December Monthly Commentary
Global equities ended 2020 with a bang, adding to already sizable gains from earlier months, as positive news around COVID-19 vaccines and a fiscal stimulus plan bolstered sentiment. In the U.S., the S&P 500 Index increased 3.8% in December; small-cap equities outperformed with the Russell 2000 Index gaining 8.7% last month. Non-U.S. equities outperformed their […]
November Monthly Commentary
November was a momentous month as investors, emboldened by the results of the U.S. elections and the potential success of multiple COVID-19 vaccines, bid up equities. The twin prospects of a divided government resulting in the likelihood of a diminished agenda for President-elect Biden, and the imminent implementation and distribution of the coronavirus vaccines fueled […]
October Monthly Commentary
Developed market equities faltered in October amid a wave of risk aversion fueled by an uptick in new cases and hospitalization rates for COVID-19 in the U.S. and Europe. Domestic equities posted their second straight month of declines as volatility in the final trading days of October, incited by diminishing hopes of a pre-election fiscal […]
September Monthly Commentary
U.S. equities snapped their winning streak in September, upending five straight months of gains as technology heavyweights came under pressure and the pandemic continued to roil the economy; the S&P 500 Index fell 3.8% last month but ended the third quarter with returns of 8.9%. While non-US equities were also in the red in September, […]
August Monthly Commentary
Equities continued their winning streak in August—marking the fifth straight month of gains—amid improving investor sentiment bolstered by ongoing stimulus, better than expected quarterly earnings, and optimism around a vaccine. In the US, the S&P 500 Index returned 7.2%, gaining in all but five trading days, ending the month at 3,500. Non-US equities benefited from […]
July Monthly Commentary
The S&P 500 Index was up for the fourth straight month, increasing 5.6% in July; the gains pushed the index into positive territory with a year-to-date returns of 2.4%. This confidence comes despite a record spike in infection rates in many parts of the country, and macroeconomic data underscoring the economic fallout from the pandemic. […]
June Monthly Commentary
Risk assets added to recent gains as economies around the world relaxed restrictions and central banks and governments continued to provide extraordinary stimulus to offset the weak economic backdrop. Despite a pandemic and a recession, investors embraced risk in their search for yield amid significant central bank intervention and low rates. As a result, global […]
May Monthly Commentary
Risk assets pushed higher this month as economies around the world began reopening and relaxing restrictions. While COVID-19 remains a dominant headline, news of progress in developing a vaccine and signs of a rebound in economic activity bolstered market sentiment. Over the past month, the US has been hit by a slew of weak economic […]
April Monthly Commentary
Following a disappointing first quarter, risk assets moved higher in April as central banks and governments stepped in with monetary and fiscal stimuli to stem the fallout from the COVID-19 pandemic. While the virus continued to spread, new data indicated a slowing pace in infections and hospitalization rates in some regions. To that end, the […]
March Monthly Commentary
Volatility roiled markets in the first quarter as investors grappled with the potential economic fallout of the COVID-19 pandemic. Economies across the world screeched to an abrupt halt in the face of travel restrictions and containment efforts, sending the CBOE Volatility Index, a barometer of market sentiment, to over 80 during the quarter before settling […]