Doll’s Deliberations

Fed Cut Uncertainty Weights on Risk Assets (Especially High-Flyers)

Bob Doll reviews a volatile week in markets as strong third‑quarter earnings clashed with rising uncertainty about Federal Reserve rate cuts, sending high‑momentum stocks lower despite better‑than‑expected corporate results.
The episode explains why earnings strength hasn’t been enough to sustain rallies, highlights risks from AI spending and credit trends, and advises watching credit spreads and valuation pressure as the market shifts to a more discriminating environment.
For a copy of this week's Doll's Deliberations click on the following link November 24 or go to www.crossmarkglobal.com for additional insight and investment solutions.

Liquidity Remains Despite Reduced Likelihood of a December Fed Cut

Bob Doll reviews a mixed market week, where the Dow and S&P were slightly up while the NASDAQ and Russell 2000 lagged. He explains why plentiful liquidity persists despite a reduced likelihood of a December Fed rate cut, and how fiscal looseness, sticky inflation, and rising long-term yields shape asset prices.
The episode covers key risks and signals: government reopening, mixed labor and economic data, tech-driven market concentration, widening high-yield spreads, gold’s rally, and the U.S. dollar’s technical bounce — all framed as potential triggers that could eventually end the current market cycle.
For a copy of this week's Doll's Deliberations click on the following link November 17 or go to www.crossmarkglobal.com for additional insight and investment solutions.

Good Earnings Reports are Being Met with a Yawn

This episode reviews last week’s market pullback after three weeks of gains, highlighting sector winners and losers, breadth concerns, and subdued investor reactions to strong earnings.
Bob Doll explains the macro backdrop—solid global growth, high valuations, and expectations for fewer Fed cuts—then offers a cautious view: diversify portfolios as returns may be lower over the next 6–12 months despite rising earnings.
For a copy of this week's Doll's Deliberations click on the following link November 10 or go to www.crossmarkglobal.com for additional insight and investment solutions.

The Stimulus Party Continues

Bob Doll summarizes the week: the Fed cut rates 25 basis points and will end quantitative tightening on December 1, while big-cap tech earnings beat expectations and drove market gains even as small caps and several sectors lagged. Emerging markets also showed strong performance amid continued central bank easing.
Valuations and risk-taking have pushed many metrics to extremes, with inflation around 3% complicating further rate cuts. Doll concludes that asset-price inflation will likely persist near term unless a major bond-yield rise or policy shock occurs, so speculative activity should be monitored.
For a copy of this week's Doll's Deliberations click on the following link November 2 or go to www.crossmarkglobal.com for additional insight and investment solutions.

Environment Remains Supportive Despite Occasional Air Pockets

Stocks reached new highs as markets lean on Fed easing, favorable inflation data, and solid earnings, while select sectors lead gains and only a few lag.
Despite a broadly supportive macro backdrop, markets are overbought and vulnerable to sharp corrections in assets with large "air pockets" such as gold and cryptocurrencies.
Key themes include below-consensus CPI, limited fresh U.S. data due to the government shutdown, resilient corporate earnings supported by AI investment, and ongoing risks from inflation and geopolitical/political events.
For a copy of this week's Doll's Deliberations click on the following link October 27 or go to www.crossmarkglobal.com for additional insight and investment solutions.

The High Risk Bull Market Continues

Stocks rebounded after a volatile week, with the S&P up 1.75% following a sharp sell-off. Q3 earnings kicked off strongly led by big banks, while communication services and real estate led sector gains amid churning below the surface.
Economic indicators and Fed signals point to slowing growth: the Beige Book and ISM services show weakness, the labor market has cooled, and Fed remarks and minutes suggest increased uncertainty about the path for rates — raising odds of an October cut. Watch Q3 earnings for signs around deregulation, AI capex, consumer health, and power costs.
Geopolitical and policy risks have re-emerged with U.S.-China tensions, tariffs and rare earth measures, and a continuing government shutdown. Precious metals have surged, and the recommended portfolio stance favors high-quality Treasuries and caution on credit and high-yield exposure.
For a copy of this week's Doll's Deliberations click on the following link October 20 or go to www.crossmarkglobal.com for additional insight and investment solutions.

Quarterly Market Update

Quick Q3 roundup: equities climbed as strong corporate earnings, AI optimism, and expectations of Fed easing drove markets higher, while short-term yields eased and technology led sector gains.
But the backdrop is mixed — hiring has slowed, inflation remains stubborn, valuations are elevated, and soaring fiscal deficits add risk. Stay engaged with markets but remain vigilant.
For a copy of the Quarterly Market Update and review of the top 10 predictions click on the following link October 13 or go to www.crossmarkglobal.com for additional insight and investment solutions.

Good economic outlook constrained by high valuations

Bob Doll reviews recent market gains and the drivers behind them: optimism about a temporary labor slowdown, expectations of Fed easing, and strong corporate profits—especially among mega-cap tech companies—while warning that equity valuations are already elevated.
He recommends a cautious stance: prefer equities over bonds on a 6–12 month horizon but keep a neutral overall equity weight, modestly underweight U.S. exposure and overweight emerging markets, the euro area, and Japan, noting the main risk is a sudden rise in bond yields if inflation stays sticky.
For a copy of this week's Doll's Deliberations click on the following link October 6 or go to www.crossmarkglobal.com
for additional insight and investment solutions.

Accommodative Central Banks Fuel Higher Prices

Bob Doll reviews the latest market action, noting a weekly pullback despite strong rallies and top-performing sectors like energy and utilities.
He argues that accommodative central banks and rising corporate profits have kept risk assets elevated, while stretched valuations, rising gold, and high AI stock multiples create vulnerabilities.
Ten key takeaways cover GDP forecasts, labor market cracks, margins and valuation metrics, and the conditions that could reverse the trend — notably higher bond yields or disappointing economic and earnings growth.
For a copy of this week's Doll's Deliberations click on the following link September 29 or go to www.crossmarkglobal.com for additional insight and investment solutions.

Rate Cutting Resumes but Will Likely Be Limited

Stocks extended gains after the Fed’s 25bp ‘risk-management’ rate cut, with major averages and sectors like tech and communication services hitting new highs. Economic growth has cooled but is not recessionary, while inflation remains stickier than policymakers would like.
Monetary conditions are becoming more accommodative, supporting asset prices for now, but rich valuations and the prospect of a renewed rise in bond yields pose downside risks if inflation or policy expectations shift.
For a copy of this week's Doll's Deliberation click on the following link September 22 or go to www.crossmarkglobal.com for additional insight and investment solutions.