2nd Quarter 2025Trade policy announcements and negotiations drove capital market price movements throughout Q2. The unexpected breadth and scale of the tariffs announced on April 2nd triggered a sharp drop in equity markets and dislocations in the US Treasury market. A 90-day tariff pause was declared on April 9th, reducing tariffs for most countries to the previously established 10% rate. Generally, investor sentiment improved during Q2.... |
June 2025Global equity markets experienced material gains in June, continuing to trade higher upon news of easing trade tensions. Both domestically and abroad, growth stocks outperformed their value counterparts, as technology names led the way due to increased artificial intelligence (AI) optimism... |
May 2025Global equity markets experienced significant gains in May, trading higher upon news of tariff de-escalation and ultimately posting mid-to-high single-digit returns. Positive corporate earnings results, as well as improving consumer confidence, also contributed to the rally. US stocks generally outperformed international equity markets, and growth stocks outperformed their value counterparts... |
April 2025April was marked by high levels of volatility across equity markets, driven by a significant increase in tariffs placed on exports to the US, and broad uncertainty for future global trade policy. The S&P 500 declined over 10% in the first few trading days of the month, but largely recovered over the rest of April, finishing the month with only marginal losses. International equity markets posted moderately... |
1st Quarter 2025An upward trend in the US equity market during the beginning weeks of Q1 reversed sharply as the quarter progressed. The emergence of DeepSeek, an artificial intelligence (AI) tool developed in China, negatively impacted investor sentiment for companies at the top of the US equity... |
March 2025Global equity markets traded lower during March. International equities were flat to slightly negative while US stocks declined substantially, posting losses in the mid to high single digits. Growth stocks underperformed their value counterparts, as technology names continued to experience... |
February 2025During February, non-US equities substantially outperformed domestic stocks as trade and general policy uncertainty drove a domestic sell-off in the latter half of the month... |
January 2025During January, both domestic and international equity markets broadly traded higher, posting low to mid-single digit gains. Federal policy updates dominated headlines during the month as investors evaluated numerous policies, such as increased tariffs, which if implemented could have a notable impact on global market... |
4th Quarter 2024Despite multiple risks to economic growth—including persistent pockets of inflation, ongoing wars, and the prospect of renewed trade disruptions—risk assets delivered robust returns in 2024. For the calendar year, the MSCI All Country World Investable Market Index generated returns... |
December 2024During December, both domestic and international equity markets broadly traded lower for the month, posting low to mid-single digit losses. Large-cap stocks fared better than small-cap stocks, and growth stocks generally outperformed their value counterparts... |
November 2024After public markets sold off during October, many equity and bond markets posted positive returns during November. Investors digested election results and weighed the prospective impact of potential policies of the incoming administration and Congressional leadership... |
October 2024During October, both domestic and international equity markets traded lower for the month, posting low to mid-single digit losses, with international markets pulling back more than U.S. markets. Heightened volatility was experienced due to uncertainty related to the U.S. presidential election, continued geopolitical risks, and mixed... |
3rd Quarter 2024In Q3, market conditions were characterized by reversals of recent trends in public equity and fixed income. These conditions developed due to heightened expectations that global central banks, including the US Federal Reserve, would reduce their policy rates. Market anticipation of declining interest... |
September 2024Domestic equity markets posted positive results for the month, with the S&P 500 Index closing September at a record high, driven by moderating inflation and an easing monetary policy... |
August 2024Global equity markets pulled back to start the month, driven by significant turbulence in Japanese markets, weak economic data, and a slowing labor market. However, stock markets broadly rebounded throughout the rest of August, with most domestic and international equity... |
July 2024After starting the month strong, global equity markets pulled back during the second half of July. Most domestic and international equity indices ended the month in positive territory, though in a reversal of recent trends, small cap stocks outperformed... |
2nd Quarter 2024During Q2, broad global equity markets experienced subdued volatility and continued appreciation, while aggregate fixed income returns were flat. Within equity markets, results were once again driven by mega cap growth stocks, including Nvidia and other stocks expected to benefit from further adoption of artificial intelligence (AI). Results for stocks beyond this small... |
June 2024Global equity markets posted mixed results during June. In general, large cap stocks outperformed small cap stocks, and growth stocks outperformed their value counterparts, as tech-oriented and AI-related stocks continued to lead the way... | May 2024Global equity markets bounced back in May, with all major global equity indices posting returns in the low-to-mid single digits. Within the US, small cap stocks outperformed larger cap stocks while in international markets, developed market stocks outperformed... |
April 2024Global equity markets pulled back during April, with US markets declining more than international markets. Within the US, small cap stocks experienced steeper declines than larger cap stocks... |
1st Quarter 2024In Q1, risk assets built on their impressive performance in 2023 amid a resilient US economy and strong labor market despite rising uncertainty regarding the timing of future monetary policy changes and elevated geopolitical tensions. Both US and developed... |
March 2024Global equity markets experienced another strong month in March, with most global equity indices posting low-to-mid single digit returns. Across both US and international markets, value stocks generally outperformed their growth counterparts... |
February 2024Global equity markets posted strong results during February, as most global equity markets posted mid-single digit returns leading to several US market indices reaching all-time highs. Growth stocks outperformed the value segment of the equity market, while in international... |
