Posts by jmgfinancial

INVESTMENT COMMITTEE COMMENTARY April 2025 U.S. equities experienced continued volatility in April as tariffs announced by President Trump on April 2nd led to policy uncertainty and trade wars. Intraday and daily volatility also increased on worries that Fed Chair Jerome Powell might be replaced by the president and by concerning news on economic growth, inflation,…

With the recent market volatility and economic uncertainty following the tariff announcements, we first want to address these recent events before providing the March 2025 market review. Tariff Announcements Stocks begin the second quarter of 2025 following the worst quarterly performance in nearly three years. After President Trump’s tariff announcements on April 2nd of a…

INVESTMENT COMMITTEE COMMENTARY February 2025 After posting strong returns in January, U.S. stock indexes fell back in February. Investors worried about lower economic growth potentially coming from tariffs, inflation, and rising geopolitical tensions. However, foreign developed and emerging market equities and U.S. real estate investment trusts (REITs) had positive returns for the month. Uncertain U.S.…

INVESTMENT COMMITTEE COMMENTARY January 2025 Equities opened the year higher as market optimism carried into 2025. For context, the S&P 500 just finished the best two-year performance period since 1997-1998 with a total return of greater than 25% for each of the last two years. While positive investor sentiment continues, another strong year for the…

INVESTMENT COMMITTEE COMMENTARY December 2024 Stocks trended lower in December as the S&P 500 retreated from all-time highs. Investor optimism declined following the Federal Reserve’s (Fed’s) December meeting. As expected, Fed Chair Jerome Powell announced a cut in the fed funds interest rate by 0.25%. However, Powell’s commentary on future rate cuts had a more tempered tone. The Fed…

INVESTMENT COMMITTEE COMMENTARY November 2024 The S&P 500 had its best month of the year, rising 5.9%. The gains reflected investor optimism that a second Trump administration will favor businesses, but with the hope that the President-elect will take a more moderate stance on trade tariffs. All eleven market sectors ended November higher, led by…

INVESTMENT COMMITTEE COMMENTARY October 2024 Equities began October on an upswing due to a better than expected September jobs report. Based on economic data early in the month, the Dow Jones Industrial Average and the S&P 500 hit record highs. However, investors began moving away from risk equities as disappointing earnings data from big tech…

INVESTMENT COMMITTEE COMMENTARY September 2024 Both stocks and bonds generally had strong performance in September, in part driven by monetary and other stimulus in the U.S. and China. Going forward the balance of risks has shifted from inflation to whether the economy can achieve a soft landing as the world navigates increased geopolitical uncertainty. The stock…