-3298

Market Commentary | August 24th, 2026

by lportee53 | Aug 24, 2026 | Market Commentary

Weekly Market Commentary

August 24h, 2026

Week in Review

The week’s economic data suggested the economy continues to grow at a moderate pace, while labor market conditions remained resilient and Federal Reserve policymakers maintained a cautious stance on inflation. Market attention centered on the release of the July Federal Open Market Committee (FOMC) meeting minutes, crude oil inventories, jobless claims, and business activity surveys.

On Wednesday, the Federal Open Market Committee released the minutes from its July meeting, where policymakers left rates unchanged at 3.50%–3.75%. The minutes showed officials generally viewed inflation as moving in the right direction but remained cautious about easing policy prematurely. The discussion reinforced the Fed’s data-dependent approach ahead of the September meeting.

Also on Wednesday, the U.S. Energy Information Administration released its weekly crude oil inventory report. Crude oil inventories increased by 4.4 million barrels, significantly above expectations for a 0.2-million-barrel increase. The larger than expected build suggested near-term oil supplies were more ample than anticipated, helping ease some concerns about energy-driven inflation despite crude oil prices remaining elevated.

On Thursday, initial jobless claims fell to 206,000 from the prior week’s revised 212,000 reading. The decline suggested layoffs remain limited despite evidence of moderating economic growth. Continuing claims rose to 1.799 million, indicating hiring conditions may be becoming more selective, though overall labor market conditions remain stable.

The week concluded with the release of the August Flash Purchasing Managers’ Indexes (PMI). The Services PMI increased to 56.8 from 54.6, marking its highest reading since December 2024, while the Manufacturing PMI slipped to 53.2 from 53.9, a five-month low. The strength in the services sector more than offset slower manufacturing activity, lifting the Composite PMI to 56.0 from 54.5, its highest level since April 2022. The report suggested economic activity accelerated during August despite the headwinds from elevated interest rates and restrictive financial conditions.

Overall, the week’s data reinforced the view that the economy is gradually cooling but remains on solid footing. Inflation pressures continue to moderate, labor market conditions remain healthy, and business activity continues to expand, supporting expectations that the Federal Reserve will closely monitor incoming data before making any further policy adjustments.

Economic and Capital Markets Dashboard

Week Ahead…

The week ahead will have multiple economic releases, with markets focused on consumer confidence, business investment, economic growth, and inflation. Investors will be looking for further evidence that inflation continues to moderate while the economy remains on stable footing.

On Tuesday, Consumer Confidence and New Home Sales will provide updates on household sentiment and housing market activity. The reports will help gauge how consumers are responding to elevated borrowing costs and whether housing demand is continuing to hold up despite affordability challenges.

Wednesday’s focus will be on Durable Goods Orders, the second estimate of second-quarter Gross Domestic Product (GDP), Personal Income and Outlays, and the Personal Consumption Expenditures (PCE) Price Index. As the Federal Reserve’s preferred measure of inflation, PCE will be closely watched for signs that price pressures continue to trend lower. Durable goods orders will also provide insight into business investment and manufacturing demand.

On Thursday, initial jobless claims will provide another update on labor market conditions. Claims have remained near historically low levels, and investors will be watching for signs that employment conditions are beginning to soften.

The week will also feature the Federal Reserve’s annual Jackson Hole Economic Symposium. Investors will closely monitor remarks from Fed Chair Kevin Warsh and other policymakers for clues regarding the outlook for inflation, economic growth, and monetary policy ahead of the September FOMC meeting.

Overall, inflation data and Jackson Hole commentary are likely to be the primary drivers of market sentiment. With Treasury yields remaining elevated and investors closely watching the outlook for Federal Reserve policy, the week’s releases could play an important role in shaping expectations for the remainder of 2026.

Economic Indicators:

