Oxford Harriman & Company proudly announces that Tom Erb, a Senior Managing Director and Partner, has once again been recognized on AdvisorHub’s list of the “100 Solo Advisors to Watch in the United States” for 2025. This marks the third consecutive year (2023-2025) that Erb has earned this national distinction, underscoring his commitment to delivering exceptional service and guidance to his clients.
Market Commentary 8/15/24
Stocks fell hard on Monday of last week, with the S&P 500 closing down 3%. However, a better-than-expected jobs report on Thursday, which saw weekly initial jobless claims fall to 233,000 from 250,000 the week before, led to the S&P 500 rallying 2.3%. This rally was the biggest gain in nearly two years, and the rebound resulted in the S&P 500 being basically flat for the week.
As we have mentioned in previous commentaries, the many variables facing investors have led to volatile markets. Indeed, the CBOE Volatility Index, a well-referenced measure of market uncertainty, spiked to a high of 65 on Monday before returning to the low 20s at the end of the week. For comparison, throughout the month of July, this Index was in the mid-teens. Monday’s market decline was attributed to an unwinding of the “Yen-carry trade.”
The Yen-carry trade is a trading strategy used by hedge funds and other institutional investors that involves borrowing Japanese Yen at a low interest rate and using the funds to invest in assets that offer a higher return. This strategy capitalizes on the interest rate differential between Japan and other countries, aiming to generate profits from the difference in interest rates.
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