Doll’s Deliberations

Degrees of Freedom Shrink: Cracks in Tech and Rising Bond Risk

Bob Doll reviews a mixed week for stocks with narrow breadth, tech volatility, and standout gains in technology, energy, and communications while materials and healthcare lagged. He highlights growing cracks in high‑valuation tech names amid a persistent liquidity backdrop and firming corporate profits.
The note warns that sticky inflation and higher bond yields could reduce investors' freedom, with widening CCC credit spreads an early caution signal. While central banks remain relatively patient, policy rates may need to rise and a gradual market rotation into lagging sectors is possible if high‑fliers cool.
For a copy of this week's Doll's Deliberations click on the following link July 13 or go to www.crossmarkglobal.com for additional insight and invesstment solutions.
 

Q2 Market Pulse: AI Surge & $100 Oil's Surprise Rally

Bob Doll reviews a surprisingly strong Q2: equities rallied despite geopolitical shocks and $100 oil, driven by AI-led earnings, a semiconductor boom, and easing Middle East tensions that lowered oil and bond-market pressures.
He outlines a cautious outlook for H2 — sticky inflation, potential Fed hikes, geopolitical fragmentation, and continued AI-driven CapEx as key market drivers — and concludes that while growth remains supported, rising inflation risk narrows the path for further gains.
For a copy of this week's Doll's Deliberations click on the following link Doll’s Deliberations - Crossmark Global Investments or go to www.crossmarkglobal.com for additional insight and investment solutions.

War MOU Needs Work; Fed Sends Yellow Light

Stocks rose as a U.S.–Iran agreement reopened the Strait of Hormuz, sending energy prices lower and lifting risk assets with the Dow and Russell hitting records and the S&P up for its 11th week out of 12.
While the ceasefire extension supports continued economic expansion and corporate profits, lasting peace is uncertain and setbacks remain possible.
The Fed’s hawkish shift and higher odds of rate hikes this year have increased caution for investors, suggesting that building on first-half gains may be more difficult.
For a copy of this week's Doll's Deliberation click on the following link Doll’s Deliberations - Crossmark Global Investments or go to www.crossmarkglobal.com for additional insight and investment solutions.

IPO Flood: Can Markets Digest the New Supply?

Markets rose last week with the S&P up about 0.66%, led by materials, staples and financials while tech lagged. A wave of large U.S. tech IPOs, including SpaceX's debut, raises concerns about oversupply amid frothy valuations and volatile sentiment.
May CPI showed sticky inflation, and Fed pricing now implies more hikes ahead, but corporate earnings growth looks resilient. The main risks are a short-term tech-led correction, energy supply uncertainty (Strait of Hormuz) and potential credit contagion; however, policy support and strong profits should limit lasting damage.
For a copy of this week's Doll's Deliberations click on the following link Doll’s Deliberations - Crossmark Global Investments or go to www.crossmarkglobal.com for additional insight and investment solutions.

Expectations Remain High — Is Liquidity the Next Test?

Bob Doll reviews a sharp weekly pullback in the S&P 500, sector winners and losers, and the key drivers behind market optimism — strong AI-driven earnings, oil and shipping risks tied to the Strait of Hormuz, and persistently sticky inflation.
He warns that investor exuberance may be overdone as liquidity could tighten, pushing bond yields higher and pressuring equity valuations; the recommendation is a balanced but pro-growth tilt to stocks over bonds while monitoring rising yield and inflation risks.
For a copy of this week's Doll's Deliberations, click on the following link Doll’s Deliberations - Crossmark Global Investments or go to www.crossmarkglobal.com for additional insight and investment solutions.

Markets Continue to Focus on the Positives

Stocks closed at record highs for the ninth straight week as technology and consumer discretionary led gains, while oil and bond yields eased on hopes for an Iran deal to reopen the Strait of Hormuz.
Despite strong earnings growth and supportive policy, rising inflation tied to higher energy costs and dwindling oil inventories pose a risk that a brief risk-off episode may be needed to spur agreement; the outlook remains biased toward a higher stock-to-bond ratio over the next 6–12 months.
For a copy of this week's Doll's Deliberations click on the following link Doll’s Deliberations - Crossmark Global Investments or go to www.crossmarkglobal.com for additional insight in investment solutions.

Can High Bond Yields and High Stock Prices Co-Exist?

Bob Doll reviews a week of rising stocks and sectors led by utilities, healthcare, and real estate, while rising bond yields and the Iran conflict create fresh market risks.
The episode examines whether high bond yields can coexist with high stock prices, highlights the impact of energy shocks and AI-driven earnings, and concludes that solid corporate profits and accommodative policy support markets — but a prolonged Strait of Hormuz disruption or further yield increases could trigger a correction.
For a copy of this week's Doll's Deliberations click on the following link May 26 or go to www.crossmarkglobal.com for additional insight and investment solutions.

Both Stocks and Oil Stay Resilient — But Time's Running Out

Markets showed narrow gains with the S&P 500 trading near all-time highs while other averages lagged. Energy led sector performance as oil prices rose on continued Strait of Hormuz disruption, but overall economic data and strong corporate earnings have so far supported risk assets.
Key risks include a prolonged closure of the strait that could drain global oil reserves and push inflation higher, prompting a rapid market re-pricing. Investors should monitor developments closely and be prepared to de-risk if the situation does not resolve soon.
For a copy of this week's Doll's Deliberations click on the following link May 18 or go to www.crossmarkglobal.com for additional insight and investment solutions.

Markets Rally as Oil & War Cross-Currents Clash

Bob Doll reviews the May 11, 2026 market update: a sixth straight week of all-time highs for the S&P 500, strong earnings—especially in tech and AI—and a 16% six-week gain.
He explains how oil price volatility and Middle East tensions, centered on the Strait of Hormuz, are creating cross-currents that could boost inflation and bond yields, while central banks and investors weigh the trade-off between pro-growth positioning and tactical risk reduction.
The episode concludes with Doll's outlook: the global expansion is likely to persist if the strait reopens, but investors should watch oil, inflation, and geopolitical developments closely.
For a copy of this week's Doll's Deliberations click on the following link May 11 or go to www.crossmarkglobal.com for additional insight and investment solutions.

Fingers Crossed/Cautiously Optimistic

Bob Doll reviews last week’s market rally—S&P and Nasdaq posted a fifth straight weekly gain and reached new highs—driven by strong earnings and resilient economic data despite Middle East tensions that have tightened oil and commodity supplies.
He offers a cautiously optimistic outlook: monetary and fiscal support favor equities over bonds, but elevated valuations, potential supply shocks, and geopolitical risks point to moderate returns with above‑average volatility in the months ahead.
For a copy of this week's Doll's Deliberations click on the following link May 4 or go to www.crossmarkglobal.com for additional insight and investment solutions.