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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

April 2024 Monthly Market Update

Stocks broke a five-month winning streak in April as the S&P 500 declined 4.2%, bouncing from an April 18th low of -5.5%. Bonds also declined, with the U.S. Aggregate Bond Index falling about 2.5% as yields rose. The two-year U.S. treasury yield hit 5% for the first time since November, gaining 41 basis points (+0.4%) […]

March 2024 Monthly Market Update

Stocks posted a strong first quarter, with the S&P 500 market-cap weighted index returning 10.6%. The S&P 500 equal-weighted index gained 7.9%, demonstrating broad-based gains across individual stocks. AI-related stocks continued to lead the rest of the market. The Federal Reserve decided to maintain the benchmark interest rate range of 5.25%-5.5% at their March meeting. […]

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February 2024 Monthly Market Update

U.S. stock markets finished higher in February, with the S&P 500 +5.2% for the month. Gains were driven by the underlying strength of the economy evidenced by economic data and better-than-expected earnings results, expectations for interest rates, and hype surrounding Artificial Intelligence. In terms of the broader economy, jobs and growth data remain strong, and […]

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January 2024 Monthly Market Update

The first month of 2024 echoed the prevailing narrative of late 2023, characterized by moderating inflation, a resilient economy, and the anticipation of imminent interest rate cuts, driving U.S. stock indices to new record highs. Despite suffering its worst single-day loss since September on the final day of the month, triggered by Big Tech earnings […]

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December 2023 Monthly Market Update

The end of the year always seems to be when pundits and forecasters come out with a bevy of predictions. We’ll highlight the positives and negatives for markets in the year ahead, but first, let’s have a look at the past year. Coming into 2023, markets faced a general pessimism. Reuters polls of economists put […]

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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. […]

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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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