Weekly returns

In the U.S. equity market for the week ending 2/9/24, various segments demonstrated mixed performance. Large-cap stocks reported marginal gains of 0.1%, 0.6%, and 1.4% across value, core, and growth categories, respectively. Medium-cap stocks exhibited stronger performance, with increases of 1.5%, 1.3%, and 2.4% in value, core, and growth sectors, respectively. Small-cap stocks showed the most significant gains, with returns of 2.6%, 2.9%, and 3.5% in value, core, and growth categories, respectively. Year-to-date results showed positive returns across all segments, albeit with some variations. Large-cap stocks reported YTD gains of 1.1%, -0.2%, and -3.2% in value, core, and growth sectors, respectively. Medium-cap stocks showed YTD gains of 5.2%, 1.3%, and -0.8% in value, core, and growth categories, respectively. Small-cap stocks exhibited YTD gains of 8.8%, 4.7%, and 1.8% in value, core, and growth sectors, respectively.

Assessing market indices, the Dow Jones Industrial Average, NASDAQ Composite Index, and S&P 500 Index reported modest weekly gains of 0.1%, 2.3%, and 1.4%, respectively, contributing to YTD gains of 2.7%, 6.6%, and 5.5%, respectively. In contrast, the MSCI EAFE Index remained relatively unchanged for the week with a marginal 0.1% increase, resulting in a YTD decrease of -0.4%. The Cboe Volatility Index, reflecting market sentiment, experienced a significant weekly decrease of -7.2%, while showing a YTD increase of 3.2%.

Examining international markets, the EAFE region reported a minor 0.1% weekly increase, contributing to a YTD decrease of -0.4%. European markets exhibited mixed performance, with marginal changes across various countries. Italy and Japan displayed positive weekly gains of 1.1% and 0.4%, respectively, contributing to YTD increases of 1.0% and 3.0%, respectively. Conversely, Spain and Switzerland reported weekly decreases of -2.0% and -2.4%, respectively, leading to YTD decreases of -3.8% and -4.2%, respectively. The U.K. showed a marginal weekly decrease of -0.8%, resulting in a YTD decrease of -2.8%.

In the emerging markets, the week saw varied performance, with some regions experiencing positive gains while others faced challenges. EM stocks showed a modest increase of 0.8% for the week, contributing to a YTD decline of -2.7%. Brazil reported a slightly higher increase of 0.7% for the week but remained down by -6.0% YTD. China exhibited stronger performance with a notable 2.9% increase for the week, although still showing a YTD decrease of -7.9%. India also saw a slight increase of 0.4% for the week, resulting in a YTD gain of 3.7%. Indonesia and Taiwan showed minimal changes, with increases of 0.1% and 0.1% respectively for the week, and YTD changes of 0.7% and 0.1% respectively. However, Korea and Mexico faced challenges, with both regions reporting flat performance for the week and YTD declines of -4.5% and -1.0% respectively. Russia's data was not available for the week and YTD.

In the S&P 500 sectors, there was a mix of positive and negative performance across different industries. The S&P 500 Index itself reported a 1.4% increase for the week, contributing to a YTD gain of 5.5%. Communication services saw a 1.0% increase for the week, leading to a YTD increase of 12.0%. Consumer discretionary stocks also experienced modest gains of 1.5% for the week but showed a more modest YTD increase of 2.3%. Consumer staples faced challenges, with a -1.3% decrease for the week, although still showing a YTD gain of 2.0%. Energy and financials sectors reported marginal changes of -0.2% and 0.2% respectively for the week, with YTD changes of -0.5% and 3.9% respectively. Healthcare and industrials showed positive gains of 1.4% and 1.2% respectively for the week, contributing to YTD gains of 5.7% and 2.7% respectively. Information tech demonstrated strong performance with a 3.3% increase for the week, leading to a YTD increase of 10.2%. Conversely, materials and real estate sectors reported flat performance with no change for the week, and YTD declines of -2.8% and -3.9% respectively. Utilities faced challenges, with a -1.9% decrease for the week and a YTD decline of -4.8%.

In the realm of U.S. fixed-income investments, the week saw a mixed landscape of returns across different categories. High credit quality bonds reported a slight decrease of -0.1% for the week, contributing to a YTD decline of -1.9%. Meanwhile, medium credit quality bonds experienced a marginal increase of 0.2% for the week, with a flat YTD return of 0.0%. Low credit quality bonds displayed varied performance, showing a 0.6% increase for the week but a YTD decrease of -4.6%. When considering interest-rate sensitivity, bonds with high sensitivity reported a decrease of -0.8% for the week and a YTD decline of -1.5%. Bonds with medium sensitivity had a mixed week, showing a decrease of -0.6% for the week but a slight YTD increase of 0.4%. Bonds with low sensitivity reported a decrease of -0.8% for the week, contributing to a YTD decline of -1.5%.

In the U.S. Treasury bond market, yields fluctuated modestly. The 2-year Treasury bond yield rose to 4.48% by the end of the week, marking an increase of 23 basis points (BPS) from the prior year end. The 10-year Treasury bond yield increased to 4.17%, reflecting a rise of 29 BPS YTD. Similarly, the 30-year Treasury bond yield climbed to 4.37%, indicating a YTD increase of 34 BPS. The spreads between different maturity bonds also showed some shifts, with the 2-10 spread narrowing by 6 BPS to -31, and the 10-30 spread widening by 4 BPS to 20.

Across various U.S. bond sectors, returns were mixed for the week. Aggregate bond returns declined by -0.8% for the week, contributing to a YTD decline of -1.5%. Bank loans showed a modest increase of 0.2% for the week, with a YTD gain of 0.4%. Convertible bonds performed relatively well, reporting a 0.6% increase for the week, although they showed a YTD decline of -0.4%. Corporate bonds faced challenges, with a notable decrease of -1.0% for the week and a YTD decline of -1.6%. High-yield bonds displayed modest gains of 0.2% for the week, contributing to a YTD gain of 0.2%. Mortgage-backed securities (MBS) reported a decrease of -0.8% for the week, with a YTD decline of -1.7%. Municipal bonds also faced challenges, showing a decrease of -0.4% for the week and a YTD decline of -0.6%. Preferred bonds experienced a modest increase of 0.4% for the week, with a YTD gain of 2.6%. Treasury bonds, both short and long-term, reported declines of -0.8% for the week, contributing to YTD declines of -1.5%.

Previous update:

In the week ending 2/2/24, U.S. equities showed diverse performance across different size and style categories. Large-cap equities demonstrated a positive return of 0.5%, while medium-cap and small-cap equities reported gains of 0.3% and -2.0%, respectively. Breaking down each size category by style, both core and growth displayed positive returns, whereas the value category showed a slight decline.

Year-to-date (YTD) trends revealed a mixed picture. Large-cap equities exhibited a solid YTD return of 1.0%. However, small-cap equities experienced a decline of -4.5% YTD. Within style categories, both core and growth displayed positive YTD returns, while the value category showed varying degrees of decline.

Examining broader market indices as of 2/2/24, the Dow Jones Industrial Average closed at 38,654.4, with a 1.4% increase for the week and a YTD return of 2.6%. The NASDAQ Composite Index reported a 1.1% weekly increase and a YTD return of 4.1%. Similarly, the S&P 500 Index showed a 1.4% weekly gain and a YTD return of 4.1%. The MSCI EAFE Index closed at 2,223.2, with no weekly change and a slight YTD decrease of -0.5%. The Cboe Volatility Index stood at 13.9, reflecting a 4.5% increase for the week and a YTD rise of 11.2%.

European markets displayed a weekly decrease of -0.5% and a YTD decline of -1.0%. France experienced a weekly decline of -1.3% and a YTD decrease of -1.4%. Similarly, Germany showed a weekly decrease of -0.8% and a YTD decline of -1.5%. Italy, on the other hand, displayed a weekly increase of 1.0% and a YTD rise of -0.1%. Japan reported a weekly increase of 1.5% and a YTD gain of 2.5%. Spain recorded a weekly increase of 1.4% but a YTD decrease of -1.8%. Switzerland and the U.K. both exhibited weekly declines of -1.4%, with YTD decreases of -1.9% and -2.0%, respectively.

In the week ending 2/2/24, emerging markets displayed varied performance. EM equities showed a 0.3% weekly increase, contributing to a YTD decrease of -3.4%. Brazil experienced a -2.1% weekly decline, resulting in a YTD decrease of -6.7%. Chinese equities reported a weekly decrease of -3.9% and a YTD decline of -10.5%. In contrast, Indian equities exhibited a positive weekly return of 2.9%, contributing to a YTD gain of 3.3%. Indonesia demonstrated a substantial weekly increase of 5.2%, offsetting its YTD decrease to 0.6%. Korean equities reported a robust weekly increase of 6.6%, mitigating their YTD decrease to -4.4%. Mexican equities showed a weekly increase of 2.7%.

