Both equity and fixed-income markets fell in August. The S&P 500 fell -1.6% as all sectors were down except for Energy, which rose 1.8%. Utilities fell the most (-6.2%), followed by Consumer Staples (-3.6%), Materials (-3.3%), and Real Estate (-3.0%). The Small-cap Russell 2000 index fell -5.0%. Yields on U.S. 10-year Treasuries rose for the fourth straight month reaching 4.1%, though mid-month levels reached 4.36%. The 5-year U.S. treasury rose towards 4.5% before retreating to 4.2% by month end. Within fixed-income markets, the Bloomberg U.S. Aggregate Bond Index fell for the fourth month in a row (-0.6%), U.S. Corporate HY Bonds rose 0.3%, and Municipal bonds fell -1.4%.


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· U.S. growth surprised to the upside through 2023 and continues to be on solid footing entering 2024, although vulnerabilities...

January 12, 2024

Key Takeaways Global growth bested pessimistic expectations coming into the year and the widely anticipated recession of 2023 never came...

December 8, 2023

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