Newsroom

CIBC Private Wealth in the News

08.26.2020
Financial Advisor
‘Stock Bulls Counting On Zero Rates Brush Off Rising Yields'

'“What we’ve seen so far on the interest rate front has been perfection for equities. We’ve seen negative real rates, yet at the same time, the nominal yield curve has steepened,” said Donabedian, chief investment officer of CIBC Private Wealth Management. “So all of that is flashing green for growth and what the equity market wants to see.”' Read

08.22.2020
Barron's
‘Apple Is Unstoppable — and It Carried the Stock Market to a Record High'

'“It’s more of the same,” says Dave Donabedian, chief investment officer at CIBC Private Wealth Management. “Winners in the last month are the same winners for the last year.”'

08.19.2020
The Wall Street Journal
‘Risks of Commodity ETFs Highlighted in U.S. Oil Fund’s Travails'

'“Investors, especially on the retail end, don’t know what they truly own, and that is part of the problem,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Management.' Read

08.14.2020
MarketWatch
‘Stocks hover near break-even after weaker-than-expected retail sales rise'

'“We have had recent good news on the jobs front and retail sales in July are up from a year ago. But in the risk category is consumer confidence, which has been deteriorating in recent weeks with fear that a much needed fiscal support package may not happen,” said David Donabedian, chief investment officer of CIBC Private Wealth Management. “Income support from the government has been critical and there is a big risk to the economy and the stock market if it does not continue,” he said.' Read

08.07.2020
The New York Times
‘Coronavirus Live Updates: Relief Talks Sputter and Job Gains Slow '

'“There is lingering concern that the fiscal package talks in D.C. are gridlocked, and news that the economy continues to add jobs may reduce the sense of urgency to get a deal done,” David Donabedian, chief investment officer of CIBC Private Wealth Management, said shortly after the report was released. But, he added, he still expects lawmakers to strike a compromise next week.' Read

07.30.2020
The Bond Buyer
‘FOMC meeting a 'non-event': Powell says coronavirus will guide policy '

'Gary Pzegeo, head of fixed income at CIBC Private Wealth Management, said “not much” was expected from the meeting and “not much” was delivered. “The Fed’s message is consistent with that delivered in June with the added note of a pick-up in economic activity, albeit well below that seen at the beginning of the year,” he said. “Minutes from the last meeting highlighted active discussions over more specific forward guidance, and more questions than answers on the concept of yield curve control.”' Read

07.17.2020
Barron's
‘Tech Finally Took It on the Chin. Why Its Reversal Is Worrisome. '

'“Great expectations are built in,” says Dave Donabedian, chief investment officer at CIBC Private Wealth Management. “I wouldn’t position a portfolio for those names to outperform based on earnings releases.”' Read

07.10.2020
MarketWatch
‘After that 41% ‘moonshot’ for stocks, here’s what one strategist is telling investors to do next'

'“The number of instances where retail investors alone can truly drive an industry’s or sector’s performance or the market’s performance is very rare,” said David Donabedian, chief investment officer of CIBC Private Wealth Management. “Pointing to retail investors as the reason for a major market trend is never the whole story.”' Read

07.08.2020
Bloomberg TV
'Bloomberg TV's Surveillance Simulcast'
Senior Equity Trader Rebecca Babin appeared on Bloomberg TV's Surveillance Simulcast to discuss energy equities, as well as the oil and gas business (appearance at 39:30)Watch

07.06.2020
The Wall Street Journal
‘Behind Oil’s Rise Is a Historic Drop in U.S. Crude Output'
'“I would call it a transformation,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Management. “You will continue to see bankruptcy and continue to see consolidation.”'

06.26.2020
The Wall Street Journal
‘Covid-19 Is a Puzzle That Wall Street Can’t Solve'

'“It was a traumatic time,” said Dave Donabedian, chief investment officer of CIBC Private Wealth Management. “Talking to clients and colleagues, the fear factor was palpable.”'

06.12.2020
Yahoo! Finance
‘Robinhood Midas Touch in Stocks Disputed by Barclays Researcher'
“The number of instances where retail investors alone can truly drive an industry’s or sector’s performance or the market’s performance is very rare,” said David Donabedian, chief investment officer of CIBC Private Wealth Management. “Pointing to retail investors as the reason for a major market trend is never the whole story.” Read

06.11.2020
The Bond Buyer
‘Front-end of yield curve inverts slightly'
“The current yield gap is less than one basis point and it occurs within the context of yesterday’s release of the [Summary of Economic Projections], where the median rate projection is flat through the end of 2022,” said Head of Fixed Income Gary Pzegeo.