Examining S&P 500 sectors as of 2/2/24, the overall index reported a weekly gain of 1.4%, contributing to a YTD increase of 4.1%. Communication services and consumer discretionary sectors exhibited positive weekly returns of 1.6% and 3.8%, respectively, contributing to YTD gains of 10.9% and 0.8%. Consumer staples and healthcare sectors reported weekly gains of 2.2% and 2.0%, respectively, with YTD increases of 3.3% and 4.2%. On the other hand, the energy sector experienced a weekly decline of -0.9%, resulting in a marginal YTD decrease of -0.3%. Financials and industrials sectors showed positive weekly returns of 0.9% and 1.9%, contributing to YTD gains of 3.7% and 1.5%, respectively. Information technology displayed a weekly gain of 0.8%, with a YTD increase of 6.8%. Materials sector reported a weekly gain of 0.8%, offsetting a YTD decrease to -2.9%. Real estate and utilities sectors exhibited weekly declines of -0.4% and 0.4%, contributing to YTD decreases of -4.2% and -3.0%, respectively.

In the week ending 2/2/24, U.S. fixed-income style total returns exhibited diverse trends across different categories. High credit quality bonds reported a weekly increase of 0.04%, contributing to a YTD gain of 0.30%. Medium credit quality bonds displayed a weekly increase of 0.27%, resulting in a YTD increase of -0.19%. Low credit quality bonds reported a substantial weekly increase of 2.54%, mitigating their YTD decrease to -2.45%. Assessing interest-rate sensitivity, bonds with limited, moderate, and extensive interest-rate sensitivity reported weekly increases of 0.07%, 0.05%, and 0.48%, respectively. YTD performance for these categories showed gains of 0.41%, 0.01%, and 0.32%, respectively.

U.S. Treasury bond yields as of 2/2/24 showcased changes across various maturities. The 2-year Treasury bond yield increased to 4.37%, marking a 12 basis points change from the prior year end. The 10-year Treasury bond yield rose to 4.03%, reflecting a 15 basis points change, while the 30-year Treasury bond yield increased to 4.22%, indicating a 19 basis points change. The 2-10 spread decreased by 3 basis points to -34, and the 10-30 spread increased by 3 basis points to 19.

Analyzing U.S. bond sector total returns, the aggregate bond market reported a weekly gain of 0.6%, contributing to a YTD decrease of -0.7%. Bank loans and showed stability with YTD levels of 0.2%. Convertible bonds displayed a weekly gain of 0.3% and a YTD decrease of -0.9%. Corporate bonds reported a weekly gain of 0.6% and a YTD decrease of -0.6%. Mortgage-backed securities (MBS) exhibited a weekly gain of 0.6% and a YTD decrease of -0.9%. Municipal bonds showed a weekly gain of 0.9%, offsetting a YTD decrease to -0.2%. Preferred stocks reported a weekly gain of 0.4%, contributing to a YTD increase of 2.2%. Treasury bonds displayed a weekly gain of 0.7% and a YTD decrease of -0.7%.

In the global bond landscape for the week ending 2/2/24, EM Local and EMD USD bonds showed stable performance with YTD levels of -1.8% and -1.8%, respectively. Global Aggregate bonds reported a 0.1% weekly gain, contributing to a YTD decrease of -2.3%. Global Aggregate Ex-U.S. and Multiverse bonds also displayed a 0.1% weekly gain, resulting in YTD decreases of -3.0% and -2.3%, respectively.

Assessing commodities, BBG Commodity Index and Gold exhibited varied weekly changes of 2.2% and -0.5%, with YTD levels of -1.1% and -2.3%, respectively. Oil (WTI) showed a significant weekly increase of 6.6%, contributing to a YTD gain of 9.0%.

Examining currency performance against the USD, EM FX and EUR demonstrated a marginal weekly decrease of -0.1% and -0.2%, with YTD levels of -1.9% and -1.7%, respectively. AUD and CAD showed marginal weekly increases of 0.1%, with YTD levels of -3.4% and -1.9%, respectively. CHF exhibited a weekly gain of 0.7%, resulting in a YTD decrease of -2.5%. GBP and JPY showed marginal weekly gains of 0.3% and 0.0%, with YTD levels of -0.2% and -4.8%, respectively.

Previous update:

U.S. Equity Size and Style Total Returns as of 1/26/24 (%): In the realm of U.S. equities, the past week witnessed positive returns across different size and style categories. Large-cap equities showed a weekly increase of 1.2%, 1.0%, and 0.9% for value, core, and growth styles, respectively. Medium-cap equities experienced a similar upward trend with a 1.0%, 0.9%, and 0.7% increase for value, core, and growth styles. Small-cap equities demonstrated the highest weekly returns, with 1.9%, 1.8%, and 1.6% for value, core, and growth styles.

On a year-to-date (YTD) basis, the performance varied. Large-cap equities reported a modest 0.4% increase for value, a 2.3% rise for core, and a 4.0% increase for growth. In contrast, medium-cap equities encountered a decline, with -1.0%, -0.6%, and 0.3% for value, core, and growth styles. Small-cap equities showed a more pronounced downturn, with -2.6%, -2.4%, and -2.1% for value, core, and growth styles.

Index/Market Total Returns as of 1/26/24 (%): Evaluating major indices and markets as of January 26, 2024, reveals diverse performances. The Dow Jones Industrial Average closed at 38,109.4, marking a 0.6% increase for the week and a 1.2% YTD gain. The NASDAQ Composite Index showed a 0.9% weekly rise and a 3.0% YTD increase, closing at 15,455.4. The S&P 500 Index experienced a 1.1% weekly gain and a 2.6% YTD increase, closing at 4,891.0. The MSCI EAFE Index reported a 2.0% weekly increase but a YTD decline of -0.6%, closing at 2,222.7. The Cboe Volatility Index (VIX) stood at 13.3, indicating no change for the week and a 6.4% increase YTD.

International/Developed (%): Looking at international and developed markets, the EAFE index displayed a positive weekly trend with a 2.0% increase but faced a YTD decline of -0.6%. European markets, represented by the Europe index, demonstrated a more robust weekly performance with a 2.9% increase but still encountered a slight YTD decrease of -0.5%. France, Germany, and the U.K. reported varying weekly gains, while Italy, Japan, Spain, and Switzerland exhibited mixed results in both the short and YTD perspectives.

Emerging Markets (%):

1 Week: In the realm of emerging markets, the past week showcased diverse performances. Noteworthy gains were observed in EM, Brazil, China, Mexico, and Taiwan, with increases of 1.5%, 1.2%, 3.4%, 2.0%, and 2.5%, respectively. However, certain regions encountered challenges, as seen in India (-1.1%), Indonesia (-4.4%), Korea (0.4%), and Russia (N/A).

Year-to-Date (YTD): Assessing the YTD returns, emerging markets exhibited varied results. While EM, Brazil, India, Mexico, and Taiwan faced YTD declines of -3.7%, -4.7%, 0.3%, -2.6%, and -0.1%, respectively, China and Korea reported more significant challenges with YTD decreases of -6.9% and -10.4%.

S&P 500 Sectors (%):

1 Week: Examining the S&P 500 sectors for the week, positive trends were evident in the S&P 500 Index, Communication Services, Energy, Financials, Industrials, Information Technology, Materials, and Utilities, with increases of 1.1%, 4.5%, 5.1%, 1.9%, 0.9%, 0.9%, 0.3%, and 0.4%, respectively. However, challenges were observed in Consumer Discretionary, Healthcare, and Real Estate, with decreases of -1.4%, -0.2%, and -0.7%, respectively.

Year-to-Date (YTD): On a YTD basis, S&P 500 Index, Communication Services, Consumer Staples, Energy, Financials, Healthcare, Information Technology, and Utilities demonstrated positive performances, with increases of 2.6%, 9.1%, 1.1%, 0.6%, 2.7%, 2.2%, 6.0%, and -3.4%, respectively. Conversely, challenges were noted in Consumer Discretionary, Industrials, Materials, and Real Estate, with YTD decreases of -2.8%, -0.4%, -3.6%, and -3.8%, respectively.

U.S. Fixed-Income Style Total Returns as of 1/26/24 (%):

1 Week: In the U.S. fixed-income landscape, the week brought about modest changes. High credit quality displayed a 0.10% increase, while medium and low credit qualities showed gains of 0.10% and a marginal decline of -0.28%, respectively. Regarding interest-rate sensitivity, limited, moderate, and extensive categories exhibited increases of 0.44%, 0.64%, and 0.80%, respectively.

Year-to-Date (YTD): Assessing the YTD returns, the U.S. fixed-income market witnessed diverse outcomes. High credit quality experienced a gain of 0.26%, while medium credit quality faced a decline of -0.46%. In contrast, low credit quality encountered a more substantial YTD decrease of -4.87%. In terms of interest-rate sensitivity, limited, moderate, and extensive categories reported mixed performances, with changes of 0.10%, -0.78%, and -2.03%, respectively.

U.S. Treasury Bond Yields as of 1/26/24 (%):

At the week's end, U.S. Treasury bond yields demonstrated nuanced shifts. The 2-year yield increased by 10 basis points (BPS), closing at 4.35%. Meanwhile, the 10-year yield rose by 27 BPS to reach 4.15%, and the 30-year yield experienced a 35 BPS increase, closing at 4.38%. The 2-10 spread and 10-30 spread showed changes of 17 BPS and 7 BPS, respectively.

