Market Commentary 2/08/24

Large Cap Stocks Trade Higher

Mega-cap stocks fueled a continuation of positive returns for large cap stocks to start 2024. The S&P 500, NASDAQ 100, and Dow Jones Industrial Average each set new all-time highs last month, with these indices increasing 1.6%, 1.0% and 1.2%, respectively, in January.

In continuation of last year’s trend, the companies with the biggest market caps accounted for a substantial portion of the early-year gains. Although large cap stocks had a strong January, the Russell 2000 Index declined 3.9% for the month.

Sectors were also mixed during January with five of the eleven S&P 500 sectors trading higher. Communication Services, Financials, and Health Care were the best performers, while Real Estate, Consumer Discretionary, and Materials traded lower.

International stocks traded lower in January and underperformed U.S. stocks. The MSCI EAFE Index of developed market stocks declined 0.5%, while the MSCI Emerging Market Index traded lower by 4.5%.

Bonds, as measured by the iShares Core U.S. Aggregate Bond Index, declined .15% as Treasury yields modestly increased in January.

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Important Disclosures: The report herein is not a complete analysis of every material fact in respect to any company, industry or security. The opinions expressed here reflect the judgment of the author as of the date of the report and are subject to change without notice. Any market prices are only indications of market values and are subject to change. The information contained herein is based on technical and/or fundamental market analysis and may be based on data obtained from recognizable statistical services, issuer reports or communications or other sources believed to be reliable. However, such information has not been verified by us, and we do not make any representations as to its accuracy or completeness. The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy. Index returns are not fund returns. An index is unmanaged and not available for direct investment. Past performance is no guarantee of future results. Yields are given as of 10/1/2023.Bonds are subject to price and availability.

The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market value weighted index with each stock’s weight in the Index proportionate to its market value. The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000® Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. The NASDAQ 100 Index is an unmanaged group of the 100 biggest companies listed on the NASDAQ Composite Index. The list is updated quarterly and companies on this Index are typically representative of technology-related industries, such as computer hardware and software products, telecommunications, biotechnology and retail/wholesale trade. The MSCI EAFE Index is designed to represent the performance of large and mid-cap securities across 21 developed markets, including countries in Europe, Australasia and the Far East, excluding the U.S. and Canada. The MSCI Emerging Markets Index is designed to represent the performance of large- and mid-cap securities in 24 Emerging Markets. Bloomberg U.S. Aggregate Bond Index is a broad-based measure of the investment grade, US dollar-denominated, fixed-rate taxable bond market.

Additional information is available upon request. PM-08052025-6365387.1.1

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