06.11.2020
Fox Business
Over 1.5M Americans filed for unemployment benefits last week, as pace of layoffs slows'
“Some economists have suggested that there's a discrepancy between jobless claims and the actual number of unemployed Americans because of a timing mismatch. States were so overwhelmed with applications that there's been a lag between when they apply for the aid and when they actually start to receive it, according to Dave Donabedian, chief investment officer of CIBC Private Wealth Management.” Read

06.11.2020
The Bond Buyer
‘Front-end of yield curve inverts slightly  '
“Gary Pzegeo, head of fixed income at CIBC Private Wealth Management, said he wouldn’t attach very much significance to this. “The current yield gap is less than one basis point and it occurs within the context of yesterday’s release of the [Summary of Economic Projections], where the median rate projection is flat through the end of 2022,” he said."

06.05.2020
MarketWatch
‘The biggest payroll surprise in history’ — economists react to May jobs report'
“In the greatest miss in forecasting history, the May jobs report demonstrated that America is going back to work. ... This report needs to be put in context—the economy is still in a deep recession. However, it is also clear that the recovery has begun, and that it is ahead of schedule.” —David Donabedian, chief investment officer at CIBC Private Wealth Management. Read

06.03.2020
Morningstar
'U.S. Stocks Climb as Hopes Build for More Stimulus'
"Investors are continuing to ignore the three P's -- pandemic, protests and politics -- and are instead focused on what increasingly is being interpreted as a quicker and better than expected recovery in the economy and the idea that that may portend a quicker recovery for earnings as well," said David Donabedian, chief investment officer of CIBC Private Wealth Management. Read

06.01.2020
Barron's Review and Preview
"There is some historical precedent to suggest that this may be another of those events that 'captivates the nation' but is largely ignored by financial markets," CIBC Private Wealth Management's chief investment officer Dave Donabedian wrote in an email today

05.27.2020
Washington Post
'Stocks soar as New York Stock Exchange reopens its floor to traders' 
“Laggards like banks and industrials are leading, a sign that investors want to be in the market but searching for value,” said David Donabedian, chief investment officer of CIBC Private Wealth Management, in an email.

05.26.2020
The Wall Street Journal
'Drivers Take Advantage of Low Gas Prices as States Reopen'
“The first leg of a recovery from a really low point is the easiest part,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Management. “There’s still a lot of crude around.” She has been driving more recently and has noticed more cars on the road in Hoboken, N.J., but expects it to take time for demand to fully rebound.

05.20.2020
Yahoo! Finance
'The Myth of Oligarchic Dominance in the S&P 500 Recovery Trade'
'“It’s rational that if people are looking for places to hide that they’re going to go to the areas that are weathering the storm best,” said David Donabedian, chief investment officer of CIBC Private Wealth Management. “And on days when they’re feeling more bullish about the potential for perhaps a quicker-than-expected recovery in the economy, either driven by reopening or hopes for a vaccine, that you’d go to the beaten down stuff.”' Read

05.19.2020
Yahoo! Finance
'Extreme Behavior Is on Display Everywhere in the Stock Market'
'“We’ll have exciting days like yesterday and some down days when somebody’s treatment trial or vaccine trial fails,” said David Donabedian, chief investment officer of CIBC Private Wealth Management. “It’s impressive, but it’s still a bear market rally we’ve seen since March 23rd.”' Read

05.18.2020
Barron's
'The Dogs of the Market Led Stocks Higher. That Could Be a Bullish Sign'

'“It’s driven by increasing confidence that government support, particularly Fed support, is destined to be bullish,” says Dave Donabedian, chief investment officer. “Liquidity is good for markets, there may be a vaccine on the horizon , and we’re headed higher. That’s the prevailing view.”' Read

05.15.2020
Barron's
'The S&P 500 Was Stopped in Its Tracks Last Week. Here’s Why Another Drop Could Be in the Offing.'

'“The Huawei restrictions will be viewed as a shot across China’s bow,” says Dave Donabedian, chief investment officer at CIBC Private Wealth Management. “That’s going to be difficult for the market to manage over the next several months.”' Read

05.13.2020
Financial Advisor
'Women And Wealth: Being Proactive During Times of Uncertainty And Volatility'
Senior Wealth Strategies Beth Mayfield was bylined in the article. Read

05.11.2020
Bloomberg TV
'Bloomberg Markets: The Close'
Senior Equity Trader Rebecca Babin recently appeared on Bloomberg TV (via phone). You can see her appearance at the 0:43:00 mark. Watch

