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December 2023 | Market Commentary

December 2023 | Market Commentary

Amid a resilient labor market, strong economy, and moderating inflation, major stock market indices were up in January. With the help of gains from the Magnificent Seven, the S&P 500 Index reached a new all-time high during the month. US growth (+2.9%) and US large-caps (+1.6%) were among the best performers, while US small-caps (-4.0%) and emerging market equities (-3.6%) struggled. Bonds were mixed with Treasury Inflation Protected Notes up 1.0%, while the US Aggregate Bond Index was down 0.3%. Commodities also produced mixed returns as crude oil and broad-based commodities rose (+6.4% and +0.4%, respectively) while silver and gold fell (-4.0% and -1.4%, respectively).