Weekly Commentary | July 21, 2024 | Munis! KTF A Buy, Small Caps Have Room To Run, Buffers!

Macro Picture

There was a small return to volatility last week with stocks experiencing a -2% loss on the S&P 500. However, at the same time the Dow Jones Industrial average was up 200 points (~1.2%), Conversely, the Nasdaq was down -3.7% on the week.

So we saw a clear rotation from megacap technology stocks (Nasdaq) towards value stocks (Dow Jones). Smal…