U.S. Bond Sector Total Returns (%):

1 Week: In the U.S. bond sector, the week saw varied performances. Aggregate and bank loans reported modest increases of 0.1%, while convertible and corporate sectors showed gains of 0.4% and 0.3%, respectively. High yield stood out with a notable increase of 0.6%. On the other hand, MBS and municipal sectors reported slight declines, while preferreds demonstrated a substantial weekly increase of 1.7%. TIPS and treasury sectors experienced marginal changes, with TIPS showing a decline of -0.2% and treasury remaining unchanged.

Year-to-Date (YTD): Assessing YTD returns, the U.S. bond sector exhibited diverse outcomes. While aggregate, convertible, corporate, MBS, and treasury sectors faced YTD declines, bank loans, high yield, municipal, preferreds, and TIPS reported positive YTD returns. Preferreds led with a substantial YTD increase of 1.8%.

Global Bond Total Returns (%):

1 Week: Within the global bond landscape, the week brought minimal changes. EM Local, EMD USD, and Global Agg reported marginal positive returns, while Global Agg Ex-U.S. and the multiverse category showed similar modest gains. Notably, the multiverse category reported positive weekly returns but with a YTD decrease.

Year-to-Date (YTD): On a YTD basis, global bond categories displayed mixed performances. EM Local, EMD USD, and Global Agg reported positive returns, while Global Agg Ex-U.S. showed a slight YTD decrease. The multiverse category reported positive YTD returns but with a decrease.

Commodities (%):

1 Week: In the commodities market, BBG Com Ind and oil (WTI) reported significant positive weekly returns of 2.2% and 6.6%, respectively. Gold, however, showed a marginal decline of -0.5%.

Year-to-Date (YTD): BBG Com Ind and oil (WTI) maintained positive momentum on a YTD basis, reporting increases of -1.1% and 9.0%, respectively. Gold, on the other hand, showed a YTD decline of -2.3%.

Currencies (USD) (%):

1 Week: Examining currency movements against the USD for the week, minimal changes were observed. EM FX experienced a slight decline of -0.1%, while the Australian Dollar (AUD) and the Canadian Dollar (CAD) both showed marginal increases of 0.1%. The Swiss Franc (CHF) demonstrated a more notable gain of 0.7%, while the Euro (EUR) experienced a slight decline of -0.2%. The British Pound (GBP) showed a positive movement with a 0.3% increase, and the Japanese Yen (JPY) remained relatively stable with no change.

Year-to-Date (YTD): Assessing the YTD performance of these currencies against the USD, a general trend of depreciation was observed. EM FX showed a YTD decline of -1.9%, while both the AUD and CAD reported negative movements of -3.4% and -1.9%, respectively. The CHF exhibited a YTD decline of -2.5%, and the EUR showed a decrease of -1.7%. GBP remained relatively stable with a minor YTD increase of 0.2%, while the JPY experienced a more significant YTD decline of -4.8%.

Previous update:

U.S. Equity Size and Style Total Returns as of 1/5/24 (%): Analyzing the recent performance of U.S. equities, the week ending on 1/5/24 saw declines across the board. In the large-cap segment, there was a notable decrease of -0.3% for the week and a corresponding year-to-date (YTD) decline of -0.3%. Medium-cap stocks faced more substantial losses with a -1.6% weekly decline and a YTD decrease of -1.6%. Small-cap equities experienced the most significant downturn, with a -2.7% weekly decline and a YTD decrease of -2.7%. This trend persisted across value, core, and growth styles within each size category.

Index/Market Total Returns as of 1/5/24 (%): Examining key indices and market indicators, the Dow Jones Industrial Average (DJIA) reported a -0.6% weekly decline, aligning with the YTD decline. The NASDAQ Composite Index displayed a more substantial -3.2% weekly decrease, reflecting a corresponding YTD decline. The S&P 500 Index reported a -1.5% weekly decline, mirroring the YTD decline. The MSCI EAFE Index, representing international developed markets, showed a -1.3% weekly decrease, consistent with the YTD decline. The Cboe Volatility Index (VIX) indicated increased market volatility with a 7.2% weekly and YTD increase.

International/Developed (%): In the international developed markets, the week ending 1/5/24 reflected broad declines. The MSCI EAFE Index reported a -1.3% weekly decrease, aligned with the YTD decline. European markets, including France and Germany, experienced declines of -1.1% and -1.8%, respectively, for the week and YTD. Spain and the United Kingdom (U.K.) faced more modest weekly and YTD declines, while Italy showed a slight positive shift in both periods.

Emerging Markets (%): The week ending on 1/5/24 witnessed declines across various emerging markets. Emerging Market (EM) equities, as a whole, reported a -2.1% weekly decrease, aligning with the YTD decline. Brazil and China experienced -1.4% and -2.7% weekly declines, respectively, mirroring their YTD performance. India, in contrast, showed a modest positive shift of 0.6% for the week, contributing to a YTD increase. Other notable movements included positive weekly returns for Indonesia (0.8%) and Mexico (1.1%), while Korea faced a substantial -4.8% decline. Russia's data was not available for the specified period.

S&P 500 Sectors (%): Analyzing the performance of S&P 500 sectors, the overall index reported a -1.5% weekly and YTD decline. Communication services, consumer discretionary, industrials, and information technology sectors saw substantial weekly decreases of -1.1%, -3.5%, -2.1%, and -4.0%, respectively, aligning with their YTD performance. Consumer staples and real estate sectors displayed marginal weekly declines of 0.1% and -1.6%, while energy, financials, healthcare, materials, and utilities sectors showed mixed results with positive or modestly negative weekly returns. Utilities, in particular, reported a notable positive shift of 1.8% for the week.

U.S. Fixed-Income Style Total Returns as of 1/5/24 (%): In the fixed-income landscape, the week ending on 1/5/24 saw a relatively muted performance. The high credit quality category experienced a marginal 0.0% weekly return, aligning with the YTD performance of -0.6%. Similarly, the medium credit quality tier reported a -0.2% weekly decline and a YTD return of -0.9%. The low credit quality category faced a -0.5% weekly decrease, contributing to a YTD decline of -1.1%. Across different interest-rate sensitivity levels, limited sensitivity posted a -2.7% weekly return, mirroring the YTD figure. Moderate and extensive sensitivity levels reported a -2.7% weekly return each, in line with their YTD performances.

U.S. Treasury Bond Yields as of 1/5/24 (%): Analyzing U.S. Treasury bond yields for the same period, the 2-year yield stood at 4.40%, reflecting a 15 basis points (BPS) increase from the prior year-end. The 10-year yield was at 4.04%, representing a 16 BPS change, while the 30-year yield was 4.20%, indicating a 17 BPS increase. The 2-10 spread remained unchanged at -37 BPS, and the 10-30 spread also showed stability at 16 BPS.

U.S. Bond Sector Total Returns (%): In the U.S. bond sector, the aggregate total return was -1.2% for the week and YTD. Notable variations were observed in individual sectors, with convertible bonds experiencing a -1.8% weekly decline, and the high-yield sector facing a -1.1% decrease. Treasury bonds posted a -1.0% weekly return, aligning with the YTD figure.

Global Bond Total Returns (%): Globally, the fixed-income market witnessed a broad decline in total returns. Local emerging market bonds reported a -1.0% weekly return, consistent with the YTD performance. The global aggregate and global aggregate excluding U.S. bonds both showed a -1.4% weekly return, in line with their YTD figures. The multiverse, representing a diverse bond market, mirrored this trend with a -1.4% weekly return.

Commodities (%): Commodities displayed mixed performance, with the BBG Commodity Index posting a marginal 0.1% weekly return, and oil (WTI) experiencing a robust 2.9% weekly increase. Gold, on the other hand, faced a -1.0% weekly decline.

Currencies (USD) (%): In the currency market, various currencies against the USD exhibited diverse trends. Emerging market currencies faced a -1.0% weekly return, with the Japanese Yen experiencing a notable -2.2% decline. The Australian Dollar, Canadian Dollar, and Swiss Franc also showed marginal weekly declines, while the Euro remained relatively stable, and the British Pound exhibited no change for the week.

Previous update:

U.S. Equity Size and Style Total Returns as of 12/29/23 (%): In the U.S. equity landscape, the past week showcased mixed returns across different size and style categories. Large-cap equities reported a 0.6% weekly increase, while medium and small caps experienced more modest gains of 0.3% and 0.1%, respectively. When considering the year-to-date (YTD) performance, the overall market trend remained positive. Large-cap equities, represented by the Value, Core, and Growth categories, demonstrated YTD returns of 11.5%, 26.5%, and 42.7%, respectively. Medium-cap equities showed robust YTD returns of 12.7%, 17.2%, and 25.9%, while small caps exhibited YTD returns of 14.6%, 16.9%, and 18.7%, across the Value, Core, and Growth classifications.