CPI: Consumer Price Index measures the average change in prices paid by consumers for goods and services over time. Source: Bureau of Labor Statistics.
Core CPI: Core Consumer Price Index excludes food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Labor Statistics.
PPI: Producer Price Index measures the average change in selling prices received by domestic producers for their output. Source: Bureau of Labor Statistics.
Core PPI: Core Producer Price Index excludes food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Labor Statistics.
PCE: Personal Consumption Expenditures measure the average change in prices paid by consumers for goods and services. Source: Bureau of Economic Analysis.
Core PCE: Core Personal Consumption Expenditures exclude food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Economic Analysis.
Industrial Production: Measures the output of the industrial sector, including manufacturing, mining, and utilities. Source: Federal Reserve.
Mfg New Orders: Measures the value of new orders placed with manufacturers for durable and non-durable goods. Source: Census Bureau.
Durable New Orders: Measures the value of new orders placed with manufacturers of durable goods. Source: Census Bureau.
Durable Inventories: Measures the value of inventories held by manufacturers for durable goods. Source: Census Bureau.
Consumer Confidence (CB, 1985=100): Measures the degree of optimism that consumers feel about the overall state of the economy and their personal financial situation. Source: Conference Board.
ISM Manufacturing Report: Measures the economic health of the manufacturing sector based on surveys of purchasing managers. Source: Institute for Supply Management.
ISM Non-Manufacturing Report: Measures the economic health of the non-manufacturing sector based on surveys of purchasing managers. Source: Institute for Supply Management.
Leading Economic Index: Measures overall economic activity and predicts future economic trends. Source: Conference Board.
Building Permits (Mil. of Units, saar): Measures the number of new residential building permits issued. Source: Census Bureau.
Housing Starts (Mil. of Units, saar): Measures the number of new residential construction projects that have begun. Source: Census Bureau.
New Home Sales (Mil. of Units, saar): Measures the number of newly constructed homes sold. Source: Census Bureau.
SA: Seasonally adjusted.
SAAR: Seasonally adjusted annual rate.

Market Indices & Indicators:

S&P 500: A market-capitalization-weighted index of 500 leading publicly traded companies in the U.S., widely regarded as one of the best gauges of large U.S. stocks and the stock market overall.
Dow Jones 30: Also known as the Dow Jones Industrial Average, it tracks the share price performance of 30 large, publicly traded U.S. companies, serving as a barometer of the stock market and economy.
NASDAQ: The world’s first electronic stock exchange, primarily listing technology giants and operating 29 markets globally.
Russell 1000 Growth: Measures the performance of large-cap growth segment of the U.S. equity universe, including companies with higher price-to-book ratios and growth metrics.
Russell 1000 Value: Measures the performance of large-cap value segment of the U.S. equity universe, including companies with lower price-to-book ratios and growth metrics.
Russell 2000: A market index composed of 2,000 small-cap companies, widely used as a benchmark for small-cap mutual funds.
Wilshire 5000: A market-capitalization-weighted index capturing the performance of all American stocks actively traded in the U.S., representing the broadest measure of the U.S. stock market.
MSCI EAFE Index: An equity index capturing large and mid-cap representation across developed markets countries around the world, excluding the U.S. and Canada.
MSCI Emerging Market Index: Captures large and mid-cap representation across emerging markets countries, covering approximately 85% of the free float-adjusted market capitalization in each country.
VIX: The CBOE Volatility Index measures the market’s expectations for volatility over the coming 30 days, often referred to as the “fear gauge.”
FTSE NAREIT All Equity REITs: Measures the performance of all publicly traded equity real estate investment trusts (REITs) listed in the U.S., excluding mortgage REITs.
S&P U.S. Aggregate Bond Index: Represents the performance of the U.S. investment-grade bond market, including government, corporate, mortgage-backed, and asset-backed securities.
3-Month T-bill Yield (%): The yield on U.S. Treasury bills with a maturity of three months, reflecting short-term interest rates.
10-Year Treasury Yield (%): The yield on U.S. Treasury bonds with a maturity of ten years, reflecting long-term interest rates.
10Y-2Y Treasury Spread (%): The difference between the yields on 10-year and 2-year U.S. Treasury bonds, often used as an indicator of economic expectations.
WTI Crude ($/bl): The price per barrel of West Texas Intermediate crude oil, a benchmark for U.S. oil prices.
Gold ($/Troy Oz): The price per troy ounce of gold, a standard measure for gold prices.
Bitcoin: A decentralized digital currency without a central bank or single administrator, which can be sent from user to user on the peer-to-peer bitcoin network.

This content was developed by Cambridge from sources believed to be reliable. This content is provided for informational purposes only and should not be construed or acted upon as individualized investment advice. It should not be considered a recommendation or solicitation. Information is subject to change. Any forward-looking statements are based on assumptions, may not materialize, and are subject to revision without notice. The information in this material is not intended as tax or legal advice.

Investing involves risk. Depending on the different types of investments there may be varying degrees of risk. Socially responsible investing does not guarantee any amount of success. Clients and prospective clients should be prepared to bear investment loss including loss of original principal. Indices mentioned are unmanaged and cannot be invested into directly. Past performance is not a guarantee of future results.

