ReCAP

Summary U.S. stocks rallied in November as investors responded favorably to a clear-cut presidential election result. Interest rates increased on the news of a President Trump return to the White House before easing a bit by month end. The Federal Reserve cut rates by 25 basis points, reiterating a commitment to a gradual easing of…

Summary Markets gave back gains in October with most major indexes finishing the month in the red. Bond yields moved higher as September’s rate cut euphoria wore off in emphatic fashion. Stocks tumbled with markets keying in on a toss-up U.S. presidential election. U.S. GDP growth slowed in the third quarter but remained respectable at…

Summary Markets rallied across the board in September as the Federal Reserve made good on a well-telegraphed rate cut, trimming the Fed Funds rate by 50 basis points. The 2-year Treasury rate dipped below the 10-year yield for the first time since the summer of 2022, U.S. stocks marched higher, and the dollar weakened, providing…

Summary August typically brings calmer markets and light trading volumes, with investor interests skewed more towards wrapping up the last of summer vacations. In this sense, August 2024 was anything but typical. Surprise activity from the Bank of Japan thrust global markets briefly into chaos before a just-as-abrupt rebound. Cooler inflation and negative jobs revisions…

Summary July was a remarkable and volatile month, as stocks were mixed and bonds generated positive returns. Large cap stocks saw their first 2% single-day drawdown of the year and many of the big tech names which drove 2024’s AI-fueled rally sold off during July, while the Russell 1000 still managed to finish the month…

Summary Stocks were mixed in June and interest rates rallied in the month to what’s becoming a familiar tune – data indicating a slowing economy and inflation that is gradually declining. In the U.S., unemployment ticked up slightly and the housing market continued to cool, leading markets to price in more optimism for a Fed…

Summary Investors who chose to follow the old market adage of “Sell in May and go away,” ended up disappointed, as stocks and bonds rebounded with strong performance following April’s selloff. With inflation and economic data cooling, interest rates moderated and equities rallied during the month. Equities Stocks bounced back in May as global equities…

Summary After a robust start to the year, stocks pulled back for the first time in April. The broad selloff was fueled by diminishing hopes for Fed interest rate cuts, geopolitical worries, and a lower than forecast level of GDP growth in the first quarter. Interest rates moved higher for the month as bonds continue…

Summary Returns were positive across the board for major global asset classes in March. For large cap developed markets stocks, the close of the first quarter of 2024 marked the 5th consecutive month of positive returns, while for bonds, March offered some welcomed relief after a slow start to the year. The rally was truly…

Summary Markets were mixed in February, with strong equity returns rising to new highs, continuing to ride a wave of AI-powered optimism. Treasury yields rose for the month, with most of the pain centered around the January CPI release that came in higher than expected and a better than expected jobs report. Non-U.S. markets experienced…