The first half of the year was marked by renewed inflation pressure, elevated interest rates, geopolitical uncertainty, and continued debate over the long-term investment implications of artificial intelligence. Despite those headwinds, investors were rewarded with market gains across major sectors and geographies. Index returns were strong during the second quarter. [...]
The first quarter of 2026 marked a more subdued start to the year, as global markets pulled back following the strong gains of 2025. For the quarter, the S&P 500 declined 4.3%, developed international markets fell 1.2%, and emerging markets declined 0.2%. Fixed income was relatively stable, with the Bloomberg [...]
The fourth quarter capped another strong year for investors, extending gains across global equity markets and reinforcing the resilience of risk assets despite elevated valuations and persistent macroeconomic uncertainty. For the quarter, the S&P 500 rose 2.7%, developed international markets gained 4.9%, and emerging markets advanced 4.7%. Fixed income also [...]
The third quarter delivered broadly positive results for investors. Emerging markets led the way at 10.6%, the S&P 500 rose 8.1% and developed international markets were also positive, up 4.8%, a reminder that opportunities remain broad-based across regions. Bonds posted modest gains as yields stabilized following the Fed’s September [...]
Following a volatile first quarter, domestic equity markets staged a significant rebound in Q2. The S&P 500 rose 10.9% during the quarter, led by a resurgence in large-cap technology stocks while the Nasdaq advanced more than 30% from its April low. International equities also delivered positive returns, with developed markets [...]
Following a strong finish to 2024, markets entered the new year with continued momentum. The S&P 500 advanced steadily through January, reaching a record high on February 19. That early momentum faded as the quarter progressed. Markets grew increasingly unsettled by rising geopolitical tensions and speculation around a return to [...]
Happy New Year to Our Clients and Friends, As we step into 2025, we reflect on another remarkable year for the U.S. stock market. For those broadly invested in U.S. equities, 2024 provided plenty to celebrate. The S&P 500 posted an impressive 25% return, building on the 26% gain recorded [...]
As highlighted in past quarterly letters, the Federal Reserve's dual mandate is to promote stable prices (low inflation) and maximum employment. Over the past two years, the Fed has been grappling with this complex challenge. By keeping policy rates elevated, their priority has been disinflationary monetary policy to carefully [...]
At the halfway point of 2024, our views on the current state of capital markets have not materially changed. Markets continue to rally forward, valuations are high, inflation remains above the Fed's target (but showing signs of improvement), and the economy continues to exceed expectations despite decade-high interest rates [...]
The US stock market rally extended during the first three months of 2024. The S&P 500 is up 30% since the October lows and 10.6% for the quarter, reaching April with twenty-two newly minted all-time highs. International equities trailed the US but were positive, up 5.7% and 2.1% for [...]