Index/Market Total Returns as of 12/29/23 (%): Major indices closed the week with varied performances. The Dow Jones Industrial Average reported a weekly gain of 0.8%, contributing to a YTD return of 16.2%. The NASDAQ Composite Index showed a marginal 0.1% increase for the week, maintaining a strong YTD return of 44.6%. The S&P 500 Index exhibited a 0.3% weekly uptick, leading to a YTD return of 26.3%. The MSCI EAFE Index, representing international developed markets, displayed a noteworthy 1.2% weekly increase, with a YTD return of 18.9%. The Cboe Volatility Index (VIX) experienced a -3.8% decline for the week, although the YTD return remained at -42.4%.

International/Developed (%): Within the international and developed markets, the week featured diverse performances. The overall EAFE index reported a 1.2% weekly increase, contributing to a YTD return of 18.9%. European markets displayed mixed movements, with Europe reporting a 0.6% weekly gain, France showing stability with no change, and Germany posting a 0.6% weekly uptick. Italy experienced a more modest 0.3% weekly increase, with a notable YTD return of 38.8%. Japanese equities displayed strength with a 2.3% weekly gain, resulting in a YTD return of 20.8%. Spain reported a 0.2% weekly increase, contributing to a YTD return of 32.8%. Switzerland exhibited notable strength with a 1.5% weekly gain and a YTD return of 16.9%. The U.K. reported a 0.8% weekly gain, with a YTD return of 14.1%.

Emerging Markets (%): In the emerging markets segment, the past week witnessed positive performance across various regions. Emerging Markets (EM) as a whole reported a notable 3.3% weekly gain, contributing to a year-to-date (YTD) return of 10.3%. Among specific countries, Brazil showed a 1.2% weekly increase, resulting in an impressive YTD return of 33.4%. China exhibited a robust 4.9% weekly gain, despite a YTD decline of -11.0%. India reported a 1.8% weekly increase, contributing to a YTD return of 21.3%. Other notable performers include Korea, with a 4.5% weekly gain and a YTD return of 23.6%, and Taiwan, which reported a 3.9% weekly increase, resulting in a YTD return of 31.3%. Mexico and Indonesia displayed more modest movements, with a 0.5% weekly gain for Mexico, leading to a YTD return of 41.5%, and a 1.2% weekly gain for Indonesia, contributing to a YTD return of 8.4%.

S&P 500 Sectors (%): Within the S&P 500 sectors, the past week brought about diverse performances. The S&P 500 Index reported a marginal 0.3% weekly gain, contributing to a YTD return of 26.3%. Notable sector movements include Communication Services, which experienced a -0.4% weekly decline, resulting in a YTD return of 55.8%. Consumer Discretionary also reported a -0.4% weekly decrease, with a YTD return of 42.4%. Consumer Staples exhibited a 1.1% weekly increase, contributing to a modest YTD return of 0.5%. Energy faced challenges with a -1.4% weekly decline, while Financials displayed resilience with a 0.8% weekly gain and a YTD return of 12.1%. Healthcare and Industrials reported 1.0% and 0.7% weekly increases, respectively, with YTD returns of 2.1% and 18.1%. Information Technology showed a 0.3% weekly gain, leading to an impressive YTD return of 57.8%. Materials faced a marginal -0.1% weekly decline, contributing to a YTD return of 12.5%. Real Estate and Utilities exhibited positive movements, with 0.9% and 1.2% weekly gains, respectively, although Utilities faced a YTD return of -7.1%.

U.S. Fixed-Income Style Total Returns as of 12/29/23 (%): In the realm of U.S. fixed-income, the past week displayed modest yet positive movements across different categories. For the high credit quality segment, there was a marginal 0.1% weekly gain, contributing to a year-to-date (YTD) return of 4.7%. In the medium credit quality category, a 0.2% weekly increase was observed, resulting in a YTD return of 4.3%. Meanwhile, the low credit quality sector exhibited a 0.3% weekly gain, contributing to a YTD return of 3.1%. Regarding interest-rate sensitivity, limited sensitivity displayed a 0.9% weekly gain, leading to a YTD return of 11.4%. Moderate sensitivity reported a 0.3% weekly increase, contributing to a YTD return of 13.4%. Extensive sensitivity exhibited a 0.4% weekly gain, with a YTD return of 16.6%.

U.S. Treasury Bond Yields as of 12/29/23 (%): Analyzing U.S. Treasury bond yields, the conclusion of the week witnessed noteworthy changes. In the 2-year maturity, there was a decrease to 4.25%, marking a -17 basis points (BPS) change from the prior year-end. The 10-year maturity reported a stable 3.88%, with no change from the prior year-end. The 30-year maturity exhibited a modest increase to 4.03%, resulting in a 6 BPS change from the prior year-end. The 2-10 spread and 10-30 spread were -37 BPS and 16 BPS, respectively, contributing to a YTD change of 17 BPS and 7 BPS.

U.S. Bond Sector Total Returns (%): Within the U.S. bond sector, diverse performances were observed over the past week. The aggregate sector reported a 0.5% weekly gain, contributing to a YTD return of 5.5%. Bank loans displayed a 0.3% weekly increase, leading to a YTD return of 11.6%. Convertible bonds reported a 0.7% weekly gain, with a YTD return of 13.9%. Corporate bonds exhibited a 0.7% weekly increase, contributing to a YTD return of 9.2%. High-yield bonds showed a more modest 0.3% weekly gain, resulting in a YTD return of 13.4%. Mortgage-backed securities (MBS) displayed a 0.5% weekly increase, contributing to a YTD return of 5.0%. Municipal bonds and preferreds reported 0.2% and 0.2% weekly gains, respectively, with YTD returns of 6.4% and 16.5%. Treasury bonds exhibited a 0.4% weekly gain, contributing to a YTD return of 4.1%.

Global Bond Total Returns (%): Examining global bond performances for the week ending, notable trends emerged. In emerging markets (EM), local bonds reported a 0.5% increase, contributing to a year-to-date (YTD) return of 14.0%. EM bonds denominated in USD (EMD USD) displayed a 0.3% weekly gain, with a YTD return of 11.1%. The Global Aggregate (Global Agg) sector reported a 0.5% increase, resulting in a YTD return of 5.7%. The Global Aggregate Ex-U.S. subset mirrored this trend with a 0.5% weekly gain, leading to a YTD return of 5.8%. The broader Multiverse category exhibited a 0.5% weekly gain, contributing to a YTD return of 6.0%.

Commodities (%): In the commodities realm, the past week reflected varied movements. The Bloomberg Commodity Index (BBG Com Ind) experienced a -0.6% weekly decrease, contributing to a year-to-date (YTD) decline of -7.9%. Oil (WTI) reported a more substantial -2.5% weekly decrease, contributing to a YTD decline of -2.0%. In contrast, gold demonstrated resilience with a 0.2% weekly gain, leading to a YTD return of 12.8%.

Currencies (USD) (%): Diving into currency markets, fluctuations were evident. Emerging market currencies (EM FX) reported a 0.6% weekly gain, contributing to a year-to-date (YTD) return of 8.8%. The Australian Dollar (AUD) experienced a marginal 0.3% weekly increase, with a YTD return of 0.6%. The Canadian Dollar (CAD) mirrored this trend, reporting a 0.6% weekly gain and a YTD return of 2.8%. The Swiss Franc (CHF) showed strength with a 1.7% weekly gain, leading to a YTD return of 9.9%. The Euro (EUR) displayed a modest 0.3% weekly increase, contributing to a YTD return of 3.5%. The British Pound (GBP) and Japanese Yen (JPY) reported 0.3% and 1.0% weekly gains, respectively, with YTD returns of 6.0% and -6.4%.

Previous update:

U.S. Equity Size and Style Total Returns (%): In the U.S. equity landscape, the latest weekly performance showcased positive returns across various size and style categories. Large-cap stocks reported a 0.7% weekly increase, followed by medium-cap stocks with a 1.0% gain, and small-cap stocks leading with a robust 2.5% weekly increase. When dissecting the returns by investment style, both value and core strategies displayed consistent growth, while growth stocks outperformed, particularly in the small-cap category. On a year-to-date (YTD) basis, the upward trajectory continued, with large-cap, medium-cap, and small-cap stocks reporting impressive gains of 10.8%, 15.1%, and 18.8%, respectively.

Index/Market Total Returns (%): Examining major indices, the Dow Jones Industrial Average (DJIA) recorded a marginal 0.2% weekly increase, contributing to a YTD return of 15.2%. The NASDAQ Composite Index displayed a more substantial 1.2% weekly gain, accumulating an impressive YTD return of 44.4%. The S&P 500 Index reported a solid 0.8% weekly increase, reflecting a YTD return of 25.9%. The MSCI EAFE Index, representing international developed markets, showcased a modest 0.8% weekly gain, contributing to a YTD return of 17.5%. The Cboe Volatility Index (VIX), reflecting market volatility, reported a weekly increase of 5.7%, yet maintained a YTD decline of -40.1%.

International/Developed (%): Within the international and developed markets, various regions displayed diverse performances. The EAFE index reported a weekly gain of 0.8%, resulting in a YTD return of 17.5%. European markets demonstrated positive trends, with Europe, France, Germany, and Switzerland all posting weekly gains. Notable performances include France with a 0.6% weekly increase, contributing to a YTD return of 22.3%, and the U.K. reporting a substantial 1.8% weekly gain, leading to a YTD return of 13.2%.

