ReCAP

Summary U.S. stocks lagged and interest rates fell during an uneven month marketed by shifting market sentiment, rising geopolitical risk, and continued murkiness on domestic trade policy. Interest rates fell, giving bonds a boost, and international equities continued to shine. The cost and consequence of the AI buildout swayed U.S. markets throughout the month with…

Summary The new year got off to an eventful start as geopolitical intrigue, growing artificial intelligence capital expenditures, and a slew of creative economic proposals from the White House kept investors on their toes. With the United States front and center for most of the turmoil, both domestically and abroad, U.S. markets broadly underperformed their…

Summary Domestic stocks faded into the year-end holiday, finishing mostly flat for the month of December, while interest rates edged higher. The Federal Reserve pushed through one final rate cut for 2025, as U.S. markets wrapped the year on a tumultuous note. International stocks finished strong, with both developed and emerging markets gaining 3% for…

Summary Markets wavered throughout November but finished mostly higher as investors weighed the AI trade, the end of the longest U.S. government shutdown in history and softening economic data. Interest rates oscillated during the month as well, with markets flip-flopping on the Fed’s next move at December’s meeting. Data releases were limited due to the…

Summary Nothing could frighten investors in October, as markets finished the month in the green across the board. In the U.S., a prolonged government shutdown was met with a shrug. Trade deals in Asia calmed global markets in the face of the ever-looming tariff specter. The Fed finished the month by reducing interest rates another…

Summary September brought the first U.S. Fed interest rate cut of the year, an outcome that seemed unlikely when 2025 began. Global stocks continued to climb through the end of the third quarter. Against mixed economic data and a looming government shutdown, investors retained their risk appetites with major asset classes finishing higher across the…

Summary Through the final days of summer, it was smooth sailing as markets cruised ahead.  Major asset classes posted strong positive gains into the Labor Day holiday. Small caps shined, and non-U.S. stocks pushed past 20% year-to-date returns by August’s close. Blue chip U.S. equities stumbled late in the month, but still managed respectable gains,…

Summary Domestic markets climbed alongside the summer temperatures in July, while non-U.S. stocks saw their first pullback of the year. U.S. trade policy offered a few glimpses of clarity on tariffs with important partners in Japan and the European Union, in moves that were cheered by U.S. markets, but met with mixed reviews internationally. The…

Summary Both stocks and bonds rallied in June, shrugging off geopolitical tensions and modest economic data. Emerging markets led the way, buoyed by continued dollar weakening, trailed closely by U.S. equities. Duration provided a tailwind for the month as rates fell across the yield curve and credit spreads held their levels. Equities U.S. stocks rose…

Summary U.S. equities recovered nicely from the turmoil of April, and international and emerging stocks continued to shine in 2025. Bond returns were negative as Treasury rates crept higher in May. Credit spreads retraced much of April’s widening to return near historical tightening. The Federal Reserve maintained the status quo on policy interest rates in…