Markets
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Quarterly Markets Overview & Outlook
John Merrill, Tom Bruce, Curtis Holden, CFA®, April 3, 2025
Summary. The financial markets of 2025 bear little resemblance to those of 2024. The biggest winners of last year – the "Magnificent Seven" and U.S. growth stocks – have been the biggest losers so far this year.
Monthly Financial Markets Update
John Merrill, Tom Bruce, February 4, 2025
Most asset classes got off to a good start in January. Both U.S. and International equities (including emerging markets) posted strong monthly gains. REITs and infrastructure had more modest gains while bonds posted slight gains for the month. Gold once again led all major asset classes with its continued strong performance.
Quarterly Markets Overview & Outlook
John Merrill, Tom Bruce, Curtis Holden, CFA®, January 3, 2025
Overview. Asset class performances diverged in 2024 as they reacted to the cross currents of a strong U.S. economy, weakness abroad, geopolitical tensions, a flip-flop from the Fed on interest rates, and anticipation of the new President’s policies after the election.
Monthly Financial Markets Update
John Merrill, Tom Bruce, December 2, 2024
Strength in the U.S. economy along with the anticipation of upcoming policy changes in the new Trump administration were the primary drivers of financial markets in November.
Monthly Financial Markets Update
John Merrill, Tom Bruce, November 4, 2024
October was a month of heightened volatility due to the uncertainty surrounding the upcoming election and outlook for monetary policy. U.S. stocks declined modestly, bonds were under pressure, and REITs lost ground.
Quarterly Markets Overview & Outlook
John Merrill, Tom Bruce, Curtis Holden, CFA®, October 2, 2024
Overview. Over the past quarter, the anticipation of falling interest rates in the U.S. had an outsized impact on financial markets, driving nearly all asset classes higher. Real estate, global infrastructure, and gold were the biggest winners, all posting very strong gains.
Monthly Financial Markets Update
John Merrill, Tom Bruce, September 2024
Despite a volatile market environment, most asset classes enjoyed gains in August with REITs leading the way. The only exception was natural resources which posted a modest decline.
Monthly Financial Markets Update
John Merrill, Brian Merrill, Curtis Holden, Tom Bruce, August 2024
The major equity asset classes, both domestic and international, produced modest gains in July despite the major daily gyrations. The interest sensitive asset classes including Bonds, REITs, and infrastructure posted relatively large gains.
Quarterly Markets Overview & Outlook
John Merrill, Brian Merrill, Curtis Holden, Tom Bruce, July 2024
Overview. U.S. stocks and gold were outstanding performers in the second quarter (Q2) and for the year-to-date (YTD). International stocks lagged badly in Q2 and consequently for the year. Interest sensitive asset classes (bonds, REITs, and infrastructure) were flat to down in both periods.