July Monthly Commentary
Developed market equities forged ahead in July as robust economic data and strong corporate earnings offset concerns around escalating trade tensions between the United States and China. The S&P 500 returned 3.7% last month as US GDP growth hit 4.1% in the second quarter. A healthy earnings season pushed the MSCI Europe Index up 3.3%. […]
June Monthly Commentary
Equities saw no respite from volatility in June as trade concerns weighed on markets. Despite the uncertainty, the S&P 500 Index eked out gains of 0.6% for the month – ending the quarter up 3.4%. However, markets outside the US fared worse. Roiled by a strengthening US dollar—the yuan, for instance, fell 4.2% versus the […]
May Monthly Commentary
Volatility remained a mainstay in May amid festering trade tensions between the US and China and Italy’s struggle to form a new government. The US dollar strengthened 2% relative to a basket of major currencies, fueling declines of 2.2% and 3.5% in the MSCI EAFE and MSCI Emerging Markets indexes, respectively. In contrast, the S&P […]
April Monthly Commentary
Volatility continued to roil markets in April as trade tensions escalated between the US and China. However, developed market equities still ended the month in the black amid a stronger than expected earnings season; the S&P 500 Index returned 0.4% and the MSCI EAFE Index gained 2.3% for the month. Within fixed income, the specter […]
June Monthly Commentary
Equities saw no respite from volatility in June as trade concerns weighed on markets. Despite the uncertainty, the S&P 500 Index eked out gains of 0.6% for the month – ending the quarter up 3.4%. However, markets outside the US fared worse. Roiled by a strengthening US dollar—the yuan, for instance, fell 4.2% versus the […]
March Monthly Commentary
Volatility hobbled equity markets in March amid escalating tensions over a potential trade war between the United States and China. With a tit-for-tat tariff battle underway between the world’s two largest economies, the S&P 500 Index slumped 2.5% and the MSCI Emerging Markets Index declined 1.9% last month; the S&P 500 fell 0.8% for the […]
February Monthly Commentary
Global equities snapped their winning streak amid a spike in volatility, resulting in a moderate correction early February. Investors’ concerns around rising wage inflation potentially leading to more aggressive rate hikes by the Fed and a larger projected government deficit interrupted the S&P 500’s golden run of 15 straight months of gains as the index […]
January Monthly Commentary
Global equities continued their winning streak in the new year. Emerging market stocks maintained their lead—gaining 8.3% in January, according to the MSCI EM Index—bolstered by a weaker US dollar, stronger commodity prices, and sustained economic growth. The S&P 500 and MSCI EAFE indexes posted returns of 5.7% and 5.0%, respectively. As the month ended, […]
December Monthly Commentary
Equities rounded out a banner year with additional gains on the back of strong earnings and economic growth. Maintaining their lead, emerging market stocks returned 3.6% in December, according to the MSCI EM index, racking up gains of 37.9% in 2017. The S&P 500 was up 1.1% on the month and—setting a new record—was in […]
Monthly Commentary for November 2017
As 2017 draws to a close, most investors can look back on the year as one marked by low volatility and high returns. November did little to change this dynamic as global equities continued their relentless march forward. US stocks were in the lead with gains of 5.5%, stealing the thunder from international equities that […]