The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the NASDAQ stock exchange.

Securities offered through Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC, and investment advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Both are wholly-owned subsidiaries of Cambridge Investment Group, Inc. V.CIR.V.CIR.0826-3204

Market Commentary | August 17th, 2026

by lportee53 | Aug 17, 2026 | Market Commentary

Weekly Market Commentary

August 17th, 2026

Week in Review

The week’s economic data pointed to a gradually cooling economy, with inflation continuing to moderate while consumer and housing activity showed signs of softness.

On Tuesday, existing home sales fell 1.7% to a 4.06 million annualized pace, slightly better than the 4.05 million consensus estimate. Inventory declined 1.9%, while the median sales price increased 2.0% from a year ago to $434,100. The report reinforced the ongoing pressure from elevated mortgage rates and affordability constraints, although the near-consensus result had limited market impact.

Inflation took center stage on Wednesday, with the Consumer Price Index (CPI) rising 0.1% month-over-month and 3.4% year-over-year, both in line with expectations. Core CPI increased 0.2% for the month and 2.5% from a year earlier, also matching consensus. The lack of an upside inflation surprise was supportive for Treasuries and helped ease concerns that the Fed may need to tighten policy further.

Later on Wednesday, the Treasury’s 10-year note auction cleared at 4.683%, the highest auction yield since 2007. This puts 10-year borrowing costs back at levels last seen before the Global Financial Crisis and highlights how restrictive long-term rates remain even as inflation shows signs of moderating. Persistently elevated 10-year yields could continue to keep mortgage rates and corporate borrowing costs high, creating a headwind for housing and other rate-sensitive areas of the economy.

On Thursday, the Producer Price Index (PPI) came in softer than expected. Headline producer prices were unchanged for the month versus a 0.2% increase expected, while the year-over-year rate slowed to 4.7% from 5.5%. Core PPI rose 0.2% versus 0.3% expected. The softer inflation data supported lower Treasury yields and reinforced expectations for a more patient Fed.

Also on Thursday, the Treasury’s 30-year bond auction cleared at 5.216%, the highest auction yield since August 2001, marking a roughly 25-year high. The elevated level shows that long-term borrowing costs remain restrictive despite signs of easing inflation.

The week closed on Friday with retail sales falling 0.6% versus expectations for a 0.1% increase. The sizable miss raised concerns about slowing consumer momentum and suggested economic growth may be losing some steam heading into the third quarter.

Economic and Capital Markets Dashboard

Week Ahead…

The week ahead will be relatively light on major economic data, with markets focused primarily on the Fed and the labor market.

On Wednesday, the Federal Open Market Committee (FOMC) meeting minutes from the July meeting will be released. The Fed held rates at 3.50%–3.75% at that meeting, and the minutes could provide greater detail on how concerned policymakers remain about inflation and what could drive the Fed’s decision at the September meeting. A more hawkish tone could put upward pressure on Treasury yields, while a more dovish read could support expectations for easier policy.

Also on Wednesday, the U.S. Energy Information Administration will release its weekly crude oil inventory report. Oil inventories have been volatile recently, making the report important for assessing near-term supply conditions and energy prices. A meaningful draw could support crude prices and add to inflation concerns, while a build could ease some pressure on energy prices.

On Thursday, initial jobless claims will provide another update on labor-market conditions. Claims increased to 209,000 last week from 200,000, although they remain relatively low. Another increase could indicate that the labor market is beginning to soften, potentially giving the Fed more flexibility on rates, while continued low claims would point to a still-resilient employment backdrop.

The next Manufacturing and Services Flash Purchasing Managers’ Indexes (PMI) will be released the following Thursday. July’s composite PMI rose to 53.6 from 51.9, driven largely by stronger services activity while manufacturing momentum slowed. The August reading will help show whether that growth momentum is continuing and whether business price pressures remain elevated.