Emerging Markets (%): In the realm of emerging markets, the most recent week witnessed a mixed performance. The broad EM category reported a marginal decline of -0.8% for the week, contributing to a YTD return of 6.8%. Notably, Brazil displayed resilience with a substantial 3.8% weekly increase, resulting in an impressive YTD return of 31.7%. Conversely, China faced headwinds, posting a -4.0% weekly decline and extending its YTD losses to -15.2%. Other noteworthy performances include Mexico, recording a 1.6% weekly gain and boasting a robust YTD return of 40.9%, and India, experiencing a marginal weekly decline of -0.7% but maintaining a positive YTD return of 19.2%.

S&P 500 Sectors (%): Delving into the sectors within the S&P 500, diverse trends were observed during the past week. The S&P 500 Index itself reported a modest 0.8% weekly increase, contributing to a strong YTD return of 25.9%. Communication services emerged as a standout performer with a 4.1% weekly gain, leading to an impressive YTD return of 56.4%. Conversely, utilities faced headwinds, posting a -1.3% weekly decline and extending YTD losses to -8.2%. Other sectors such as energy and real estate demonstrated varied performances, with energy recording a 1.7% weekly gain and real estate posting a 0.3% increase, contributing to YTD returns of 0.0% and 11.3%, respectively.

U.S. Fixed-Income Style Total Returns as of 12/22/23 (%): Within the fixed-income landscape, the recent week showed nuanced movements across different segments. In terms of credit quality, high-quality bonds displayed a modest 0.2% weekly increase, contributing to a YTD return of 4.5%. Medium-quality bonds, on the other hand, reported a 0.3% weekly gain, resulting in a YTD return of 4.0%. Bonds with low credit quality experienced varied trends, with a 0.4% weekly increase, contributing to a YTD return of 2.2%. Regarding interest-rate sensitivity, extensive sensitivity bonds posted a noteworthy 1.0% weekly increase, leading to a robust YTD return of 16.1%.

U.S. Treasury Bond Yields as of 12/22/23 (%): The bond market's interest rate scenario witnessed subtle shifts during the most recent week. The 2-Year Treasury bond yield declined by -9 basis points (BPS) to 4.33%, contributing to a -43 BPS change in the 2-10 spread. The 10-Year Treasury bond yield experienced a marginal increase of 2 BPS, reaching 3.90%, while the 30-Year Treasury bond yield rose by 8 BPS to 4.05%. Consequently, the 10-30 spread widened by 6 BPS.

U.S. Bond Sector Total Returns (%): Across various bond sectors, the weekly performance was diverse. The aggregate bond market reported a marginal 0.1% weekly increase, contributing to a YTD return of 5.0%. Notably, preferred stocks demonstrated strength with a 1.2% weekly gain, leading to an impressive YTD return of 16.2%. Conversely, TIPS (Treasury Inflation-Protected Securities) faced headwinds, posting a -0.2% weekly decline and contributing to a YTD return of 3.7%. Other sectors, including bank loans, convertible bonds, and high-yield bonds, displayed moderate to positive performances, adding to the overall dynamics of the fixed-income landscape.

Global Bond Total Returns (%): In the realm of global bonds, the past week exhibited diverse performances. Emerging Market (EM) Local bonds reported a 0.9% increase for the week, contributing to a solid YTD return of 13.5%. Emerging Market Debt (EMD) denominated in USD saw a more modest 0.5% weekly gain, resulting in a YTD return of 10.8%. The broader Global Aggregate bonds displayed a 0.5% weekly uptick, adding to a YTD return of 5.2%. When excluding U.S. components, the Global Aggregate Ex-U.S. bonds increased by 0.8% for the week, contributing to a YTD return of 5.3%. The Multiverse bond category reported a 0.5% weekly increase, with a YTD return of 5.5%.

Commodities (%): The commodities market experienced varied movements in the past week. The Bloomberg Commodity Index (BBG Com Ind) showed a 0.6% weekly gain, although it contributed to a YTD decline of -7.3%. Oil (WTI) demonstrated strength with a notable 2.4% weekly increase, but the YTD return remained modest at 0.5%. Gold, a traditional safe-haven asset, reported a 1.7% weekly uptick, leading to a YTD return of 12.6%.

Currencies (USD) (%): Currency markets witnessed fluctuations in the USD-denominated space. Emerging Market (EM) FX displayed notable strength with a 2.2% weekly increase, contributing to a YTD return of 10.1%. The Australian Dollar (AUD) reported a 1.2% weekly gain, with a marginal YTD return of 0.3%. The Canadian Dollar (CAD) showed an 0.8% weekly increase, resulting in a YTD return of 2.1%. The Swiss Franc (CHF) demonstrated resilience with a 1.3% weekly uptick, leading to a YTD return of 8.1%. Meanwhile, the Euro (EUR) reported a 0.9% weekly gain, contributing to a YTD return of 3.2%. The British Pound (GBP) displayed minimal movement with a 0.1% weekly increase, leading to a YTD return of 5.7%. The Japanese Yen (JPY) faced mild headwinds, posting a -0.4% weekly decline, with a YTD return of -7.3%.

Previous update:

U.S. Equity Size and Style Total Returns (as of 12/15/23): For the week ending December 15, 2023, U.S. equity markets showed positive returns across size and style categories. Large-cap stocks gained 3.3% for the week and posted a remarkable year-to-date (YTD) return of 10.0%. Medium-cap and small-cap stocks also exhibited consistent growth, with weekly returns of 4.2% and 5.5%, respectively. YTD returns for medium and small caps ranged from 11.2% to 12.4%. Within each category, including value, core, and growth stocks, performance was notable.

Index/Market Total Returns (as of 12/15/23): Major indices demonstrated positive momentum. The Dow Jones Industrial Average closed at 37,305.2, with a 2.9% weekly gain and a YTD return of 15.0%. The NASDAQ Composite Index and the S&P 500 Index reported weekly returns of 2.9% and 2.5%, contributing to YTD returns of 42.7% and 24.9%, respectively.

International/Developed Markets (as of 12/15/23): International markets, specifically EAFE, reported a weekly gain of 2.6%, resulting in a YTD return of 16.5%. European countries, including France, Germany, and Switzerland, displayed positive weekly returns ranging from 0.8% to 2.7%, contributing to solid YTD performance.

Emerging Markets (%): In the realm of emerging markets, weekly returns exhibited positive trends across various countries. Notably, India showed strong performance with a weekly return of 2.9%, contributing to a year-to-date (YTD) return of 19.9%. Other notable performers included Mexico, which gained 6.2% for the week, accumulating an impressive YTD return of 38.7%. Meanwhile, China reported a weekly increase of 1.8%, although its YTD return remained negative at -11.6%.

S&P 500 Sectors (%): S&P 500 sectors demonstrated diverse movements during the week. Consumer discretionary and industrials displayed notable weekly gains of 3.5% and 3.6%, respectively, contributing to robust YTD returns of 42.3% and 16.5%. Energy also rebounded with a 2.5% weekly increase, although its YTD return remained in negative territory at -1.6%. Communication services, on the other hand, showed a marginal weekly decrease of -0.1%, but maintained a strong YTD return of 50.3%. Each sector exhibited distinctive patterns, contributing to the overall dynamics of the S&P 500 Index, which gained 2.5% for the week and boasted a YTD return of 24.9%.

U.S. Fixed-Income Style Total Returns (%): In the fixed-income landscape, the past week witnessed positive movements across different credit qualities and interest-rate sensitivities. Notably, high-quality bonds reported a weekly increase of 0.3%, contributing to a year-to-date (YTD) return of 4.3%. Medium-quality bonds demonstrated similar upward momentum, posting a 0.9% weekly gain and accumulating a YTD return of 10.8%. The low-interest-rate sensitivity category displayed a YTD return of 14.9%, supported by a weekly increase of 3.7%.

U.S. Treasury Bond Yields (%): As of the most recent week, U.S. Treasury bond yields experienced marginal changes. The 2-year Treasury bond yield stood at 4.43%, indicating a slight increase of 1 basis point (BPS) from the previous week. Similarly, the 10-year and 30-year yields saw minimal adjustments, resulting in YTD changes of 3 BPS and 4 BPS, respectively. Overall, the yield curve, as represented by the 2-10 spread and 10-30 spread, showed slight variations with changes of 2 BPS and 1 BPS, respectively.

U.S. Bond Sector Total Returns (%): Across various U.S. bond sectors, the week was marked by positive returns. Notably, convertible bonds exhibited a robust weekly gain of 2.9%, contributing to a YTD return of 12.0%. Corporate bonds and preferreds also posted significant weekly increases of 2.9% and 2.3%, respectively, contributing to YTD returns of 8.3% and 14.8%. The aggregate bond market displayed strong performance, gaining 2.2% for the week and securing a YTD return of 4.9%.

