Client Letter - Carthage Wealth Advisors

Earnings Season Takeaways | Weekly Market Commentary | May 20, 2019

It appears an earnings recession has been averted and better earnings days lie ahead, though trade uncertainty is a huge wild card.

Even in the worst-case scenario, we don’t expect a significant impact on the U.S. economy.

We expect a transition to large cap market leadership and away from small cap stocks in 2019
as the economic cycle ages.

Escalating U.S.-China trade tensions caused stocks to sell off more than 2% last week.

First quarter productivity rose at the fastest year-over-year pace since 2010.