July Monthly Commentary
July witnessed the “great rotation” in U.S. equities. Small-cap stocks led the way, with gains of 10%, following months of lackluster performance. In addition, value-oriented equities surged with the Russell 1000 Value Index up 5.1%, while the Russell 1000 Growth Index was down 1.7%. During this time, the S&P 500 was able to eke out […]
June Monthly Commentary
It was the same story but a different month for stocks in June, with growth outperforming value. The artificial intelligence (AI) boom within the tech sector appears unstoppable as Nvidia, the leading provider of chips used to run AI models and the primary benefactor, by far, of this boom, is now up over 150% year-to-date […]
May Monthly Commentary
Stocks and bonds defied the adage, “sell in May and go away,” ending the month in the black. The much anticipated earnings of Nvidia beat expectations again, fueling a rally in growth stocks and supporting broader market returns. The S&P 500 Index returned 5% in May, pushing year-to-date gains to 11.3%. Outside the United States, […]
April Monthly Commentary
The S&P sold off 4.1% in April with equity markets reacting to rising interest rates and elevated inflation prints. Large-cap stocks outperformed, while small-cap stocks continue to be sensitive to long-term interest rates with the Russell 2000 selling off 7% for the month. Outside the U.S., the MSCI Emerging Markets Index added 0.4% in April. […]
March Monthly Commentary
All asset classes were in the black in March as markets saw no signs of an economic slowdown in the U.S. in the first quarter, while the Federal Reserve continues its efforts to steer the economy to a safe landing. Markets have priced in a safe landing—a stable path back to inflation of 2% with […]
Community Investment Matching Program to Wind Up
Under the UUA’s community investment matching program, the UUA matched a congregation’s investment in a Community Development Financial Institution (CDFI) with an investment of its own in the same amount (maximum $10,000), term (maximum 3 years), and interest rate as the note signed by the congregation. Recently, the UUA Investment Committee has decided that going […]
February Monthly Commentary
A slew of stronger-than-expected economic and corporate earnings data bolstered global stocks in February. The S&P 500 Index hit multiple milestones during the month: it surpassed 5000 and Nvidia set a record for the largest single-day market capitalization gain of $277 billion; the S&P 500 gained 5.3% last month, pushing year-to-date returns to 7.1%. Outside […]
January Monthly Commentary
Asset returns were mixed in January as better-than-expected economic returns and a hawkish Federal Reserve weighed on markets. The U.S. economy expanded at an annualized rate of 3.3% in the fourth quarter fueled by strong consumer spending. Spending data released last month still point to a resilient consumer with personal consumption expenditures beating expectations and […]
December Monthly Commentary
On the heels of a Fed pivot, bonds and equities rallied in December to finish the year strong. Fed Chairman Jerome Powell appeared dovish during the Federal Reserve meeting last month, which was all markets needed to fuel a Santa Claus rally late in the year. The interest-rate moves in December were unprecedented with yields […]
August Monthly Commentary
August was a tale of two capital markets. The first half of the month saw the return of volatility, with a sell-off in global equities and a flight-to-quality in rates triggered by some softness in U.S. economic data and central bank actions, which led to an unwinding of leverage across markets. Despite the volatile start, […]