Weekly Commentary | May 23, 2021

Macro Picture

Stocks weren't much changed this week with the S&P 500 down small and the Nasdaq up marginally.  The larger news item was the ~40% drawdown in cryptocurrencies.  This is the third of such drawdowns in four years.  However, this time it occurred in a $2T asset class.  Cross asset class contagion is not yet apparent so it really is just noise…