Global Bond Total Returns (%): In the global bond arena, positive returns were observed across various segments. Emerging Markets (EM) Local bonds reported a substantial 1.9% weekly increase, contributing to a year-to-date (YTD) return of 12.4%. Similarly, Emerging Markets Debt (EMD) in U.S. dollars displayed a weekly gain of 2.5%, accumulating a YTD return of 10.3%. The overall Global Aggregate bond market witnessed a robust performance with a 2.4% weekly increase, resulting in a YTD return of 4.7%. Excluding the U.S., the Global Aggregate Ex-U.S. bonds exhibited a weekly gain of 2.6%, contributing to a YTD return of 4.5%. The Multiverse category, representing diverse bond assets, recorded a weekly increase of 2.4%, reflecting a YTD return of 5.0%.

Commodities (%): Commodities experienced mixed results in the past week. The Bloomberg Commodity Index (BBG Com Ind) reported a positive weekly return of 1.2%, yet maintained a year-to-date (YTD) decrease of -7.9%. Oil (WTI) displayed a moderate weekly gain of 0.6%, but its YTD performance remained in negative territory at -1.9%. On the other hand, gold showcased a positive trend, securing a 1.2% weekly increase and a healthy YTD return of 10.6%.

Currencies (USD) (%): Currency markets, denominated in U.S. dollars, witnessed varied movements. Emerging Market Foreign Exchange (EM FX) reported a notable 0.8% weekly increase, contributing to a YTD return of 7.7%. The Australian Dollar (AUD) displayed a 2.0% weekly gain, offsetting its marginal YTD decrease to -0.9%. The Canadian Dollar (CAD) and the Swiss Franc (CHF) both recorded positive weekly returns of 1.6% and 1.5%, respectively, with YTD returns of 1.3% and 6.7%. The Euro (EUR) and the British Pound (GBP) reported moderate weekly gains of 1.4% and 1.2%, resulting in YTD returns of 2.3% and 5.6%, respectively. The Japanese Yen (JPY) showcased a significant weekly increase of 1.9%, mitigating its YTD decline to -6.9%.

Previous update:

U.S. Equity Size and Style Total Returns as of 12/8/23 (%):

In the week concluding on December 8, 2023, U.S. equities exhibited varied performances across size and style categories. Large-cap stocks reported a marginal -0.3% weekly decrease, while medium-cap stocks showed a slight 0.2% increase. Small-cap equities displayed a modest 0.7% weekly increase. Within these size categories, the value, core, and growth stocks demonstrated nuanced performances. Year-to-date (YTD), the U.S. equity market continued its positive momentum, with cumulative returns of 6.5%, 21.8%, and 38.2% for large, medium, and small caps, respectively.

Index/Market Total Returns as of 12/8/23 (%):

Major U.S. stock indices maintained their stability in the same period. The Dow Jones Industrial Average closed the week with a marginal 0.0% change, contributing to a YTD return of 11.7%. The NASDAQ Composite Index reported a modest 0.7% weekly increase, extending its YTD performance to 38.7%. The S&P 500 Index exhibited a slight 0.2% weekly increase, contributing to a YTD return of 21.8%. The MSCI EAFE Index, representing international developed markets, showed a 0.4% weekly increase and a YTD return of 13.6%. The Cboe Volatility Index (VIX) experienced a minor -1.6% weekly decrease, resulting in a YTD decline of -42.9%.

International/Developed (%):

In international developed markets, weekly returns varied. EAFE, Europe, France, Germany, and Switzerland reported positive weekly returns ranging from 0.4% to 1.9%, contributing to their respective YTD returns. In contrast, Japan and the U.K. experienced weekly declines of -0.5% and -0.2%, impacting their YTD returns.

Emerging Markets (%):

Emerging markets demonstrated mixed performances in the specified week. While India showcased a notable 3.0% weekly increase and a positive YTD return of 16.5%, other major economies such as Brazil, China, and Russia reported weekly declines ranging from -1.0% to -3.6%. Taiwan and Indonesia showed minor weekly fluctuations, and the overall picture reflects the dynamic nature of emerging markets during the period.

For the week ending December 8, 2023, various sectors within the S&P 500 exhibited diverse performances. The S&P 500 Index itself had a modest 0.2% increase, contributing to a notable year-to-date (YTD) return of 21.8%. Communication services showed strength with a 1.4% weekly increase, leading to an impressive YTD return of 50.4%. Consumer discretionary sectors also performed well, displaying a 1.1% weekly increase and a substantial YTD return of 37.5%. Conversely, consumer staples experienced a -1.2% weekly decline, resulting in a YTD decrease of -2.9%. The energy sector faced challenges with a significant -3.2% weekly decrease and a YTD decline of -4.0%. Financials exhibited marginal fluctuations with a -0.1% weekly change but maintained a positive YTD return of 7.1%. Healthcare sectors reported a modest 0.2% weekly increase, though the YTD return showed a decline of -1.5%. Industrials displayed positive trends with a 0.3% weekly increase, contributing to a YTD return of 12.4%. Information technology sectors continued to shine, reporting a 0.7% weekly increase and an outstanding YTD return of 53.4%. Materials faced challenges with a notable -1.7% weekly decrease, resulting in a YTD return of 7.0%. Real estate sectors experienced a marginal decline of -0.3% for the week, maintaining a positive YTD return of 5.3%. Utilities reported a slight -0.2% weekly decrease, contributing to a YTD decline of -7.9%.

For the week ending December 8, 2023, U.S. fixed-income styles displayed diverse performances across different categories. In the high credit quality segment, there was minimal movement, with a marginal 0.0% weekly change and a slight YTD decrease of -0.2%. Medium credit quality also exhibited stability, reporting a modest -0.2% weekly change and a YTD increase of 0.9%. In the low credit quality category, there was a positive 0.3% weekly change, contributing to a YTD increase of 0.7%. When considering interest-rate sensitivity, limited sensitivity reported no significant weekly change but displayed a positive YTD return of 4.0%. Moderate sensitivity exhibited slight fluctuations, with a -0.2% weekly change and a YTD increase of 2.5%. Extensive interest-rate sensitivity showed a notable 1.5% weekly increase, leading to a positive YTD return of -2.1%. In the high credit quality category, there was a weekly decline of -0.1%, but the YTD return remained positive at 2.8%. Medium interest-rate sensitivity reported a YTD increase of 10.1% with a modest 0.3% weekly change. Low interest-rate sensitivity exhibited positive trends, with a 0.7% weekly increase and a substantial YTD return of 10.9%.

As of the week ending December 8, 2023, U.S. Treasury bond yields showed varied movements. The 2-year yield stood at 4.73%, reflecting a YTD change of 31 basis points (BPS) from the prior year-end. The 10-year yield experienced a similar trend, recording a weekly change of 4 BPS and a YTD increase of 35 BPS, reaching 4.23%. The 30-year yield also displayed stability, with a YTD change of 34 BPS, ending the week at 4.31%. The 2-10 spread narrowed by 4 BPS to -50, while the 10-30 spread decreased slightly by 1 BPS to 8.

In the U.S. bond sector, total returns for the week were marginal. The Aggregate sector reported a 0.1% weekly change, contributing to a YTD return of 2.7%. Bank loans and Convertible sectors both experienced positive trends, with 0.3% weekly changes and YTD returns of 9.9% and 8.6%, respectively. The Corporate sector saw minimal movement, reporting a flat weekly change and a YTD return of 5.2%. High yield bonds displayed a 0.3% weekly increase, leading to a YTD return of 10.1%. Mortgage-backed securities (MBS) reported a 0.1% weekly change, contributing to a YTD return of 1.9%. Municipal bonds exhibited a 0.6% weekly change, resulting in a YTD return of 4.7%. Preferreds, on the other hand, saw a -0.8% weekly change but maintained a positive YTD return of 12.2%. Treasury bonds experienced a 0.1% weekly change, contributing to a YTD return of 1.5%.

On a global scale, bond total returns also showed diverse performances. In emerging markets (EM), both local and USD-denominated bonds had minimal weekly changes of 0.0% and 1.0%, respectively, contributing to YTD returns of 10.3% and 7.5%. The Global Aggregate and Global Aggregate Ex-U.S. sectors reported weekly changes of 0.3% and 0.4%, respectively, with YTD returns of 2.2% and 1.8%. The Multiverse sector displayed a 0.3% weekly change, leading to a YTD return of 2.5%.

Conversely, commodities experienced notable fluctuations. The BBG Commodity Index (BBG Com Ind) had a significant -3.5% weekly change, contributing to a YTD decrease of -8.9%. Oil (WTI) and Gold both displayed negative trends, with weekly changes of -3.8% and -3.5%, respectively, resulting in YTD returns of -2.5% for oil and a positive 9.4% for gold.

For the week ending December 8, 2023, currency movements against the U.S. dollar displayed fluctuations. Emerging Market FX (EM FX) reported a -0.3% weekly change, contributing to a positive YTD return of 6.7%. The Australian Dollar (AUD) experienced a -0.7% weekly change, leading to a YTD decrease of -2.9%. The Canadian Dollar (CAD) and the Swiss Franc (CHF) both saw declines, with weekly changes of -0.5% and -0.8%, respectively. Despite these weekly changes, their YTD returns remained relatively stable at -0.3% for CAD and a positive 5.2% for CHF. The Euro (EUR) reported a -0.6% weekly change, contributing to a YTD return of 0.9%. The British Pound (GBP) and the Japanese Yen (JPY) both displayed negative trends for the week, with weekly changes of -0.7% and -2.2%, respectively, leading to YTD returns of 4.3% for GBP and a decrease of -8.7% for JPY.