Economic Indicators:

CPI: Consumer Price Index measures the average change in prices paid by consumers for goods and services over time. Source: Bureau of Labor Statistics.
Core CPI: Core Consumer Price Index excludes food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Labor Statistics.
PPI: Producer Price Index measures the average change in selling prices received by domestic producers for their output. Source: Bureau of Labor Statistics.
Core PPI: Core Producer Price Index excludes food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Labor Statistics.
PCE: Personal Consumption Expenditures measure the average change in prices paid by consumers for goods and services. Source: Bureau of Economic Analysis.
Core PCE: Core Personal Consumption Expenditures exclude food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Economic Analysis.
Industrial Production: Measures the output of the industrial sector, including manufacturing, mining, and utilities. Source: Federal Reserve.
Mfg New Orders: Measures the value of new orders placed with manufacturers for durable and non-durable goods. Source: Census Bureau.
Durable New Orders: Measures the value of new orders placed with manufacturers of durable goods. Source: Census Bureau.
Durable Inventories: Measures the value of inventories held by manufacturers for durable goods. Source: Census Bureau.
Consumer Confidence (CB, 1985=100): Measures the degree of optimism that consumers feel about the overall state of the economy and their personal financial situation. Source: Conference Board.
ISM Manufacturing Report: Measures the economic health of the manufacturing sector based on surveys of purchasing managers. Source: Institute for Supply Management.
ISM Non-Manufacturing Report: Measures the economic health of the non-manufacturing sector based on surveys of purchasing managers. Source: Institute for Supply Management.
Leading Economic Index: Measures overall economic activity and predicts future economic trends. Source: Conference Board.
Building Permits (Mil. of Units, saar): Measures the number of new residential building permits issued. Source: Census Bureau.
Housing Starts (Mil. of Units, saar): Measures the number of new residential construction projects that have begun. Source: Census Bureau.
New Home Sales (Mil. of Units, saar): Measures the number of newly constructed homes sold. Source: Census Bureau.
SA: Seasonally adjusted.
SAAR: Seasonally adjusted annual rate.

Market Indices & Indicators:

S&P 500: A market-capitalization-weighted index of 500 leading publicly traded companies in the U.S., widely regarded as one of the best gauges of large U.S. stocks and the stock market overall.
Dow Jones 30: Also known as the Dow Jones Industrial Average, it tracks the share price performance of 30 large, publicly traded U.S. companies, serving as a barometer of the stock market and economy.
NASDAQ: The world’s first electronic stock exchange, primarily listing technology giants and operating 29 markets globally.
Russell 1000 Growth: Measures the performance of large-cap growth segment of the U.S. equity universe, including companies with higher price-to-book ratios and growth metrics.
Russell 1000 Value: Measures the performance of large-cap value segment of the U.S. equity universe, including companies with lower price-to-book ratios and growth metrics.
Russell 2000: A market index composed of 2,000 small-cap companies, widely used as a benchmark for small-cap mutual funds.
Wilshire 5000: A market-capitalization-weighted index capturing the performance of all American stocks actively traded in the U.S., representing the broadest measure of the U.S. stock market.
MSCI EAFE Index: An equity index capturing large and mid-cap representation across developed markets countries around the world, excluding the U.S. and Canada.
MSCI Emerging Market Index: Captures large and mid-cap representation across emerging markets countries, covering approximately 85% of the free float-adjusted market capitalization in each country.
VIX: The CBOE Volatility Index measures the market’s expectations for volatility over the coming 30 days, often referred to as the “fear gauge.”
FTSE NAREIT All Equity REITs: Measures the performance of all publicly traded equity real estate investment trusts (REITs) listed in the U.S., excluding mortgage REITs.
S&P U.S. Aggregate Bond Index: Represents the performance of the U.S. investment-grade bond market, including government, corporate, mortgage-backed, and asset-backed securities.
3-Month T-bill Yield (%): The yield on U.S. Treasury bills with a maturity of three months, reflecting short-term interest rates.
10-Year Treasury Yield (%): The yield on U.S. Treasury bonds with a maturity of ten years, reflecting long-term interest rates.
10Y-2Y Treasury Spread (%): The difference between the yields on 10-year and 2-year U.S. Treasury bonds, often used as an indicator of economic expectations.
WTI Crude ($/bl): The price per barrel of West Texas Intermediate crude oil, a benchmark for U.S. oil prices.
Gold ($/Troy Oz): The price per troy ounce of gold, a standard measure for gold prices.
Bitcoin: A decentralized digital currency without a central bank or single administrator, which can be sent from user to user on the peer-to-peer bitcoin network.

This content was developed by Cambridge from sources believed to be reliable. This content is provided for informational purposes only and should not be construed or acted upon as individualized investment advice. It should not be considered a recommendation or solicitation. Information is subject to change. Any forward-looking statements are based on assumptions, may not materialize, and are subject to revision without notice. The information in this material is not intended as tax or legal advice.

