While 2021 ended with strong gains in the S&P 500 and Nasdaq, up +28.7% *and +21.4%* respectively, the first quarter and year-to-date performances of 2022 are markedly different: year-to-date***, the Nasdaq is down 21%*, and the S&P 500 is off 13.5%*. Bonds declined as well: the Barclays US Aggregate Bond Index was down 5.9%.*

Inflation concerns stuck hard as the CPI surged to a 40-year high, hitting 8.5%** at quarter’s end, with the Fed vowing to tame inflation by raising interest rates more aggressively than expected. That, combined with Russia’s full-scale and unforeseen invasion of Ukraine and it’s still unfolding impact on global economic growth, has brought massive and continuing volatility, e.g., in April, the Nasdaq was down a whopping 13%*, the worst performance since the peak of the financial crisis in fall ’08.

Growth-oriented, high valuation tech stocks have been hit hardest, market leaders whose fall as spooked investors while simultaneously providing buying opportunities rarely seen.

While economic growth is slowing from the extreme bounceback seen last year, a re-balancing of supply and demand caused by the economic disruptions of covid containment efforts is underway; and corporate earnings, with 80% of first quarter earnings having been reported, are expected to be up this
year in a healthy 7+%***range.

Unemployment at 3.6%*, continues to decline, with 1.6 jobs open per jobseeker, and is close to the pre-pandemic low of 3.5%*. Consumer and corporate balance sheets are in the best shape in years, and consumer spending continues to be strong with Delta Airlines, for instance, the industry bellwether, reporting the strongest demand in the firm’s history just a few weeks ago.

And despite all the hubbub, interest rates are still not high in absolute terms. As the second quarter begins, the same headwinds of inflation/rate hikes and geopolitical uncertainties will likely continue to preoccupy investors. Until there are clear signs that inflation is peaking, stock market volatility promises to stay high.

At BD8 Capital Partners, our portfolios are well-positioned for the long-term, with investments in well-run companies that are leaders in their industries with long trajectories of growth ahead, whose fundamentals should support stock price appreciation over time, despite near-term uncertainties.

We continue to focus on your financial planning and investment needs and have an audited track record to back up our unwavering commitment to your financial health and well-being.

Please don’t hesitate to contact us with any questions and concerns.

With warmest regards,
Barb,
Barbara Doran
CEO CIO
BD8 Capital Partners LLC
Cell: 917-733-7644
Fax: 917-580-6882

bdoran@bd8cap.com
linkedin.com/in/barbara-doran-7aa248
https://twitter.com/barbara_doran1__

***Ytd as of 5.2.22
**US Bureau of Labor Statistics
*FactSet

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