– All asset classes advanced modestly, except US equities. After making new all-time highs early in the week, US stocks finished the week down 1%.
– Utilities and low vol stocks were a safe haven in a down week. All style boxes declined. Mid and small cap stocks were particularly hard hit.
– Emerging market stocks advanced 1.7% as China continues to dance to a different beat. Chinese stocks advanced more than 2% but are still down 3% ytd.
– Lumber prices fell more than 20% last week and are down almost 70% from the all-time-highs in May, bringing the 1yr return down to 2%.

– A mixed week for asset classes. US stocks and Treasuries advanced, while commodities and intl stocks declined. Real Estate was the big winner.
– Strength in big cap growth masked weakness under the surface. Small-caps, mid-caps, and value stocks all declined.
– A difficult week for emerging market equities as Chinese equities fell by more than 4%. China is down 6.2% ytd.
– Lumber sank 7% to a lower low and is down 58% from it’s all-time-high in May, but it’s still up more than 40% from last year.