Investing involves risk. Depending on the different types of investments there may be varying degrees of risk. Socially responsible investing does not guarantee any amount of success. Clients and prospective clients should be prepared to bear investment loss including loss of original principal. Indices mentioned are unmanaged and cannot be invested into directly. Past performance is not a guarantee of future results.

The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the NASDAQ stock exchange.

Securities offered through Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC, and investment advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Both are wholly-owned subsidiaries of Cambridge Investment Group, Inc. V.CIR.0826-3135

Market Commentary | August 10th, 2026

by lportee53 | Aug 10, 2026 | Market Commentary

Weekly Market Commentary

August 10th, 2026

Week in Review

The week of August 3 was highlighted by a mixed set of economic releases that reinforced two key themes: business activity remained in expansion territory, while labor market indicators softened.

Economic growth data remained constructive throughout July. Manufacturing Purchasing Managers’ Index (PMI) held at 53.9, while ISM Manufacturing PMI rose to 55.6 from 53.3 in June and exceeded expectations. Services activity also remained healthy, with the Services PMI increasing to 54.6 and the ISM Non-Manufacturing PMI registering 54.1. Collectively, these readings indicate continued expansion across both manufacturing and service sectors and suggest economic activity remained resilient despite a slowing labor backdrop.

Inflation pressures also remained elevated. The ISM Manufacturing Prices Index registered 71.1, while the ISM Non-Manufacturing Prices Index increased to 70.3 from 67.7. These readings indicate businesses continue to report meaningful input cost pressures, particularly within the services sector, suggesting inflation remains an area of focus for policymakers.

Labor market data represented the week’s primary source of weakness. Job openings declined to 7.36 million, ADP employment growth totaled 44,000, and July Nonfarm Payrolls unexpectedly fell by 23,000 versus expectations for an 85,000 increase. Average hourly earnings increased by just 0.1% month-over-month, while the unemployment rate improved modestly to 4.1%. Initial jobless claims were little changed at 199,000. Taken together, the data points to a gradually cooling labor market, even as broader economic activity remains constructive.

Overall, the week’s releases suggest the economy continues to expand, though employment trends and inflation pressures remain key areas for investors and policymakers to monitor.

Economic and Capital Markets Dashboard

Week Ahead…

The upcoming week will provide investors with important updates on inflation, consumer activity, and housing conditions, all of which could influence expectations for future Federal Reserve policy decisions. Inflation data will be the primary focus, as both Consumer Price Index (CPI) and Producer Price Index (PPI) reports are scheduled for release.

Consensus expectations call for headline CPI to increase 0.1% month-over-month in July, while annual inflation is projected to ease slightly to 3.4% from 3.5%. Core CPI is expected to rise 0.2%, and PPI is also forecast to increase 0.2%, providing additional insight into underlying pricing pressures across the economy.

Beyond inflation, investors will be monitoring several indicators tied to consumer and housing market health. Retail sales are expected to increase 0.1% in July, while core retail sales are projected to rise 0.2%, helping gauge whether consumer spending remains resilient following the weaker-than-expected July employment report. Existing home sales are expected to register 4.05 million units, offering another perspective on housing market activity amid elevated borrowing costs.

Additional releases include weekly initial jobless claims, crude oil inventory data, and Treasury auctions for both 10-Year Notes and 30-Year Bonds. Overall, this week’s reports should help determine whether inflation continues to moderate, consumer demand remains supportive of growth, and economic activity retains its recent momentum.

Economic Indicators:

