Northstar Articles

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Market Navigator—Week of January 12, 2026

Equity markets rallied, with the S&P 500, Dow Jones Industrial Average, and Russell 2000 all closing at record highs as market breadth continued to expand. With employment data weaker than expected, investors continued to believe that the Federal Reserve (Fed) will reduce interest rates this year.

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Market Navigator—Week of January 5, 2026

In a holiday-shortened trading week, the lackluster performance of U.S. equities was the theme. All major indices declined, with the Nasdaq, down 1.5 percent, being the worst performing. Growth-oriented stocks came under pressure, as investors once again rotated into more economically sensitive stocks like energy. Treasuries declined as well, as yields on the 10-year bond rose 5 basis points to just under 4.2 percent.

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Market Navigator—Week of December 22, 2025

U.S. equity markets were mixed. The Nasdaq Composite and the S&P 500 rallied on Thursday and Friday, allowing the indices to close higher, whereas the Dow Jones Industrial Average and the small-cap Russell 2000 were down. Growth-oriented companies rose but cyclical value stocks gave up some of their gains from the previous week. Treasuries were stronger across the yield curve.

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Market Navigator—Week of December 15, 2025

U.S. equities were mixed. Growth stocks came under pressure, dragging down the Nasdaq Composite and S&P 500. Conversely, as investors sought value opportunities, the Dow Jones Industrial Average and the small-cap Russell 2000 rallied. After last week’s Federal Open Market Committee (FOMC) meeting, interest rates were reduced 25 basis points (bps), as expected.

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Market Navigator—Week of December 8, 2025

Led by the Nasdaq Composite and the small-cap Russell 2000, U.S. equities rallied again last week. Treasuries were weaker as stronger economic data had investors questioning the pace of Federal Reserve (Fed) easing in 2026. Service sector confidence, personal income and spending, and consumer confidence exceeded expectations, indicating the economy remains on solid footing.

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Market Navigator—Week of December 1, 2025

U.S. equities rallied across the board during the holiday-shortened week. The small-cap Russell 2000 led the market, growing more than 5 percent. Treasuries also rallied. Investors responded to more favorable commentary about the possibility of another interest rate reduction next week. Federal Reserve (Fed) speakers continued to cite concerns about the health of the labor market.

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Market Navigator—Week of November 17, 2025

U.S. equities were mixed, with continuing investor concerns about companies earning a return on their AI spending. Divergent views by Federal Reserve (Fed) Fed officials about the potential for an interest rate cut next month led to weakness in the Treasury market. With the longest government shutdown ending, delayed economic data will begin to be released.

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Market Navigator — Week of November 10, 2025

U.S. equities declined after three consecutive weeks of gains. The sell-off was led by weakness from big technology firms. AI spending and the returns companies could earn on that investment continued to come under scrutiny. ADP reported employment gains for October, but consumer confidence continued to deteriorate on concerns about the government shutdown.

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Market Navigator — Week of November 3, 2025

Led by the Nasdaq Composite, U.S. equities rose last week. Other indices had more muted returns, and the small-cap Russell 2000 declined for the first time in four weeks. Stocks sold off midweek after the Federal Reserve (Fed) lowered interest rates 25 basis points (bps), but stronger earnings led to a late-week rally. Treasuries declined modestly.

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Market Navigator — Week of October 27, 2025

U.S. equities, supported by a strong rally on Friday, were up across the board last week because of a better-than-expected Consumer Price Index (CPI) report. The S&P 500, Nasdaq Composite, Dow Jones Industrial Average, and Russell 2000 closed at all-time highs. Treasuries rallied modestly, also in response to the inflation data.

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Market Update—Week of October 20, 2025

U.S. equities moved higher last week, rebounding from the trade tension‒induced sell-off the previous week. Semiconductors, credit cards, apparel, airlines, and restaurants helped lead markets higher last week. This was offset by a sell-off in some of the regional banks, which noted some areas of softness as well as the impact of some recent bankruptcies. Treasuries saw the 2-year yield hit a 3-year low, while the 10-year fell below 4 percent. How long the market continues to ignore the government shutdown remains to be seen.

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Market Navigator—Week of October 13, 2025

U.S. equities were down last week after a late sell-off. Although stocks set another all-time high midweek, Friday was the worst day for equities since April as renewed concerns about trade negotiations and tariffs between the U.S. and China dragged markets down. Treasuries rallied modestly, in large part because of a flight to quality related to the equity decline.

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Market Navigator—Week of October 6, 2025

U.S. equities extended gains, with all major indices reaching record highs amid optimism over potential Federal Reserve (Fed) easing and steady consumer resilience. Treasuries weakened and the yield curve flattened as stronger growth signals and mixed central bank commentary tempered rate cut expectations. Credit markets remained stable and spreads stayed tight.

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Market Navigator: Week of September 29, 2025

U.S. equities pulled back after a multiweek rally, with late-week gains trimming losses as traders weighed resilient growth data against mixed Federal Reserve (Fed) signals and new tariff headlines. Treasuries weakened and the yield curve flattened on tepid auction demand and reduced bets for aggressive rate cuts. Credit spreads stayed tight despite rising geopolitical tensions.

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Market Navigator—Week of September 22, 2025

U.S. equities climbed as AI enthusiasm and strong corporate guidance lifted mega-cap technology and semiconductor stocks, with Nvidia and Alphabet leading the way. Retail sales beat expectations and jobless claims fell, easing stagflation concerns. Treasuries sold off and the yield curve steepened as stronger data tempered aggressive Federal Reserve (Fed) rate cut bets.

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Market Navigator—Week of September 15, 2025

With technology leading on strong, AI-driven results, U.S. equities rose. Investors looked ahead to this week’s Federal Open Market Committee (FOMC) meeting, with an interest rate cut of 25 basis points (bps) fully priced in. Treasuries firmed and the yield curve flattened as weak labor data and mixed inflation reinforced expectations for further policy easing.

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Market Navigator—Week of September 8, 2025

U.S. equities were mixed; the S&P 500 Index and Nasdaq Composite Index finished higher but the Dow Jones Industrial Average slipped. Tech and small-caps outperformed, whereas energy and utilities lagged. Treasuries rallied as weak labor data and rising jobless claims fueled demand. September rate cut expectations strengthened despite tariff uncertainty.

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Market Navigator—Week of September 2, 2025

U.S. equities were mostly lower. Small-caps and cyclical groups outperformed but defensive stocks lagged. Retail earnings pointed to resilient consumer spending at the higher end, but tariff headwinds and Federal Reserve (Fed) independence concerns pressured sentiment. Treasuries were mixed, with the yield curve steepening, as expectations for a rate cut this month remained intact.

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Market Navigator—Week of August 25, 2025

U.S. equities were mixed; small-caps, value, and cyclical groups outperformed but technology underperformed. Retail earnings highlighted consumer resilience. Inflation data and AI concerns pressured sentiment before dovish remarks from Federal Reserve (Fed) Chair Jerome Powell sparked a rally. Treasuries firmed, with the yield curve steepening, as markets priced greater conviction in a September rate cut.

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Market Navigator—Week of August 18, 2025

U.S. equities advanced as small-caps and retail favorites outperformed. Defensive sectors such as utilities, REITs, and grocers lagged. Treasuries firmed at the long end of the yield curve, the dollar softened, and strong conviction in a Federal Reserve (Fed) interest rate cut next month kept sentiment positive.