A challenging week for the markets. The S&P/Nasdaq were down 2%/4% as of Thursday’s close as concerns around software’s vulnerability to AI and continued high AI-related capex at Google and Amazon weighed on the broader market. Software stocks weren’t the only ones who had a difficult week. Bitcoin slumped to below $65,000 (a level not...
The S&P500/Nasdaq were each down ~1% this week, as continued concerns around AI-related capital spending (especially in names like Oracle and Broadcom) were offset by a cooler-than-expected CPI print. YTD the S&P500/Nasdaq100 are now +15/+19%. Our NPM Private Market Tracker*, which shows the estimated average price performance of the 50 largest names in our internal...
Public markets were flattish over the past week, with the S&P500/Nasdaq100 0%/0%. YTD the S&P500/Nasdaq100 are now +17/+22%. Equities shrugged off a 25bp Fed rate cut on Wed, which notes show was highly debated. Our NPM Private Market Tracker*, which shows the average price performance of the 50 largest names in our internal Tape D®...
The S&P 500 and Nasdaq 100 were down ~1% and ~2.4%, respectively, this week with Thursday’s CPI print (higher-than-expected inflation) and fresh concerns around tech valuations ending a mid-week rally. YTD the S&P500/Nasdaq100 are now +15/+18%. Our NPM Private Market Tracker*, which shows the estimated average price performance of the 50 largest names in our...
Public markets were weak over the past week, with the S&P500/Nasdaq100 -3%/-5%. YTD the S&P500/Nasdaq100 are now +13/+17%. In our view, weak performance was driven primarily by concerns about labor market weakness and AI “bubble” anxiety. Our NPM Private Market Tracker*, which shows the average price performance of the 50 largest names in our internal...
Public markets were strong over the past week, with the S&P500/Nasdaq100 +2%/+3%. YTD the S&P500/Nasdaq100 are now +17/+23%. In our view, strong performance was driven primarily by hope of a China trade deal and a 25bp rate cut by the FOMC. Our NPM Private Market Tracker*, which shows the average price performance of the 50...
The S&P 500 and Nasdaq 100 each ended the week up about 1%, buoyed by strong earnings from technology companies and banks (though Tesla and Netflix were notable underperformers on earnings). YTD the S&P500/Nasdaq100 are now +16/+19%. Our NPM Private Market Tracker*, which shows the estimated average price performance of the 50 largest names in...
Public markets were soft over the past week, with the S&P500/Nasdaq100 -2%/-2%. YTD the S&P500/Nasdaq100 are now +13/+17%. In our view, weak performance was driven primarily by China tariff fears and weakness in certain regional banks (e.g. ZION) around credit concerns. (Source: Bloomberg)
Public markets were up slightly over the past week, with the S&P500/Nasdaq100 +1%/+2%. YTD the S&P500/Nasdaq100 are now +15/+20%. Our NPM Private Market Tracker*, which shows the estimated average price performance of the 50 largest names in our internal Tape D® data, is now +25% YTD. (Source: NPM; Bloomberg)
The SP500, Nasdaq100, DJII and Russell 2000 all hit all-time highs this week which, has only occurred on 25 other days this century. YTD the S&P500/Nasdaq100 are now +12/+14%. In our view, positive performance was driven by continued optimism about the prospects for rate cuts, beginning with the next Fed meeting on 9/17, despite inflation...
Public markets were flattish over the past week, with the S&P500/Nasdaq100 0%/+1%. YTD the S&P500/Nasdaq100 are now +12/+14%. In our view, positive performance was driven by continued optimism about the prospects for rate cuts, beginning with the next Fed meeting on 9/17, despite inflation data on 9/11 that was “hotter” than expected. Our NPM Private...
Public markets were relatively flat over the past week, with the S&P500/Nasdaq100 +1%/+0%. YTD the S&P500/Nasdaq100 are now +9%/+11%. Major market stories this week included strong earnings from MSFT and META and a handful of new tariff announcements. In addition, the Federal Reserve opted to keep rates unchanged for the fifth consecutive meeting on Wednesday....
