Currents and Conditions
It's been a good week to stay steady. Stocks wobbled early on worries about how much tech companies are spending on AI, then bounced back as that worry faded and oil prices dropped, which helped calm interest rates too. Markets are sitting right near their highs for the year.
We remain firmly in the camp that the long term direction of this market, and the economy underneath it, is up and to the right. A choppy day or two doesn't change that picture. Weeks like this one are simply the price of admission for the growth we're after over the long run.
The Winds of the Week
Two things are shaping this week for us. Nvidia reported earnings Wednesday after the close, and given how much weight it carries, its results and outlook will likely be setting the tone for tech stocks as you read this. And this morning, new Fed Chair Kevin Warsh gives his first big speech at the Jackson Hole conference in Wyoming. It's his first real chance to show his hand ahead of next month's Fed meeting, so we're paying close attention.
Perspectives
Weeks like this one are exactly why we build your plan around your goals, not the headlines. It's easy to feel like a rocky day or a big Fed speech calls for a change. It rarely does. We've sat through plenty of weeks like this one together, and the steadier path almost always wins out: know what you own, keep enough set aside so you're never forced to sell at a bad time, and let time do its work. We stay long term bullish on this market and this economy. Short term noise will always feel louder than it deserves to.
Charting the Course
- Today, Friday, Aug 28: Fed Chair Kevin Warsh gives his first Jackson Hole speech at 10:00 a.m. ET. We'll be watching for clues on where rates head next.
- Coming up: Markets closed Monday, September 7, for Labor Day.
- Next big date: The Fed's next rate decision comes September 16.
Between the Tides of Our Local Community
Community Spotlight: Jacksonville
Looking ahead on the First Coast: Jags wrap up the preseason Friday night at Everbank Stadium against the Tampa Bay Bucs, the Beaches Green Market returns to Penman Park this Saturday, August 29, from 10 a.m. to 2 p.m., a great stop for fresh, local produce. The Jacksonville Jumbo Shrimp are home at VyStar Ballpark against the Gwinnett Stripers in the days ahead, an easy, low-key outing for family or friends. And Labor Day weekend, September 5 through 7, brings the unofficial close of summer, with beach days and cookouts across town before markets pause for the holiday on Monday, September 7.
Warm regards,
Mark Ross & Scott Wohlers
Managing Partners
TradeWinds Wealth Partners
This newsletter is provided for informational purposes only and does not constitute investment, legal, or tax advice. Market data and commentary reflect conditions as of the date of publication and are subject to change without notice. Past performance is not indicative of future results. Please consult with your TradeWinds Wealth Partners advisor before making any changes to your financial plan. TradeWinds Wealth Partners is a trade name of Elevation Point Wealth Partners, LLC, a registered investment adviser.