Executive Summary Equity markets rallied throughout April, looking past geopolitical issues and inflation concerns, as many equity indexes closed the month near all-time highs. Positive corporate earnings and announcements of record artificial intelligence (AI) infrastructure spending helped fuel robust equity market returns for the month. The Federal Reserve held interest rates steady in its April meeting, as expected; however, the meeting will be remembered as the last in w

Executive Summary The US and Israeli military campaign against Iran, which began in late February, escalated throughout March, roiling markets and pushing energy prices markedly higher. The effective closure of the Strait of Hormuz by Iran, through which nearly 20 percent of global oil flows, reignited inflation and recession concerns, as oil and natural gas shortages impact transport costs and the prices of a wide range of global goods. Aside from energy sector stocks, globa

Executive Summary The rotation in equity markets continued during February, as non-US and dividend-oriented stocks advanced while the S&P 500 and Nasdaq Composite (a proxy for large US technology-related stocks) declined. A series of artificial intelligence (AI) related releases from Anthropic and OpenAI triggered a sell-off in enterprise software, cybersecurity, and legacy technology service companies as the market wrestled with how AI may impact different sectors of the mar

Executive Summary After a strong 2025 calendar year for most asset classes, the new year began on a positive note despite some volatility mid-month. The rotational trade away from large US technology stocks toward some of the less-loved parts of the market, such as biotechnology, dividend-oriented, and non-US stocks, continued. The Federal Reserve (Fed) decided to leave interest rates unchanged at its January meeting; however, the more important news was President Trump’s nom

Executive Summary Last year was defined, at least in part, by high levels of uncertainty driven by dramatic changes in trade policy, geopolitical tension, and the continued rise of artificial intelligence. However, the economy and markets proved to be remarkably resilient despite the uncertainty. In fact, many indices ended the year close to all-time highs as investors benefited from almost all asset classes rising throughout the year. Against this backdrop we begin 2026, and

Executive Summary After a strong rally from Liberation Day lows in April, equity markets finally cooled off in November and finished the month relatively flat. However, some of the less-loved parts of the market, such as biotechnology and dividend-oriented stocks, rotated into favor as AI-related technology stocks struggled during the month. Despite some weakness in the labor market, economic activity has remained relatively resilient this year and early signs from holiday sh

Executive Summary Equity markets crept higher in October (in large part due to big technology companies), continuing to exhibit the resilience we have witnessed since the tariff-induced drop in April of this year. Artificial intelligence (AI) continues to be one of the major financial storylines, as AI-related capital expenditures are supporting economic growth, and many of the large technology stocks are pushing market indexes higher. The Federal Reserve (Fed) lowered the fe

Executive Summary Equity markets continued to advance through September, as many equity indexes, including international and emerging...

Executive Summary The equity market continued to rally through July, as the S&P 500, Nasdaq Composite, and MSCI ACWI indexes ended the...

Executive Summary Equity markets built upon positive momentum throughout June, as the S&P 500 and Nasdaq Composite indexes ended the...

Executive Summary After the volatility experienced in April, May provided a much-needed breather for investors as equity markets...

President Trump’s tariff announcement came in early April, and both the size and scope of the reciprocal tariffs on other countries were...

Market volatility picked up in March, as uncertainty related to trade policy pushed most of the equity market negative for the month....

Finding Balance The chart below really says it all. Tariffs, government spending cuts, tax policy, wars in Ukraine and the Middle East;...

Markets started off the year on a positive note, with many major stock indices rising in January. The gains are likely attributable to...