ReCAP

Summary Global stocks and bonds rallied in May, pushing U.S. equity indexes to new highs. While resolution in Iran has been slower than investors would hope, regular reports of progress on an accord led to easing oil prices and equity gains during the month. Earnings were generally strong and the AI trade continued to boost…

Summary Global equity markets rebounded strongly in April on optimism related to various agreements, and potential agreements in the ongoing war in Iran. Bond markets were more wary, with interest rates higher on the margin as oil continued to climb, driving inflation concerns. Commodity prices drove macroeconomic momentum, for better or worse, and a strong…

Summary Global markets tumbled and energy prices surged in March, as the U.S. moved beyond rhetoric and plunged into war with Iran, entering the month with the hope for a swift regime change, but finishing March with the situation unresolved. Disruptions to the supply and accessibility of oil from key Middle East producers reverberated across…

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,…