04.28.2020
MarketWatch
"U.S.-China relations are bad and getting worse, with major ramifications for trade and investment — and the U.S.’s presidential election"

“I think there is going to be a longer adjustment process during the summer,” Dave Donabedian, chief investment officer of CIBC Private Wealth Management, told MarketWatch. Read article

04.27.2020
Seeking Alpha
"U.S. crude settles below $13/bbl as rising glut scares investors"

"No one wants to be the person holding the bag," says CIBC Private Wealth Management energy trader Rebecca Babin. "They're looking at where storage capacity is and saying it's too close to call." Read article

04.25.2020
CNBC
"Biggest Oil ETF Could Go ‘Lights Out,’ Warns Wall Street Strategist"

“The fact that there wasn’t going to be enough storage and that things could get really hairy around expiration was not a surprise,” said Babin. “But to the degree that it happened, and the speed that it happened, it was actually kind of scary.” Read article

04.25.2020
MarketWatch
"Sinking U.S. economy hasn’t hit bottom yet"

“I think there is going to be a longer adjustment process during the summer,” said Dave Donabedian, chief investment officer of CIBC Private Wealth Management. “The bigger question is, when those businesses reopen do their customers show up. And do workers want to come back.” Read article 

04.21.2020
Yahoo! Finance
"Biggest Oil ETF Could Go ‘Lights Out,’ Warns Wall Street Strategist"

"Rebecca Babin, senior energy trader at CIBC Private Wealth Management, talked to Bloomberg TV about the uncertainty regarding who might be exposed in the event that worst-case scenarios for USO come to pass.“There has been some speculation that the CME or the clearing exchanges may be somehow on the hook for that, or the ETF provider,” she said." Read article

04.16.2020
Bloomberg
“Oil trades near 18-year low on weakest demand in three decades”

"This OPEC deal is great and good but it doesn't help us over the next thirty days," Rebecca Babin, senior equity trader at CIBC Private Wealth Management, said by phone. "Even with the OPEC agreement, the size and timing of it is not enough to alleviate potential storage issues in the near term."

04.15.2020
Citywire
“CIBC gatekeeper tapped to lead ESG drive ”

"‘We, as a firm, believe in this, we’re committed to this and we think that it’s important to continue to expand it,’ said Tennaro of ESG and impact investing."

04.14.2020
Yahoo! Finance
“17 Experts’ Predictions on When We Will Bounce Back From COVID-19”

"'David Donabedian, chief investment officer of CIBC Private Wealth Management, told MarketWatch that the economy could begin to recover this summer — though times will be tough until then. “There’s going to be a lot of bad news in the next three to four months,” he said. “It will be pretty ugly. It is sure going to feel like a recession for a while.'" Read article

04.07.2020
Houston Chronicle
“Crude dives 9% on worries cut won’t be big enough”
Senior Equity Trader Rebecca Babin was quoted in the following article. Read article

04.07.2020
Private Wealth
“Confusion reigns on the Fed and long-term muni purchases”

"Gary Pzegeo, head of fixed income at CIBC Private Wealth Management, said the CARES ACT lets the Fed include munis in emergency funding facilities backed by the Treasury Exchange Stabilization Fund. 'We expect the Fed to establish [a special purpose vehicle] with the Treasury first loss position, and would not be surprised if they used a strategy similar to the approach taken in the investment grade corporate market.'" Read article

04.01.2020
Private Wealth
“Choosing The Right Trustee”

Kimberly Bernatz was bylined in the Financial Advisor article “Choosing the Right Trustee.” Read article

03.20.2020
Private Wealth
“How To Spark Joy In The Lives Of Your Beneficiaries”
 Read article

03.16.2020
Washington Post
“U.S. markets surge on Trump’s emergency coronavirus declaration after wild day of trading”
“Investors don’t know what to do,” David Donabedian, chief investment officer with CIBC Private Wealth Management, wrote in commentary Friday. “People are casting about so the period of extraordinary volatility is probably not over. Until we see more calm in the market, and better news on the path of covid-19, a sustained recovery in markets is unlikely.” Read more

03.13.2020
CNN Business
“Wall Street's roller coaster week continues: March 13, 2020”
The day-to-day volatility is a sign that investors don’t know what to do,” said David Donabedian, chief investment officer of CIBC Private Wealth Management. Read more

03.10.2020
mrt
“Oil rebounds 10 percent from historic rout”

“Markets are rallying on signs there may be fiscal stimulus by the White House,” said Rebecca Babin, a senior equity trader at CIBC Private Wealth Management. “It’s all still so fragile and reactionary right now though.” Read more

03.09.2020
The Wall Street Journal
“Oil prices plunge as much as 30% after OPEC deal failure sparks price war”
“'Both events – coronavirus and OPEC+ falling apart were not expected or priced into the market a month ago,' said Rebecca Babin, senior equity trader. She said the key things to watch going forward are whether or not Saudi Arabia and Russia reach a “Hail Mary” deal, and if not, how quickly U.S. supply is shut in to support prices.”

