Market Commentary

Financial markets ended the first quarter against a backdrop of persistent macro uncertainty, elevated geopolitical risks, and continued debate around inflation, energy prices, private credit,

The rally in speculative, low-quality stocks that began last April took a breather in the fourth quarter. AI-linked names, meme stocks and crypto lagged while

Equity markets continued to shrug off the tariff-induced volatility that roiled stocks earlier this year. The S&P 500 returned 14.8% year-to-date through September 30. This

Equity markets made a strong recovery following the tariff-induced selloff in early April 1. At its lowest point on April 8, the S&P 500’s year-to-date

President Trump’s April 2 tariff announcement surpassed Wall Street’s worst expectations and roiled financial markets, sending the S&P 500 down 10.5% during a two-day decline

The 25% return of the S&P 500 in 2024 marked a second consecutive year of over 20% returns. Gains continued to be concentrated in a

After the NVIDIA-driven first half of the year, equity markets broadened during the third quarter. Small cap stocks, emerging and developed non-US markets posted double-digit

Four growth stocks – NVIDIA, Apple, Microsoft and Alphabet – contributed over 100% of the S&P 500’s 4.3% return during the second quarter. The average