Blog Market Commentary
It has been a rough start to the year for risk assets with the S&P 500 off 11%+ and U.S. growth stocks down even more. Both the Fed’s hawkish pivot and the Russia/Ukraine conflict have weighed on risk assets. We haven’t seen a 10% correction in the S&P 500 since March 2020, and we only…
Read More • The S&P 500 Index gained 11% on the quarter and over 28% on the year, buoyed by strong corporate earnings growth. • The U.S. economic recovery remained on firmed footing despite inflation, COVID-19 and supply chain disruptions. Going forward, extreme fiscal and monetary support will likely be withdrawn in favor of the private…
Read MoreThe S&P 500 finished the 3rd quarter flat, after suffering its first 5% correction since 2020. The economic recovery continued but increased concerns about the Delta variant, labor shortages and supply chain issues slowed growth. Corporate earnings were very strong and finished the quarter at higher levels than before the pandemic began. Higher corporate taxes…
Read MoreEconomic growth prospects rose largely due to expanded vaccine distribution, strong manufacturing and housing data and supportive monetary and fiscal conditions. Despite bouts of volatility, stocks reached new all-time highs in many different markets. U.S. Treasury yields rose amid mounting inflation concerns, even as current inflation remained below 2%. Portfolios remained positioned for recovery and…
Read MoreMarket Summary A strong fourth quarter capped a wild and turbulent year. 2020 marked the largest reversal in the S&P 500’s history, rebounding over 70% from the March lows and finishing the year up over 18%. During the fourth quarter, the major indexes reached all-time highs as investors welcomed greater political clarity and positive news…
Read MoreMarket Summary Stocks continued their upward momentum in July and August as Growth stocks helped push the S&P 500 to new all-time highs before correcting in September. Despite the pullback, the S&P 500 returned nearly 9% for the quarter, pushing it into positive territory on the year, and over 50% from the March lows. Once…
Read MoreElection season can be a challenging time for investors to maintain a long-term perspective, given the strong emotions often evoked by politics. Campaign rhetoric tends to amplify negative and divisive issues. In particular, this election is unprecedented in modern times — marked by the combination of a deadly pandemic, a severe economic recession, widespread civil…
Read MoreMarket Summary The second quarter was nearly a mirror image of the first, as investors’ appetite for safety in the first quarter turned into an appetite for risk in the second quarter. The first quarter saw the fastest ever bear market – down 34% in 20 trading days – before recovering to finish down 20%…
Read MoreMarket Summary The longest bull market in US history came to an end. Global equities fell into bear market territory due to a worldwide pandemic. The year started well, but as fears about COVID-19 spread and it became clear that there was a severe global pandemic on hand, markets responded quickly and severely. The…
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2022 1st Quarter Investment Commentary
• The war in Ukraine, high inflation, and rising interest rates increased volatility. Both stock and bonds fell during the quarter. • Corporate balance sheets and earnings were on track to hit record highs in 2022. • The risks to an economic slowdown increased but the U.S. economy still appeared on track to grow through…
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