CPI: Consumer Price Index measures the average change in prices paid by consumers for goods and services over time. Source: Bureau of Labor Statistics.
Core CPI: Core Consumer Price Index excludes food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Labor Statistics.
PPI: Producer Price Index measures the average change in selling prices received by domestic producers for their output. Source: Bureau of Labor Statistics.
Core PPI: Core Producer Price Index excludes food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Labor Statistics.
PCE: Personal Consumption Expenditures measure the average change in prices paid by consumers for goods and services. Source: Bureau of Economic Analysis.
Core PCE: Core Personal Consumption Expenditures exclude food and energy prices to provide a clearer picture of long-term inflation trends. Source: Bureau of Economic Analysis.
Industrial Production: Measures the output of the industrial sector, including manufacturing, mining, and utilities. Source: Federal Reserve.
Mfg New Orders: Measures the value of new orders placed with manufacturers for durable and non-durable goods. Source: Census Bureau.
Durable New Orders: Measures the value of new orders placed with manufacturers of durable goods. Source: Census Bureau.
Durable Inventories: Measures the value of inventories held by manufacturers for durable goods. Source: Census Bureau.
Consumer Confidence (CB, 1985=100): Measures the degree of optimism that consumers feel about the overall state of the economy and their personal financial situation. Source: Conference Board.
ISM Manufacturing Report: Measures the economic health of the manufacturing sector based on surveys of purchasing managers. Source: Institute for Supply Management.
ISM Non-Manufacturing Report: Measures the economic health of the non-manufacturing sector based on surveys of purchasing managers. Source: Institute for Supply Management.
Leading Economic Index: Measures overall economic activity and predicts future economic trends. Source: Conference Board.
Building Permits (Mil. of Units, saar): Measures the number of new residential building permits issued. Source: Census Bureau.
Housing Starts (Mil. of Units, saar): Measures the number of new residential construction projects that have begun. Source: Census Bureau.
New Home Sales (Mil. of Units, saar): Measures the number of newly constructed homes sold. Source: Census Bureau.
SA: Seasonally adjusted.
SAAR: Seasonally adjusted annual rate.

Market Indices & Indicators:

S&P 500: A market-capitalization-weighted index of 500 leading publicly traded companies in the U.S., widely regarded as one of the best gauges of large U.S. stocks and the stock market overall.
Dow Jones 30: Also known as the Dow Jones Industrial Average, it tracks the share price performance of 30 large, publicly traded U.S. companies, serving as a barometer of the stock market and economy.
NASDAQ: The world’s first electronic stock exchange, primarily listing technology giants and operating 29 markets globally.
Russell 1000 Growth: Measures the performance of large-cap growth segment of the U.S. equity universe, including companies with higher price-to-book ratios and growth metrics.
Russell 1000 Value: Measures the performance of large-cap value segment of the U.S. equity universe, including companies with lower price-to-book ratios and growth metrics.
Russell 2000: A market index composed of 2,000 small-cap companies, widely used as a benchmark for small-cap mutual funds.
Wilshire 5000: A market-capitalization-weighted index capturing the performance of all American stocks actively traded in the U.S., representing the broadest measure of the U.S. stock market.
MSCI EAFE Index: An equity index capturing large and mid-cap representation across developed markets countries around the world, excluding the U.S. and Canada.
MSCI Emerging Market Index: Captures large and mid-cap representation across emerging markets countries, covering approximately 85% of the free float-adjusted market capitalization in each country.
VIX: The CBOE Volatility Index measures the market’s expectations for volatility over the coming 30 days, often referred to as the “fear gauge.”
FTSE NAREIT All Equity REITs: Measures the performance of all publicly traded equity real estate investment trusts (REITs) listed in the U.S., excluding mortgage REITs.
S&P U.S. Aggregate Bond Index: Represents the performance of the U.S. investment-grade bond market, including government, corporate, mortgage-backed, and asset-backed securities.
3-Month T-bill Yield (%): The yield on U.S. Treasury bills with a maturity of three months, reflecting short-term interest rates.
10-Year Treasury Yield (%): The yield on U.S. Treasury bonds with a maturity of ten years, reflecting long-term interest rates.
10Y-2Y Treasury Spread (%): The difference between the yields on 10-year and 2-year U.S. Treasury bonds, often used as an indicator of economic expectations.
WTI Crude ($/bl): The price per barrel of West Texas Intermediate crude oil, a benchmark for U.S. oil prices.
Gold ($/Troy Oz): The price per troy ounce of gold, a standard measure for gold prices.
Bitcoin: A decentralized digital currency without a central bank or single administrator, which can be sent from user to user on the peer-to-peer bitcoin network.

This content was developed by Cambridge from sources believed to be reliable. This content is provided for informational purposes only and should not be construed or acted upon as individualized investment advice. It should not be considered a recommendation or solicitation. Information is subject to change. Any forward-looking statements are based on assumptions, may not materialize, and are subject to revision without notice. The information in this material is not intended as tax or legal advice.

Investing involves risk. Depending on the different types of investments there may be varying degrees of risk. Socially responsible investing does not guarantee any amount of success. Clients and prospective clients should be prepared to bear investment loss including loss of original principal. Indices mentioned are unmanaged and cannot be invested into directly. Past performance is not a guarantee of future results.

The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the NASDAQ stock exchange.

Securities offered through Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC, and investment advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Both are wholly-owned subsidiaries of Cambridge Investment Group, Inc. V.CIR.0826-3047