Commentary

Last week markets continued to pull back as the S&P 500 dropped to a two-month low. We are seeing stocks stressed due to a multi-faceted wave of challenges. The initial pullback in early April, predominantly driven by persistent inflation and higher interest rates, has catalyzed into a more extensive selloff. The S&P 500 and Nasdaq 100’s sharp decline of over 1% each on Monday of last week has sent a ripple effect across the globe. Asian benchmarks have retreated notably in Japan and Hong Kong, and European markets have not been spared the brunt.

Stocks traded higher in February, with the rally broadening after large cap stocks accounted for most of January’s gains. The S&P 500, with a monthly gain of 5.2%, traded above 5,000 for the first time. The Dow Jones Industrial Average likewise set a new closing high in February, and the Russell 2000 Index of small cap stocks gained 5.7% for the month after declining 3.9% in January. The Consumer Discretionary, Industrial, and Material sectors outperformed the S&P 500, while the Utility, Consumer Staple, and Real Estate sectors underperformed.

As July ended, the S&P 500 recorded its fifth consecutive monthly gain, having recovered most of the losses from 2022. Additionally, the index is currently trading less than 10% below its all-time closing high set in January 2022.

As July ended, the S&P 500 recorded its fifth consecutive monthly gain, having recovered most of the losses from 2022. Additionally, the index is currently trading less than 10% below its all-time closing high set in January 2022.

As July ended, the S&P 500 recorded its fifth consecutive monthly gain, having recovered most of the losses from 2022. Additionally, the index is currently trading less than 10% below its all-time closing high set in January 2022.

As July ended, the S&P 500 recorded its fifth consecutive monthly gain, having recovered most of the losses from 2022. Additionally, the index is currently trading less than 10% below its all-time closing high set in January 2022.

As July ended, the S&P 500 recorded its fifth consecutive monthly gain, having recovered most of the losses from 2022. Additionally, the index is currently trading less than 10% below its all-time closing high set in January 2022.