News & Quarterly Market Reviews
Q3 2024 Quarterly Market Review
The S&P 500 had its worst July in 10 years. Nonetheless, Fed and international central bank rate cuts and stimulus in China helped all asset classes to post positive returns in the third quarter of 2024, with international markets leading the way. Our Quarterly Market Report details performance by asset class and geography.
Q2 2024 Quarterly Market Review
Indications that inflation is starting to ease resulted in mixed outcomes in the second quarter of 2024. US and international emerging markets trended positive, fixed income was largely flat, and international developed markets and real estate ticked downward. Year to date, every asset class has had positive returns. Our Quarterly Market Review details performance by asset class and geography.
Q1 2024 Quarterly Market Review
Equities were positive in the first quarter of 2024, led by US large growth companies. Treasury yields rose as the Fed signaled a delay in rate cuts. On a one-, five- and 10-year basis, all assets classes were in positive territory. Our Quarterly Market Review details performance by asset class and geography.
Q4 2023 Quarterly Market Review
Markets returned positive in the fourth quarter of 2023 with gains across asset classes. Rising interest rates and Fed guidance on future decreases helped fixed income to post its highest quarterly return of the century. Our Quarterly Market Review details performance by asset class and geography.
Q3 2023 Quarterly Market Review
All indices turned negative for the third quarter of 2023, though gains in the three previous quarters leave returns in positive territory on one-, five- and ten-year bases. Treasury yields increased across all maturities as interest rates continued to rise. Our Quarterly Market Review details performance by asset class and geography.
Q2 2023 Quarterly Market Review
Markets continued upward in the second quarter of 2023, technically entering a bull market phase with a 20% lift above last October’s lows. US large growth companies led the way, with developed international equities delivering strong results as well. Our Quarterly Market Review details performance by asset class and geography.
Q1 2023 Quarterly Market Review
Markets continued upward in the first quarter of 2023, with developed international leading the way. Nonetheless, all indices remain negative on a one-year basis. Rising interest rates resulted in higher total returns for bonds. Our Quarterly Market Review details performance by asset class and geography.
Q4 2022 Quarterly Market Review
Markets rallied in the fourth quarter, with international leading and all asset classes showing positive returns. Despite this welcome news, all asset classes remained negative for the year; in fact, 2022 shaped up as the worst year in investment markets since 2008. Our Quarterly Market Review details performance by asset class and geography.
Q3 2022 Quarterly Market Review
While the third quarter began with a rally, it ended with a thud. Markets hit bear market territory by the end of the quarter, with interest rate increases, a rising risk of recession, and lingering effects of the pandemic and Russia’s invasion of Ukraine weighing on both stocks and bonds. Our Quarterly Market Review details performance by asset class and geography.
Q2 2022 Quarterly Market Review
All asset classes continued their negative trajectories in the second quarter of 2022, with inflation and interest rate hikes, continuing supply chain disruptions and the war in Ukraine and its effects on food and energy prices contributing to high levels of volatility. Our Quarterly Market Review details performance by asset class and geography.
Q1 2022 Quarterly Market Review
All asset classes posted negative returns in the first quarter of 2022. For perspective, the S&P 500 is up more than 14% from one year ago. We expect volatility to continue in the near term as the Fed raises interest rates, inflation remains high and the war in Ukraine continues. Our Quarterly Market Review details performance by asset class and geography.
Q4 2021 Quarterly Market Review
Markets finished the year strong, with all indices but emerging markets stocks up for the quarter. For the year, fixed income— US and international— joined emerging markets stocks as the only asset classes posting negative returns for the year. We encourage investors to take the long view: using five- and ten-year time horizons, all asset classes show positive returns.