03.08.2020
CNBC
“Oil plunges 24% for worst day since 1991, hits multi-year low after OPEC deal failure sparks price war”
“'Both events – coronavirus and OPEC+ falling apart were not expected or priced into the market a month ago,' said Rebecca Babin, senior equity trader.” Read more

02.13.2020
Yahoo! Finance
“Oil Climbs Near Two-Week High on Easing Coronavirus Concerns”
“The market is getting more comfortable that we’ve hit the bottom,” said Rebecca Babin, a senior equity trader at CIBC Private Wealth Management. “Oil markets have discounted the worst case and could show more resilience as long as cases outside of China are not spiking.” Read more

02.11.2020
The Bond Buyer
“Grand Parkway more than doubles taxable deals to $1.5B”
“Bonds and stocks are in the same fog of uncertainty and investors are following the playbook used during prior flights to quality,” said Gary Pzegeo, head of fixed income at CIBC Private Wealth management. “Fixed income markets have reacted by lowering yields for higher-quality bonds and raising the odds of further Fed easing in the coming months.”

01.31.2020
Yahoo! Finance
“Oil Off to Slowest Start Since 1991 With Virus Fear Spreading”
“This virus is requiring more out of the group as the demand picture gets weaker,” said Rebecca Babin, a senior equity trader at CIBC Private Wealth Management. Read more

01.28.2020
Bloomberg
“Effects of Weaponized Trade on Whiskey (Podcast)”
Chief Investment Officer Dave Donabedian, CFA, appeared on Bloomberg Radio. You can listen to his segment at the 00:26:00 mark. Listen

01.20.2020
Bloomberg
“Oil Bulls Halt 5-Week Advance as Excess Supplies Weigh on Prices”
“Given the bearish climate in the market due to oversupply, and lack of positive demand catalysts we should expect more unwinding of the long positions and increase in short-positions,” said Rebecca Babin, senior equity trader at CIBC Private Wealth Management.

01.08.2020
Business Insider
“Defense stocks tear higher following Iran’s missile strikes on bases housing US troops”
"Iran does usually retaliate so the current situation brings rising uncertainty. But our view about this being a bull market has not changed," David Donabedian, CIBC Private Wealth Management's chief investment officer, wrote Friday. "Iran is something that must be watched, but investors should not overreact." Read more

01.07.2020
The Wall Street Journal
“Oil Traders Lose Faith in Geopolitical Rallies”
“A lot of traders are selling geopolitical events,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Management. “If you bought any geopolitical rally last year, you were wrong.”

01.06.2020
Market Watch
“What stock market investors need to know about intensifying U.S.-Iran Tensions?”
“We came into this year calling for a continuation of the equity bull market, but with a single-digit return profile and elevated volatility,” said David Donabedian, chief investment officer at CIBC Private Wealth Management, in an interview. Read more

01.06.2020
Bloomberg
“Oil Steadies While Traders Watch For Mideast Supply Disruptions”
“Traders are fading the rally because there are currently no barrels off the market at this time,” said Rebecca Babin, senior equity TRADER AT CIBC Private Wealth Management. Until the market sees a distribution, traders will use moves higher to take profits, she added. Read more

01.03.2020
Barron’s
“The Dow Was Waiting for a Reason to Drop. The U.S. Air Strike Supplied It.”
"Even before the attack, the stock market looked like an accident waiting to happen. The S&P 500 had gained 8.5% during the last two months of 2019, and it began 2020 right where it had left off. And with the index trading at 18.2 times forward earnings, there was little cushion for investors in case something went wrong. 'If it weren’t this, it would be something else that caused the pullback,' Dave Donabedian, chief investment officer at CIBC Private Wealth Management, told Barron’s. ;A little bit of a breather here is a healthy thing.'"

01.03.2020
Business Insider
“'Likely Just the Beginning': Here's What 6 Experts Are Saying About What Trump's Deadly Iran Strike Means for Already Shaken Markets”

The stock market is hot off its best annual gain since 2013, and investors shouldn't regard the new geopolitical risks as a significant threat to the record-long bull run, said David Donabedian, CIBC Private Wealth Management's chief investment officer. Read more