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Tag: S&P 500

November 2025 Monthly Market Update

This month’s macroeconomic discussion is centered on the recent government shutdown, Federal Reserve policy, and consumer dynamics. The longest government shutdown in U.S. history concluded after 43 days, following Congress’s approval of a stopgap spending bill effective through January 30. While the shutdown itself was not a major market driver, it resulted in a significant […]

September 2025 Monthly Market Update

The third quarter saw continued momentum in the AI trade, falling interest rates, and more trade deals reached with foreign nations. In September, the Fed announced its first rate cut of 2025, cutting the policy rate by 0.25%. This cut was widely expected given weak employment data. As rate cuts materialize, stocks and the economy […]

July 2025 Monthly Market Update

Stocks crept higher through July, with the S&P 500 notching numerous successive all-time highs and closing up 2.2% from the end of June. One driver of the market’s performance was favorable tariff news. Notable trade deals were announced with major U.S. trading partners in July, namely Japan, South Korea, and the European Union. The market […]

May 2025 Monthly Market Update

Stock markets recovered in May with the S&P 500 closing up 6.3%. Year-to-date the S&P 500 is now up, albeit only 1.1%. A stronger than expected earnings season and favorable tariff news were contributors to the recovery. News related to U.S. budget deficits also impacted markets. The last of the three major credit rating agencies, […]

March 2025 Monthly Market Update

The S&P 500 entered correction territory in March, at one point declining -10% from its February all-time high. For historical context, the average intra-year decline since 1980 is -14%. With stock valuations already elevated by historical standards, increased policy uncertainty and concerns about potentially slower AI investment contributed to the selloff. Among the many policy […]

February 2025 Monthly Market Update

U.S. equity markets finished February slightly lower, with the S&P 500 down 1.3%. The technology sector, which comprises about 1/3 of the S&P 500 index, was also down 1.3%, driving the selloff. Investors continued to exercise caution around active international trade negotiations while weighing potential economic policy changes. The chart below shows the Economic Policy […]

January 2025 Monthly Market Update

Markets rebounded in January from a December pullback as investors digested Trump’s day-one executive orders and solid earnings results from the banking sector. At the very end of the month, tariffs for Mexico, Canada, and China were announced. In response, each nation announced or said they will announce retaliatory tariffs or other trade restrictions. Uncertainty […]

December 2024 Monthly Market Update

U.S. stock markets had a second consecutive year of strong gains in 2024 with the S&P 500 and Dow Jones Industrial Average finishing up 25.02% and 14.99% respectively. Strong economic growth, moderating inflation, and improving labor productivity were key factors supporting market strength. Throughout 2024 market valuations climbed to levels last seen during 2020-2021 when […]

November 2024 Monthly Market Update

The beginning of November saw Trump retake the White House along with the Republican party taking control of both the House and Senate by slim margins. What followed has been coined the “Trump Trade,” as markets initially responded positively to the victory. The S&P 500 rose 5% from the 4th to the 11th before cooling […]

October 2024 Monthly Market Update

As investors await election results, the focus in October was on corporate earnings. According to FactSet, 70% of S&P 500 companies reported Q3 2024 earnings results through October 31st. Earnings reports can create big swings in stock prices as investors weigh in on individual companies’ results and outlook. Revenue and earnings estimates are analysts’ forecasts […]

August 2024 Monthly Market Update

Equity markets began the month of August a bit choppy as investors digested a Bank of Japan rate hike and higher US unemployment data. As a result, a sharp, but brief, drawdown commenced and the CBOE Volatility Index, or fear index, spiked to a high last seen at the onset of the pandemic in 2020 […]

June 2024 Monthly Market Update

The post-COVID economic recovery has been notably uneven, often described as “K-shaped”, due to the divergence in economic realities for Americans. Those with substantial assets and high incomes have largely done well. Homeowners with low mortgage rates and no need to take on debt have been insulated from higher interest rates. Strong stock market returns […]