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Monthly Market Update

The Monthly Market Update is part of our ongoing commitment to investor education and research. These posts often spark discussion and provide insight into our perspective on current financial markets and economic events.

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Most Recent Update

November 2023 Monthly Market Update

November was a strong month for U.S. equities, with the S&P 500 finishing up 9%. The interest rate on the benchmark 10-year U.S. Treasury fell from the 5% recent high in October, ending the month at 4.35%. U.S. Bonds, as measured by the Bloomberg U.S. Aggregate Bond Index, realized their best monthly gains since 1985. […]

October 2023 Monthly Market Update

October is notoriously a volatile month for risk assets, and this year it marked a month the S&P 500 index crossed into correction territory (defined as a greater than 10% drop from a recent peak) with interest rates on U.S. Treasuries reaching multi-year highs. The S&P 500 index crossed the correction threshold intra-month but rallied […]

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September 2023 Monthly Market Update

September brought a notable shift in the markets, with the S&P 500 index experiencing a 5% decline. Bonds did not fare much better, as the U.S. Aggregate Bond index fell 3%. This decline was due to the continued increase in longer-term interest rates. The U.S. 10-year treasury yield reached 4.6%, while the 30-year fixed-rate mortgage […]

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August 2023 Monthly Market Update

Stocks sold off in early August as bond yields climbed. The S&P 500 index was down 5% from the end of July through August 18th as the 10-year U.S. Treasury yield reached its highest level since 2007, exceeding 4.3%. The S&P 500 clawed back some of its August losses in the latter half of the […]

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July 2023 Monthly Market Update

Stocks rallied in July amid low volatility with the Dow Jones Industrial Average recording 13 straight days of gains. The S&P 500 index climbed 3% on the month, on broad strength among sectors and stocks. Improving market breadth comes as a healthy change vs. the first six months of the year when the S&P 500’s […]

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June 2023 Monthly Market Update

The S&P 500 stock market index rallied 8% in the second quarter, bringing year-to-date gains to 16%. The phrase “it’s a market of stocks, not a stock market” has perhaps never been more appropriate. The S&P 500 is market capitalization-weighted; meaning higher valuations hold larger weights in the index’s overall performance.  More than 2/3 of […]

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May 2023 Monthly Market Update

May was the month of AI for the stock market, though artificial intelligence-related stocks had been gaining momentum since the fall release of OpenAI’s Chat-GPT3. This groundbreaking technology has sparked enthusiasm among investors, and its potential impact on companies and the economy cannot be ignored. Semiconductor designer Nvidia’s May 24th earnings announcement and guidance stoked […]

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April 2023 Monthly Market Update

April was a relatively calm month for U.S. stocks. The S&P 500 advanced 1.6%, continuing a strong start to the year; the index has now risen 9.2% through April. Nevertheless, gains in the popular U.S. benchmark index have not been broad-based. The S&P 500 is a market-capitalization-weighted stock index of the 500 largest U.S. public […]

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March 2023 Monthly Market Update

The first quarter of 2023 saw some progress in inflation data and a surge in investor enthusiasm around artificial intelligence. Nonetheless, the March failures of Silicon Valley and Signature Banks were the story of the quarter. Bank failures are not out of the ordinary. The Federal Deposit Insurance Corporation (FDIC) counts just five years without […]

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February 2023 Monthly Market Update

February was a case of good news is bad news, or to be more specific, good economic data was bad news for stocks and bonds. Economic data continues to point to a resilient US economy, shrugging off higher interest rates. Retail sales reaccelerated in recent months, with real (after inflation) incomes on the rise. Fourth […]

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January 2023 Monthly Market Update

Stocks rallied to start the year, with the S&P 500 climbing 6.3% in January. Bullish inflation data and a lower U.S. dollar provided fuel for the rally. The Federal Reserve slowed interest rate hikes to just a 0.25% increase on February 1st. The milder inflation data and slowing pace of interest rate hikes have led […]

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