Commentary and Research Papers
August 19, 2025
2023
Stocks traded in a narrow range in May, masking what was actually a very eventful month. It wasn’t only the contentious negotiations on the US debt ceiling, which raised the specter of a technical US debt default.
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August 19, 2025
2023
Stocks traded in a narrow range in April, finishing mixed. For the second consecutive month, large caps posted positive gains and smaller stocks mostly negative returns, although the differential between the two asset classes was narrower than last month.
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August 19, 2025
2023
Stocks posted mixed returns in March, with considerable volatility along the way. Investors came into the month still worried about the stronger-than-expected economic data and stubbornly-high inflation readings that were seen in February.
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August 19, 2025
2023
In the first half of the year, we saw the failure of three mid-sized banks, a marked slowdown in the growth of the largest technology firms, and a round of debt ceiling negotiations that pushed the US closer than ever to default. Despite all of this, the S&P 500 built on its gains from the first quarter, generating a total return of +8.7% in the second and bringing year-to-date returns to +16.9%.
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August 19, 2025
2023
After a powerful rally in January, stocks were down across the board in February as investors responded negatively to stronger-than-expected economic data and persistently high inflation readings.
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August 19, 2025
2023
After a dismal 2022, stocks came surging out of the gates in 2023. And it wasn’t just stocks that gained. Unlike 2022, when almost all asset classes posted negative returns, the near opposite occurred in January, and positive returns were seen across the board.
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