January 2024Global equity markets posted mixed results during January, with large-cap indices in developed markets posting modest gains, while smaller-cap stocks in developed markets, as well as stocks in emerging markets, pulled back slightly. Globally, growth stocks tended to outperform their value counterparts... |
4th Quarter 2023In Q4, most risk assets rebounded from more subdued conditions in the previous quarter to finish the year with significant positive returns—a stark turnaround compared to performance in 2022. For instance, the MSCI All Country World Index, a broad measure of the global... |
November 2023Global equity markets bounced back in November, ending a 3-month losing streak. Most US and international indices posted high-single digit to low-double digit gains, with growth stocks outperforming their value counterparts... |
October 2023Global equity markets pulled back in October, with most US and international indices experiencing low to mid-single digit losses. Both in the US and abroad, small-cap stocks underperformed their larger-cap counterparts, and the S&P 500 Index logged its first three-month losing streak since early 2020. Bond markets also... |
3rd Quarter 2023During Q3, investors grappled with mixed signals regarding the health of the economy and the direction of corporate profits. Several factors were at play, including an uptick in inflation, a downgrade to the US debt rating, ongoing labor negotiations and strikes, and uncertainty around the funding of the US government—all of which complicated the outlook... |
September 2023Global equity markets pulled back in September, with most US and international indices experiencing low to mid-single digit declines, and growth stocks generally underperforming their value counterparts. Bond markets also declined in September, as rates across the yield curve rose during the month, with the 10-year... |
August 2023Global equity markets pulled back in August, with most US and international indices experiencing low to mid-single digit losses for the month. In the US, small cap stocks generally underperformed large cap stocks, and internationally emerging markets declined... |
July 2023Global equity markets experienced positive results in July, with most US and international indices posting low to mid-single digit returns for the month. Stocks traded higher due to the release of positive economic data as well as declining concerns over US inflation... |
2nd Quarter 2023During Q2, investors focused on the uncertainty of the future interest rate path and timing of further actions by the US Federal Reserve (the Fed) and other global central banks. At the start of 2023, the combination of rate hikes and quantitative tightening kept expectations for a near-term US recession embedded in many market... |
June 2023Global equity markets experienced positive results in June, with most US and international indexes posting mid-single digit returns for the month. Stocks traded higher largely due to encouraging inflation news and optimism of a soft landing for the US economy... |
May 2023Global equity markets experienced mixed results in May, with growth stocks outperforming their value counterparts during the month. While concerns regarding Congress' ability to raise the US debt ceiling before the default deadline weighed on investors' minds, headlines... |
April 2023Most equity indexes experienced positive returns in April, with both US and international broad market indexes posting low single-digit returns, supported by generally strong earnings announcements and moderating inflation figures. However, US small cap and international emerging markets stocks pulled back during April, due to their heavier exposure to banks and other sectors... |
1st Quarter 2023During Q1, both defensive and risk assets generally provided positive returns, following a difficult environment in 2022 characterized by geopolitical risk and rising interest rates, although capital markets continued to experience... |
March 2023Market price action, investor sentiment and headlines were, in large part, driven by the failure of three US banks, the most prominent being Silicon Valley Bank (SVB) which represented the second largest bank failure in US history. Concerns around liquidity spread causing sharp declines in market value for other US regional... |
February 2023Global equity markets pulled back in February, with most US and international equity indices posting low single-digit losses for the month. Developed international equity indices outperformed emerging market indices, and within the United States, growth stocks outperformed their value... |
January 2023Global equity markets started the year on a positive note, with most US and international equity indices posting mid-to-high single digit returns for the month. International equities generally outperformed their domestic counterparts, while growth stocks largely outperformed value stocks... |
4th Quarter 2022During Q4, equity and fixed income markets delivered improved results while continuing to experience elevated volatility. However, the positive returns for the quarter came on the tail of a year that yielded significantly negative returns for many investors. Global equities ended 2022 with... |
December 2022US equity markets declined in December, with most US equity indices posting mid-single digit losses during the month. Developed international equity markets finished the month relatively flat, although emerging markets lagged developed international markets and finished slightly negative... |
November 2022Global equity markets continued to rebound during November. Most major US equity indices posted mid single-digit gains during the month, while most international equity indices posted low double-digit returns, led by emerging market equities which returned nearly 15% during the month... |
October 2022Global equity markets rebounded sharply in October. Most major US equity indices posted high-single digit to lowdouble digit gains during the month, and most international equity indices posted low-to-mid single digit gains, with the exception being emerging markets which declined during the month... |
3rd Quarter 2022In Q3, hopes for easing inflationary conditions and an eventual pivot to more accommodative monetary policy dominated investor sentiment in the first half, leading to strong gains for risk assets. As the quarter progressed, however, comments from Federal Reserve Open Market Committee (FOMC) members took an... |
September 2022Global equity markets pulled back sharply in September, with most major indices posting high-single digit to low-double digit losses during the month. Recession fears, along with persistent inflation, weighed on investor sentiment and contributed to the continued sell off in the stock market. Though inflation remains... |
2nd QuarterEquity and fixed income markets declined significantly during the quarter while credit spreads widened amidst a very difficult period for nearly all asset classes. The inflationary environment worsened in Q2, even as global central banks moved aggressively to tighten monetary policy. Economic forecasters gradually reduced... |