Commentary
Third Quarter 2024 Quarterly Market Update
Market summary: Low volatility and stable economics fueled a narrow rally for stocks
Key Takeaways
- Markets: Stocks rallied in Q2 led by large cap growth, specifically in the technology and communications sectors. The quarter was a mixed bag for other categories of US and non-US stocks.
- Economy: Economies across the globe expanded, including the US. US inflation in housing and services has persisted while some transitory pressures have receded and stabilized, for instance in supply chains. The job market remained tight and appears to be normalizing from high levels.
- Investments: Growth and large cap US stocks added to gains in Q2 while value, small caps, and mid caps posted negative returns. Emerging markets stocks led outside the US.
- Valuations: US stock prices became somewhat more expensive through the rally in Q2. Most fixed-income categories ended the quarter with yields near long-term historical averages.
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Third Quarter 2023 Quarterly Market Update
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