DoubleLine’s Jeff Mayberry and Samuel Lau shrug off Jeff’s summer vacation sniffles to cover the July 26-30 market week, the last week in July (thanks, Myla!). The S&P 500 finished up for the month despite a lagging energy sector, which is still up big on the year. The Agg was up 1% on the month, and the broad commodity market was up 2%. On the macro front, the week delivered a mixed bag of data with home prices way up, another nothing burger from the FOMC and some positive prints greeted with disappointment. For the Question of the Week* (starts at 17:40), Jeff and Sam discuss preferred stocks as a source of income. They break down how “preferreds” function relative to common stock, review their poor performance during the GFC and 2020, and weigh them as a fixed income alternative. Looking ahead to the week of Aug. 2-6, Jeff and Sam expect a quiet week but are a loath to say it.
*Jeff and Sam note that the $1 trillion threshold has been broken by the overnight reverse repurchase facility, a topic raised during the Episode 18 QoW (June 1-4) found here: https://doubleline.com/podcast/monday-morning-minutes-recap-of-the-june-1-4-market-week/
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