Previous update:

U.S. Equity Size and Style Total Returns as of 12/1/23 (%):

In the week concluding on December 1, 2023, U.S. equity markets exhibited diverse returns across various size and style categories. Large-cap equities posted a weekly increase of 1.1%, while medium-cap equities surged by 2.9%, and small-cap equities showed a significant 3.5% rise. Analyzing style-specific performance within each size category, large-cap stocks in the value, core, and growth styles consistently reported positive returns. Notably, growth stocks led with a 2.8% weekly increase. On a year-to-date basis, the positive momentum persisted, with large-cap equities posting a cumulative 6.8% return, medium-cap equities at 6.5%, and small-cap equities at 5.3%. Breakdown by style indicated growth stocks outperforming in each size category, contributing to respective year-to-date returns of 37.2%, 19.3%, and 8.8%.

Index/Market Total Returns as of 12/1/23 (%):

Major U.S. stock indices displayed varied performance for the week ending on December 1, 2023. The Dow Jones Industrial Average reported a 2.6% weekly increase, contributing to a year-to-date performance of 11.7%. The NASDAQ Composite Index experienced a more moderate 0.4% weekly rise, maintaining a robust year-to-date return of 37.8%. The S&P 500 Index recorded a steady 0.8% weekly increase, accumulating a year-to-date performance of 21.5%. The MSCI EAFE Index, representing international developed markets, reported a 0.4% weekly increase, contributing to a year-to-date performance of 13.1%. The Cboe Volatility Index (VIX) maintained stability, with a 0.8% weekly increase and a year-to-date decline of -41.9%.

International/Developed (%):

In international developed markets, the week ending on December 1, 2023, displayed mixed returns. The MSCI EAFE Index reported a 0.4% weekly increase. Europe followed suit with a 0.4% weekly increase. France experienced a slight decline of -0.4%, while Germany showcased a notable 1.2% weekly increase. Italy reported a 0.5% weekly rise, Japan displayed a 0.7% increase, Spain reported a 1.0% weekly rise, Switzerland reported a steady increase of 1.0%, and the U.K. reported a 0.7% weekly rise. The respective year-to-date returns for these countries were 13.1% (MSCI EAFE), 15.2% (Europe), 16.5% (France), 19.2% (Germany), 34.4% (Italy), 16.2% (Japan), 30.4% (Spain), 10.5% (Switzerland), and 10.0% (U.K.).

Emerging Markets (%):

In the week ending on December 1, 2023, emerging markets displayed varied returns. The broader Emerging Markets (EM) category reported a modest 0.2% weekly increase, contributing to a year-to-date (YTD) return of 5.5%. Brazil outperformed with a notable 1.7% weekly rise and an impressive YTD return of 25.6%. Conversely, China experienced a -2.6% weekly decline, maintaining a YTD return of -10.0%. India showcased robust performance with a 2.8% weekly increase, resulting in a YTD return of 13.1%. Indonesia reported a 1.5% weekly rise, contributing to a YTD return of 4.7%. Korea displayed a modest 0.5% weekly increase, accumulating a YTD return of 13.1%. Mexico reported a 1.0% weekly rise, leading to a YTD return of 29.5%. Taiwan exhibited a 1.0% weekly increase, maintaining a strong YTD return of 23.4%.

S&P 500 Sectors (%):

The S&P 500 sectors demonstrated diverse performances for the week ending on December 1, 2023. The S&P 500 Index recorded a steady 0.8% weekly increase, contributing to a solid YTD return of 21.5%. Communication services experienced a -2.5% weekly decline but maintained a robust YTD return of 48.3%. Consumer discretionary reported a 1.6% weekly increase, accumulating a YTD return of 35.9%. Consumer staples displayed a 0.7% weekly rise, offsetting a modest YTD decline of -1.7%. Energy reported a negligible -0.1% weekly change, maintaining a slight YTD decline of -0.8%. Financials outperformed with a 2.2% weekly increase and a notable YTD return of 7.2%. Healthcare reported a modest 0.5% weekly increase but maintained a YTD decline of -1.8%. Industrials showcased a robust 2.2% weekly increase, contributing to a YTD return of 12.1%. Information tech reported a slight 0.3% weekly rise, maintaining a strong YTD return of 52.3%. Materials exhibited a notable 2.8% weekly increase, leading to a YTD return of 8.9%. Real estate displayed a significant 4.9% weekly rise, contributing to a YTD return of 5.5%. Utilities reported a 1.3% weekly increase, offsetting a YTD decline of -7.7%.

U.S. Fixed-Income Style Total Returns as of 12/1/23 (%):

In the week ending on December 1, 2023, U.S. fixed-income style total returns exhibited diverse performances. High credit quality bonds reported a 0.4% weekly increase, contributing to a robust year-to-date (YTD) return of 4.0%. Medium credit quality bonds displayed a 1.3% weekly rise, maintaining a YTD return of 2.7%. Low credit quality bonds showcased a notable 3.6% weekly increase, resulting in a YTD return of -3.5%. When considering interest-rate sensitivity, bonds with limited sensitivity reported a 0.7% weekly increase and a YTD return of 3.5%. Bonds with moderate sensitivity exhibited a 1.7% weekly rise, contributing to a YTD return of 2.9%. Bonds with extensive interest-rate sensitivity displayed a 3.8% weekly increase, leading to a significant YTD return of 6.5%.

U.S. Treasury Bond Yields as of 12/1/23 (%):

As of the end of the week on December 1, 2023, U.S. Treasury bond yields showed noteworthy changes. The 2-year Treasury bond yield reported a slight increase to 4.55%, resulting in a year-to-date (YTD) change of 13 basis points (BPS). The 10-year Treasury bond yield increased to 4.22%, with a YTD change of 34 BPS. The 30-year Treasury bond yield rose to 4.41%, indicating a YTD change of 44 BPS. The 2-10 spread decreased by 33 BPS, reaching -33, and the 10-30 spread increased by 19 BPS, reaching 19. These fluctuations provide insights into the dynamic nature of U.S. Treasury bond yields in the specified period.

U.S. Bond Sector Total Returns as of 12/1/23 (%):

In the week ending on December 1, 2023, U.S. bond sector total returns demonstrated varied performances across sectors. The aggregate bond sector reported a solid 2.0% weekly increase, contributing to a year-to-date (YTD) return of 2.5%. Bank loans experienced a marginal 0.1% weekly rise, maintaining a commendable YTD return of 9.6%. Convertible bonds showcased a noteworthy 0.9% weekly increase, with a YTD return of 7.2%. Corporate bonds displayed a robust 2.3% weekly rise, leading to a YTD return of 5.2%. High-yield bonds reported a 1.4% weekly increase, contributing to a YTD return of 9.8%. Mortgage-backed securities (MBS) exhibited a substantial 2.5% weekly rise, resulting in a YTD return of 1.8%. Municipal bonds reported a respectable 1.8% weekly increase, with a YTD return of 4.1%. Preferred securities displayed a substantial 3.0% weekly increase, leading to a remarkable YTD return of 13.2%. Treasury bonds reported a 1.7% weekly increase, contributing to a YTD return of 1.4%.

Global Bond Total Returns (%):

On a global scale, bond total returns for the week ending on December 1, 2023, displayed diverse performances. Emerging market local bonds reported a commendable 0.8% weekly increase, contributing to a strong year-to-date (YTD) return of 10.3%. Emerging market debt denominated in U.S. dollars (EMD USD) showcased a noteworthy 1.5% weekly increase, with a YTD return of 6.5%. The global aggregate bond sector reported a solid 1.5% weekly increase, leading to a YTD return of 1.9%. Global aggregate bonds excluding the U.S. displayed a respectable 1.1% weekly increase, with a YTD return of 1.4%. The multiverse of global bonds exhibited a commendable 1.5% weekly increase, resulting in a YTD return of 2.2%. These figures offer insights into the global dynamics of bond markets during the specified period.

Commodities (%):

In the week ending on December 1, 2023, commodities exhibited diverse performances. The Bloomberg Commodity Index (BBG Com Ind) reported a modest 0.2% weekly increase, contributing to a year-to-date (YTD) decline of -5.7%. Oil (WTI) experienced a slight decline of -1.8% for the week, with a positive YTD return of 1.3%. Gold displayed a notable 3.4% weekly increase, leading to a strong YTD return of 13.3%.

