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Monthly Market Commentary

April 2024 | Market Commentary

April 2024 | Market Commentary

Amid hotter inflation, hawkish Fed commentary, and geopolitical tensions, all three major stock market indices were down in April. The Dow Jones Industrial Average (-5.0%) had its worst month since September 2022 while both the Nasdaq Composite and S&P 500 posted their largest monthly declines since September 2023 (-4.4% and -4.2%, respectively). US mid-caps (-6.0%) were among the worst performers, followed by US smallcaps (-5.5%) and US value (-4.3%). Bonds were also down as 7-10 year US Treasuries fell 3.1%, investment grade corporates decreased 2.6%, and the US Aggregate Bond Index declined 2.4%. Aside from crude oil (-0.4%), commodities fared well as silver was up 5.7%, gold increased 3.0%, and broadbased commodities gained 2.4%.

March 2024 | Market Commentary

March 2024 | Market Commentary

Despite still-elevated inflation and rate cut uncertainty, all three major stock market indices posted gains in Q1 2024 amid a tight labor market, economic strength, a continued earnings recovery, and AI optimism. The S&P 500 returned 10.6% for the quarter, notching its best Q1 performance since 2019. US growth (+12.6%) was among the bestperformers, followed by US large-caps (+10.4%) and US mid-caps (+9.8%). Bonds were mixed as 7-10 year US Treasuries (-1.3%) and the US Aggregate Bond Index (-0.8%) were down while high yield credits (+1.6%) and Treasury Inflation Protected Notes (+0.2%) rose. Commodities fared well as crude oil (+18.1%), gold (+7.6%), silver (+4.5%), and broad-based commodities (+2.1%) all
posted positive returns.

February 2024 | Market Commentary

February 2024 | Market Commentary

Amid a resilient economy and strong AI-related earnings, equities shrugged off inflation worries in February. All three major indices posted new all-time highs, and both the S&P 500 and Nasdaq posted their best February since 2015. US growth (+7.2%) was among the best performers, followed by US mid-caps (+5.8%) and US large-caps (+5.2%). Aside from high yield credits (+0.3%), bonds were mostly down as 7-10 year US Treasuries fell 2.1%, investment grade corporate bonds decreased 1.4%, and the US Aggregate Bond Index declined 1.4%. Commodities produced mixed returns as crude oil and gold rose (+3.4% and +0.5%, respectively) while broad-based commodities and silver fell (-1.4% and -0.9%, respectively).

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). 

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