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Equity markets were mixed over the quarter, with U.S.
equities posting small positive returns amid large negative
returns internationally. Fixed income markets were also
negative over the quarter, as long-term rates rose.
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U.S. equities rose 2.6% (Russell 3000) over the quarter with
consumer discretionary stocks leading the way. Large cap
growth was the best performing style in 2024, outperforming
large cap value by almost 2000 basis points (33.4% for
Russell 1000 Growth vs. 14.4% for Russell 1000 Value).
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International equities and Emerging Markets equities
struggled over the quarter, posting losses of -8.1% (MSCI
EAFE) and -8.0% (MSCI Emerging Markets), respectively.
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The broad U.S. fixed income market returned -3.1%
(Bloomberg Barclays Aggregate) over the quarter. The Fed
cut rates by 25 basis points twice over the quarter; however,
longer term rates such as the 10-year treasury rate, rose by
almost 80 basis points over the period.
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The unemployment rate remained flat from last quarter at
4.1%.
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