MARKET REVIEW Despite the market’s terrible angst and performance in 2022, the major indices were all higher in the second half of 2022. In Q4, the S&P 500 returned 7.56% and the Russell 2000 Growth returned 4.13%. As anticipated, the Federal Reserve raised interest rates by 75 bps to 3.75 – 4.00% on November 2nd […]

MARKET REVIEW In 3Q22, the S&P 500 returned -4.88%, the S&P 400 Index returned –2.46%, and the Russell 2000 Index returned –2.19%. In July, when investors believed the Federal Reserve might end its rate-raising cycle, the Russell 2000 returned 10.50% and the S&P 500 returned 9.22%. In late July, the Federal Reserve raised interest rates […]

MARKET REVIEW In 1Q22, the S&P 500 returned -4.60% and the S&P 400 returned -4.88%. The market was particularly weak in January as inflation hit a 39-year high and U.S. Government bond yields increased. MACRO OBSERVATIONS In 1Q22, Russia assaulted Ukraine. The brutality was shocking. It laid bare our assumptions about geopolitical stability and international […]

MARKET REVIEW The market closed 2021 near its 12-month and all-time highs. In 4Q21, the S&P 500 returned 11.03% and theS&P 400 MidCap returned 8.00%.  In 2021, the S&P 500 returned 28.71%; the S&P 400 MidCap returned 24.76%. While 2021 was a great year, the start of 2022 is anything but great.  Inflation is lasting […]

MARKET REVIEW In 3Q21, the Russell 2000 returned -4.36%, and the S&P 500 returned 0.58%. The market was particularly weak in late September, after the Federal Open Market Committee Statement. YTD as of September 30, 2021, the Russell 2000 returned 12.41%, and the S&P 500 returned 15.92%. MACRO OBSERVATIONS 10-year U.S. Treasury rates rose 35 […]