Public markets trended up slightly over the past week, with the S&P500/Nasdaq100 +1%/+1%. YTD the S&P500/Nasdaq100 are now +8%/+11%. Our NPM Private Market Tracker*, which shows the estimated average price performance of the 50 largest names in our internal Tape D® data, is now +20% YTD, significantly outperforming public markets.
Public markets were flat over the past week, with the S&P500/Nasdaq100 +0%/+1%. YTD the S&P500/Nasdaq100 are now +7%/+10%. Our NPM Private Market Tracker*, which shows the estimated average price performance of the 50 largest names in our internal Tape D® data, is now +18% YTD, significantly outperforming public markets.
The private secondary market had its best first half in at least three years. Our NPM Private Market Tracker*, which shows the estimated average price performance of the 170 largest names in our internal Tape D® data, was +16% over the first half of the year. If we zoom in to just the top 50...
Public markets were strong over the past week, with the S&P500/Nasdaq100 +3%/+4%. YTD the S&P500/Nasdaq100 are now +4%/+7%. Strong performance on the week was driven by (1) news of an Iran/Israel ceasefire and (2) encouraging updates from the Trump administration regarding a trade truce with China. Our NPM Private Market Tracker*, which shows the estimated...
Public markets were buoyant over the past week, with the S&P500/Nasdaq100 +2%/+2%. YTD the S&P500/Nasdaq100 are now +3%/+4%. In our view, favorable May inflation data and increased optimism on a US/China trade deal were the primary drivers of performance. Our NPM Private Market Tracker*, which shows the estimated average price performance of the 50 largest...
Public markets were largely flat this week, with the S&P500/Nasdaq100 +0%/+1%. On 6/5 the ECB announced a ¼ point rate cut to 2%, partially in response to uncertainty over US trade policy. TSLA shares were down 14% on 6/5 after the Trump administration threatened to revoke contracts with Elon Musk companies, of which we believe...
Public markets rallied slightly this week, with the S&P500/Nasdaq100 trading up 1%/1%, offsetting last week’s losses. On 5/28, a US court ruled that the Trump administration’s “Liberation Day” (4/2) tariffs were unconstitutional. In addition, on 5/27, the consumer confidence index from the Conference Board exceeded estimates and rebounded sharply from April (Source: Bloomberg). Since 4/2,...
Public markets were slightly softer this past week, with the S&P500/Nasdaq100 trading down 1%/1%. Concerns over the US fiscal outlook and trade policy were somewhat offset by generally strong corporate earnings. Since “Liberation Day” on 4/2 the SP500/Nasdaq100 are now +3%/+8%. Our NPM Private Market Tracker*, which shows the estimated average price performance of the...
Public markets have now fully recouped their losses for the year, with the S&P500/NASDAQ100 now +0%/+1% YTD. Sentiment was buoyed by optimism for a trade deal with China, where the US agreed to temporarily drop tariffs on Chinese imports to 30% from 145% and China dropped reciprocal tariffs to 10% from 125%. In addition, April...
Both public and private equity markets have almost fully retraced their “Liberation Day” (4/2) losses. While the Covid 19 selloff and recovery was steeper, this most recent rally marks one of the faster public equity recoveries from a bear market (i.e. S&P selling off >20%) on record. For the two weeks from 4/21-5/2 the S&P500...
The fever on the tariff “crisis” appears to have broken, at least for now. As of Thursday, the S&P500 is +2% for the week (Bloomberg). Since “Liberation Day” on 4/2 the SP500/Nasdaq100 are now -1%/+1%. Our NPM Private Market Tracker*, which shows the estimated average price performance of the 170 largest names in our internal...
We have made it through another volatile week. As of Thursday, the S&P500 is +3% for the week, more than recovering from Monday’s 2% selloff (Bloomberg).
Amid many ups and downs, since peaking on 2/19, the S&P500 is down 14%, and the tech heavy NASDAQ100 is down 13%. Private markets have fared better, with our NPM Private Market Tracker*, which shows the estimated average price performance of the 50 largest names in our internal Tape D® data essentially flat.
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