Currencies (USD) (%):

Currency markets, denominated in U.S. dollars, demonstrated varied movements during the week. Emerging market currencies (EM FX) reported a modest 0.2% weekly increase, contributing to a positive year-to-date (YTD) return of 6.8%. The Australian Dollar (AUD) showed a modest 0.8% weekly increase, with a YTD decline of -2.1%. The Canadian Dollar (CAD) reported a 0.6% weekly increase, maintaining a marginal YTD return of 0.2%. The Swiss Franc (CHF) exhibited a noteworthy 1.1% weekly increase, leading to a positive YTD return of 6.1%. The Euro (EUR) experienced a slight decline of -1.0% for the week, with a modest YTD return of 1.5%. The British Pound (GBP) reported a modest 0.2% weekly increase, contributing to a YTD return of 5.0%. The Japanese Yen (JPY) displayed a significant 1.2% weekly increase, offsetting a YTD decline of -10.6%. These currency movements provide insights into the dynamics of the foreign exchange market during the specified period.

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U.S. Equity Size and Style Total Returns as of 11/24/23 (%):

The U.S. equity market displayed steady performance for the week ending on November 24, 2023. Large-cap equities reported a modest 1.0% weekly return, while medium-cap and small-cap equities showed returns of 0.9% and 0.2%, respectively. Diving into specific style categories within each size, the returns varied. For large-cap stocks, the values were 3.6%, 7.8%, and 16.0% for value, core, and growth, respectively. Medium-cap stocks showed returns of 1.7%, 4.0%, and 5.9% for value, core, and growth, and small-cap stocks exhibited returns of 1.5%, 3.5%, and 4.9% for value, core, and growth.

On a year-to-date basis, the positive momentum continued. Large-cap stocks reported a year-to-date return of 4.8%, while medium and small-cap equities showcased returns of 3.6% and 1.7%, respectively. Examining style categories revealed favorable year-to-date returns for both core and growth stocks across the different market segments.

Index/Market Total Returns as of 11/24/23 (%):

Major U.S. stock indices maintained a positive trajectory as of November 24, 2023. The Dow Jones Industrial Average reported a weekly return of 1.3%, contributing to an 8.8% year-to-date performance. The NASDAQ Composite Index and the S&P 500 Index displayed weekly returns of 0.9% and 1.0%, respectively, with year-to-date performances of 37.2% and 20.5%. The MSCI EAFE Index, representing international developed markets, reported a 1.1% weekly return, extending its year-to-date performance to 12.7%. However, the Cboe Volatility Index (VIX) experienced a weekly decrease of -9.4%, resulting in a year-to-date decline of -42.4%.

International/Developed (%):

For the week ending on November 24, 2023, international and developed markets demonstrated positive movements. EAFE, Europe, France, Germany, Italy, Spain, Switzerland, and the U.K. all reported gains ranging from 1.1% to 2.3%. On a year-to-date basis, these markets continued their positive performances, with returns ranging from 9.3% to 33.7%.

Emerging Markets (%):

In the week concluding on November 24, 2023, emerging markets displayed diverse returns. The broader category, EM, saw a modest increase of 0.5%, contributing to a year-to-date return of 5.3%. Individual markets presented varied results, with Brazil showing a weekly return of 0.5% and a strong year-to-date performance of 23.5%. China reported a weekly increase of 1.3%, but its year-to-date performance stood at -7.6%. India exhibited a slight 0.1% weekly return, contributing to a positive year-to-date return of 10.0%. In contrast, Korea experienced a marginal decrease of -0.3% for the week, yet maintained a positive year-to-date return of 12.5%. Mexico showed resilience with a 0.9% weekly return, resulting in an impressive year-to-date performance of 28.3%. However, data for Russia was not available. Taiwan demonstrated a robust 0.9% weekly return, contributing to a notable year-to-date return of 22.1%.

S&P 500 Sectors (%):

The S&P 500 sectors displayed mixed performance for the week ending on November 24, 2023. The overall S&P 500 Index reported a 1.0% weekly return, contributing to a year-to-date performance of 20.5%. Communication services saw a 1.3% weekly increase, maintaining a strong year-to-date return of 52.1%. Consumer discretionary stocks showed a more moderate 0.8% weekly return, contributing to a positive year-to-date return of 33.8%. Consumer staples experienced a 1.4% weekly rise, yet displayed a negative year-to-date return of -2.4%. Energy and financial sectors had modest changes, with weekly returns of 0.2% and 1.0%, respectively, resulting in year-to-date performances of -0.8% and 4.9%. Healthcare demonstrated strength with a 2.3% weekly increase, although year-to-date returns were slightly negative at -2.3%. Industrials and information technology sectors reported 0.8% and 0.6% weekly returns, contributing to positive year-to-date performances of 9.7% and 51.8%, respectively. Materials displayed a 1.1% weekly increase, contributing to a positive year-to-date return of 5.9%. Real estate and utilities sectors reported 1.0% and 0.7% weekly returns, with year-to-date performances of 0.6% and -8.9%, respectively.

U.S. Fixed-Income Style Total Returns as of 11/24/23 (%):

In the fixed-income landscape for the week concluding on November 24, 2023, performance varied across different styles. High credit quality instruments showed a minimal 0.1% weekly return, contributing to a marginal year-to-date return of 3.6%. Medium credit quality reported a steady 0.0% weekly return, with a modest year-to-date return of 1.4%. Low credit quality instruments demonstrated a 0.2% weekly increase, resulting in a year-to-date return of 8.6%. Examining interest-rate sensitivity, limited sensitivity bonds experienced a negligible 0.1% weekly return, while moderate and extensive sensitivity bonds displayed weekly returns of 0.5% and 0.9%, respectively. Year-to-date performances for limited, moderate, and extensive sensitivity bonds were -6.8%, 2.6%, and 7.1%, respectively.

U.S. Treasury Bond Yields as of 11/24/23 (%):

As of November 24, 2023, U.S. Treasury bond yields exhibited changes. The 2-year Treasury bond yield increased to 4.95%, marking a year-to-date change of 53 basis points (BPS). The 10-year Treasury bond yield rose to 4.47%, with a year-to-date change of 59 BPS. The 30-year Treasury bond yield showed a marginal increase to 4.60%, resulting in a year-to-date change of 63 BPS. The 2-10 spread decreased by 6 BPS to -48, while the 10-30 spread increased by 4 BPS to 13.

U.S. Bond Sector Total Returns (%):

The week ending on November 24, 2023, brought varied performances across U.S. bond sectors. The aggregate bond market reported a modest -0.1% weekly return, contributing to a positive year-to-date return of 0.5%. Bank loans showed a negligible 0.0% weekly change, maintaining a strong year-to-date return of 9.4%. Convertible bonds exhibited a 0.2% weekly increase, contributing to a positive year-to-date return of 6.0%. Corporate bonds showed a 0.2% weekly rise, resulting in a year-to-date return of 2.9%. High-yield bonds experienced a 0.4% weekly increase, contributing to a positive year-to-date return of 8.3%. Mortgage-backed securities (MBS) reported a -0.4% weekly decline, resulting in a slight negative year-to-date return of -0.7%. Municipal bonds demonstrated a 0.6% weekly rise, contributing to a positive year-to-date return of 2.4%. Preferred stocks reported a -1.0% weekly decrease, with a strong year-to-date return of 9.9%. Treasury bonds showed a modest -0.1% weekly change, resulting in a slight negative year-to-date return of -0.3%.

Global Bond Total Returns (%):

In the week ending on November 24, 2023, global bond markets displayed diverse returns. Local emerging market (EM) bonds reported a marginal decrease of -0.1%, contributing to a substantial year-to-date return of 9.5%. USD-denominated emerging market debt (EMD) showed a positive 0.9% weekly return, contributing to a year-to-date return of 4.9%. The Global Aggregate bond market experienced a modest 0.2% weekly increase, with a cumulative year-to-date return of 0.4%. Excluding the U.S., the Global Aggregate market showed a 0.3% weekly rise, contributing to a consistent year-to-date return of 0.3%. The Multiverse bond market reported a 0.2% weekly increase, resulting in a year-to-date return of 0.7%.

Commodities (%):

Commodity markets displayed varied performance for the week ending on November 24, 2023. The Bloomberg Commodity Index (BBG Com Ind) reported a marginal decrease of -0.4%, contributing to a year-to-date decline of -5.8%. Oil (WTI) prices declined by -0.6% for the week, yet maintained a positive year-to-date return of 3.2%. Gold prices exhibited strength with a 1.0% weekly increase, contributing to a notable year-to-date return of 9.6%.

Currencies (USD) (%):

Currency markets, denominated in U.S. dollars, showed mixed results in the week concluding on November 24, 2023. Emerging market currencies (EM FX) reported a minimal 0.1% weekly increase, contributing to a positive year-to-date return of 6.3%. The Australian Dollar (AUD) displayed a more substantial 1.3% weekly rise, though it contributed to a negative year-to-date return of -2.9%. The Canadian Dollar (CAD) reported a 0.9% weekly increase, with a slight negative year-to-date return of -0.4%. The Swiss Franc (CHF) showed a modest 0.5% weekly increase, contributing to a positive year-to-date return of 4.9%. The Euro (EUR) and the British Pound (GBP) both reported 0.5% and 1.4% weekly increases, contributing to year-to-date returns of 2.5% and 4.9%, respectively. The Japanese Yen (JPY) exhibited stability with a negligible change of 0.0% for the week, contributing to a year-to-date decline of -11.7%.