Major Asset Classes November 2023 Performance Comparison Introduction November 2023 market returns were broadly positive.  Stocks and fixed income assets had their best performance month of the year.  For example, the S&P 500 index (+8.9%) and the NASDAQ100 Index (+10.8%) benefited from an improved rate outlook, a strong GDP trend, […]

Major Asset Classes October 2023 Performance Comparison Introduction Strong GDP growth in the third quarter is the backdrop for October 2023 market returns.  Still, the U.S. equity markets fell last month, the third monthly loss in a row. Meanwhile, key drivers included mixed third quarter earnings results, surging long-dated yields, […]

Major Asset Classes September 2023 Performance Comparison Introduction September 2023 returns were negative across many asset groups. U.S. equities declined two months in a row for their first quarterly decline since Q3 2022. In addition, rates on long bonds posted their biggest quarterly advance since 2009.  In response, the US […]

Major Asset Classes August 2023 Performance Comparison Introduction August 2023 returns were negative, ending a 5 month stock market rally.  At one point, the S&P 500 index was down -5.5%, but ended the month down -1.8%. The primary driver of returns was higher borrowing costs , which weighed on the […]

Major Asset Classes July 2023 Performance Comparison Introduction July 2023 returns added to gains seen in June, logging the 5th straight month of gains.  The S&P 500 index was up +3.1% in July and the NASDAQ 100 index up +3.9%, buoyed by resilient GDP growth and a drop in developed […]