Q2 2025 Market Commentary
Domestic Equities At first glance the second quarter appears to have been smooth and positive. Major indexes ended near their highs, and headline gains suggested a risk-on, drama free environment. But the path to those gains was anything but calm. Markets opened Q2 with a jolt as President Trump’s surprise Liberation Day tariff announcement triggered […]
Q1 2025 Market Commentary
Domestic Equities U.S. equity markets posted steep declines in the first quarter of 2025, rattled by escalating trade tensions, fading enthusiasm for AI-driven growth, and signs of softening economic momentum. The S&P 500 fell 5.8%, the Nasdaq Composite dropped 7.3%, and the Dow Jones Industrial Average lost 4.2%, marking the worst quarterly performance since 2022. […]
Q4 2024 Market Commentary
Domestic Equities U.S. equity markets experienced broad gains in the fourth quarter, marked by significant shifts in market leadership. Early in the quarter, the so-called “Trump Trade” drove small caps, financials, and other cyclical sectors to the forefront as investors anticipated policy benefits from a Trump victory. However, after the election and as the quarter […]
Q3 2024 Market Commentary
Global equity markets sustained their upward trajectory in the third quarter, although the ride was bumpier than in previous months. Several key factors contributed to this volatility, including concerns about the U.S. economy and labor markets, the unwinding of the USD-Yen carry trade, global central banks beginning their rate-cutting cycles, and China’s announcement of a […]
Q2 2024 Market Commentary
The economic momentum from the first quarter of 2024 continued into the second, resulting in another positive period for equity markets. Initial concerns over central bank rate cuts due to strong April data eased, reviving hopes for a soft landing. Inflation in the services sector remained a concern, reducing expected rate cuts by Western central […]
Q1 2024 Market Commentary
Global asset class performance in the first quarter of 2024 diverged after a strong rally in the final months of 2023, as markets adjusted expectations for policy rate cuts in major developed economies. While the US saw robust 3.4% GDP growth in Q4 2023, the UK and Europe entered a technical recession. China’s ongoing property sector challenges weighed on its economic outlook.
Q4 2023 Market Commentary
After a shaky start to the quarter, US equities experienced a significant rally following the Federal Reserve’s indications that interest rate cuts could be on the horizon. Domestic Equities After a shaky start to the quarter, US equities experienced a significant rally following the Federal Reserve’s indications that interest rate cuts could be on the […]
Q3 2023 Market Commentary
The third quarter of 2023 saw the euphoric optimism that propelled the “Magnificent Seven” stocks and broad indices higher, abruptly give way to renewed concerns regarding the Federal Reserve’s policy action, or future inaction. The initial vigor of July, extending the strong uptrend from the first half of the year, gave way to a notable […]
Q2 2023 Market Commentary
The first half of 2023 has concluded following a second quarter that saw concern on the direction of markets and the economy giving way to resilient data and optimistic sentiment. Throughout the quarter, investors received earnings reports, economic indicators, and banking sector news displaying that the worst-case scenario of an imminent, banking led recession in […]
Q1 2023 Market Commentary
Markets, and more importantly, investor expectations, fluctuated drastically throughout the first three months of 2023. Beaten down areas came out of the gates quickly as they forcefully rallied on optimism that global central banks would soon halt rates. This soft-landing hope quickly sputtered as markets faced a banking crisis and thoughts of tighter financial conditions […]