January was a strong month for US large cap stocks. Many of the trends witnessed in 2023 persisted into the beginning of 2024 as growth stocks continued to outperform value stocks, large caps beat small caps, and international lagged the US. Japan was a bright spot within international developed markets during the month, while in the emerging markets, China continues to struggle. After a strong Q4, real estate took a breather in January, although data centers continued to perform well. Among fixed income, the reaction to a dovish Q4 signal from Federal Reserve Chair Jerome Powell faded into January, with rates rising again (the 10-year treasury yield rose from 3.88% on 12/31/23 to 3.99% at the end of January), putting moderate pressure on intermediate and longer duration bonds. See the tables below for more details on segment performance within the market.
Disclosures:
The tables above do not depict specific funds, but rather the index representation of certain asset classes. You cannot invest directly in an index. Returns above are total returns, which include interest/dividends. Past performance is not a guarantee of future results. The figures come from Morningstar Direct, a source believed to be reliable, but the accuracy of which cannot be guaranteed. Investment in securities involves significant risk and has the potential for partial or complete loss of funds invested. It should not be assumed that any recommendations made will be profitable or equal the performance noted in this publication.
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