Rates, Energy Tax Stocks, Bonds

DoubleLine portfolio manager Jeff Mayberry and asset allocation strategist Ryan Kimmel review September markets and the week’s macro news. The video covers the S&P 500’s September performance by sector, fixed income’s move with rising rates, spread widening in riskier corporate credit, and commodities led by energy. It also discusses softer job openings, consumer confidence, ISM manufacturing prices-paid and weaker nonfarm payrolls.

1. The S&P 500 gave ground in September across all sectors except tech gains and a flat communications services sector.
2. Fixed income fell as rates rose across the curve, with bank loans the lone holdout due to their floating-rate mechanism.
3. Spread widening in riskier corporate credit was noted, with higher rates possibly jeopardizing refinancing for some companies.
4. Commodities rose led by energy, amid close correlation between energy prices and interest rates; macro prints included softer job openings and consumer confidence, concerning ISM manufacturing prices-paid, and weaker nonfarm payrolls.