News

The Market Navigates Economic and Policy Uncertainty in February

February Market Summary The S&P 500 Index returned -1.3%, outperforming the Russell 2000 Index’s -5.2% return. Six of the eleven S&P 500 sectors traded higher, led by defensive sectors. Bonds traded higher, with the U.S. Bond Aggregate delivering a +2.2% total return. Corporate investment-grade bonds produced a +2.4% total return…

02/01/25 | Monthly Letter

Stocks Rally as Market Leadership Shifts in Early 2025

Monthly Market Summary The S&P 500 Index returned +2.7%, marginally outperforming the Russell 2000 Index’s +2.5% return. Seven of the eleven S&P 500 sectors outperformed the index, as AI-related news led to a sell-off in Technology stocks. Corporate investment-grade bonds produced a +0.6% total return as Treasury yields edged lower…

12/01/24 | Monthly Letter

Stocks Trade Higher as Market Reacts to Election Results

Monthly Market Summary The S&P 500 Index returned +6.0% but underperformed the Russell 2000 Index’s +11.1% return. All eleven S&P 500 sectors traded higher, with Consumer Discretionary and Financials gaining more than +10%. In contrast, defensive sectors, such as Health Care, Utilities, and Consumer Staples, underperformed the S&P 500. Corporate…

11/01/24 | Monthly Letter

Treasury Yields Rise Following the Fed’s September Rate Cut

Monthly Market Summary The S&P 500 Index returned -0.9%, outperforming the Russell 2000 Index’s -1.4% return. Three of the eleven S&P 500 sectors traded higher, with Financials and Communication Services both gaining more than +1.5%. The remaining eight sectors all traded lower by more than -1% during the month. Corporate…

09/01/24 | Monthly Letter

Federal Reserve Set to Begin Cutting Interest Rates in September

Monthly Market Summary The S&P 500 Index returned +2.3% in August, outperforming the Russell 2000 Index’s -1.7% return. Nine of the eleven S&P 500 sectors traded higher, led by Consumer Staples, Real Estate, Health Care, and Utilities. Corporate investment-grade bonds produced a +1.9% total return as Treasury yields declined, slightly…

08/01/24 | Monthly Letter

The Stock Market Experienced a Big Rotation in July

Monthly Market Summary The S&P 500 Index returned +1.2% in July, underperforming the Russell 2000 Index’s +10.3% return. Ten of the eleven S&P 500 sectors traded higher, led by Real Estate, Utilities, and Financials. Technology was the only sector to trade lower, reversing a portion of its rise in the…