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The stock market declined in the first quarter after two consecutive years of gains exceeding 20%. The year started off strongly, with the S&P 500 reaching a new all-time high in mid-February. However, sentiment shifted late in February amid rising policy uncertainty in Washington, and the S&P 500 ended the quarter down. Days after the quarter ended, President Trump announced tariff measures that caught investors off guard, leading to additional market declines. There are many moving pieces, and much uncertainty in the markets, and we will share our perspective in this commentary. We will also address the increase in market volatility and emphasize the importance of maintaining your investment strategy.

This commentary discusses investors’ focus on the Federal Reserve, recaps second quarter performance and looks ahead to the remainder of 2024.