Weekly returns

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%.

Previous update:

U.S. Equity Size and Style Total Returns as of 11/17/23 (%):

1 Week: As of November 17, 2023, U.S. equity size and style total returns displayed positive trends for the week. Large-cap equities reported a solid weekly return of 2.9%, while medium-cap and small-cap equities outperformed with returns of 3.7% and 5.7%, respectively. Within the size categories, core and growth stocks across large, medium, and small caps also demonstrated positive weekly returns.

YTD: On a year-to-date basis, U.S. equity size and style total returns continued to show positive momentum. Large-cap stocks reported a year-to-date return of 3.7%, while medium-cap and small-cap equities showcased returns of 2.7% and 1.5%, respectively. Across style categories, both core and growth stocks in large, medium, and small caps displayed favorable year-to-date returns.

Index/Market Total Returns as of 11/17/23 (%):

Close 1 Week YTD: As of November 17, 2023, major U.S. stock indices exhibited positive performance. The Dow Jones Industrial Average recorded a weekly return of 2.1%, contributing to its year-to-date performance of 7.5%. The NASDAQ Composite Index and the S&P 500 Index reported weekly returns of 2.4% and 2.3%, respectively, with year-to-date performances of 36.0% and 19.3%. The MSCI EAFE Index, representing international developed markets, showed a weekly return of 4.5%, extending its year-to-date performance to 11.5%. The Cboe Volatility Index (VIX) experienced a weekly decrease of -2.8%, resulting in a year-to-date decline of -36.4%.

International/Developed (%):

1 Week YTD: In the international and developed markets, positive trends were observed for the week ending on November 17, 2023. EAFE, Europe, France, Germany, Italy, Japan, Spain, Switzerland, and the U.K. all reported positive weekly returns ranging from 3.7% to 6.7%. On a year-to-date basis, these markets continued to exhibit positive performances, with year-to-date returns ranging from 7.6% to 31.9%.

Emerging Markets (%):

1 Week: In the week ending on November 17, 2023, emerging markets displayed positive trends. EM, as a whole, reported a weekly return of 3.0%, with Brazil leading with a higher return of 3.8%. Other notable performers included Indonesia with a weekly return of 3.4%, Korea with 4.1%, Mexico with 6.3%, and Taiwan with 5.0%. However, China showed a more moderate weekly return of 1.3%, and Russia's data was not available.

YTD: On a year-to-date basis, emerging markets continued to show positive momentum. Brazil demonstrated strong year-to-date growth with a return of 22.9%, while India reported a positive return of 9.9%. Indonesia, Korea, Mexico, and Taiwan also maintained positive year-to-date returns ranging from 3.2% to 21.1%. China experienced a year-to-date decline of -8.8%.

S&P 500 Sectors (%):

1 Week YTD: For the week ending on November 17, 2023, S&P 500 sectors exhibited diverse performances. The S&P 500 Index reported a weekly return of 2.3%, contributing to its year-to-date performance of 19.3%. Notable sector performances included Communication Services, Consumer Discretionary, Financials, Industrials, Materials, Real Estate, and Utilities, all showing positive weekly and year-to-date returns. Consumer Staples, Energy, Healthcare, and Information Technology reported mixed results, with some sectors showing positive returns and others experiencing declines in both the weekly and year-to-date periods.

1 Week: As of November 17, 2023, U.S. fixed-income style total returns demonstrated positive trends for the week. High credit quality bonds reported a weekly return of 0.22%, while medium and low credit quality bonds outperformed with returns of 0.38% and 0.57%, respectively. Across interest-rate sensitivity categories, limited, moderate, and extensive bonds also displayed positive weekly returns.

YTD: On a year-to-date basis, U.S. fixed-income style total returns continued to show mixed performances. High credit quality bonds reported a year-to-date return of 3.57%, while medium and low credit quality bonds showcased returns of 2.74% and 8.38%, respectively. Across interest-rate sensitivity categories, limited and moderate bonds reported positive year-to-date returns, but extensive bonds showed a decline of -6.54%.

U.S. Treasury Bond Yields as of 11/17/23 (%):

END OF WEEK PRIOR YEAR END YTD CHANGE (BPS): As of November 17, 2023, U.S. Treasury bond yields exhibited upward trends. The 2-Year Treasury bond yield was 4.90%, showing an increase of 48 basis points (BPS) from the prior year end. The 10-Year Treasury bond yield was 4.44%, with a year-to-date change of 56 BPS, and the 30-Year Treasury bond yield was 4.60%, reflecting a year-to-date change of 63 BPS. The 2-10 spread and the 10-30 spread were -46 and 16 BPS, respectively, indicating changes of 8 BPS and 7 BPS.

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

1 Week YTD: For the week ending on November 17, 2023, U.S. bond sector total returns exhibited diverse performances. The Aggregate bond index reported a weekly return of 1.4%, contributing to its year-to-date performance of 0.5%. Notable sector performances included Corporate, Preferreds, and Convertible bonds, all showing positive weekly and year-to-date returns. Bank loans, High Yield, MBS, Municipal, TIPS, and Treasury bonds reported mixed results, with some sectors showing positive returns and others experiencing declines in both the weekly and year-to-date periods.

Global Bond Total Returns (%):

1 Week: For the week ending on November 17, 2023, global bond total returns exhibited various trends. Local currency emerging market bonds (EM Local) reported a positive weekly return of 2.4%, while emerging market debt in U.S. dollars (EMD USD) experienced a slightly lower return of 1.5%. The global aggregate bond index (Global Agg) and its ex-U.S. counterpart both showed positive weekly returns of 1.9% and 2.3%, respectively. The broader multiverse index reported a positive weekly return of 1.9%.

YTD: On a year-to-date basis as of November 17, 2023, global bond total returns reflected diverse performances. EM Local bonds demonstrated strong year-to-date growth with a positive return of 9.6%, while EMD USD bonds reported a more modest year-to-date return of 3.9%. The Global Agg, Global Agg Ex-U.S., and the Multiverse index showed minimal year-to-date returns of 0.2%, 0.0%, and 0.5%, respectively.

Commodities (%):

1 Week: In the commodities market, the week ending on November 17, 2023, saw varying performances. The Bloomberg Commodity Index (BBG Com Ind) reported a modest positive weekly return of 0.4%. Oil (WTI) experienced a weekly decline of -1.3%, and Gold showcased a strong positive weekly return of 2.5%.

YTD: On a year-to-date basis, commodities displayed a mix of performances. The BBG Com Ind reported a negative year-to-date return of -5.4%. Oil (WTI) maintained a positive year-to-date return of 3.8%, and Gold showcased a strong positive return of 8.5%.

Currencies (USD) (%):

1 Week: Examining currencies in U.S. dollars for the week ending on November 17, 2023, revealed diverse performances. Emerging market currencies (EM FX) experienced a positive weekly return of 1.4%, contributing to a positive year-to-date return of 6.3%. The Australian Dollar (AUD) reported a positive weekly return of 2.4%, but it maintained a negative year-to-date return of -4.1%. The Canadian Dollar (CAD) and the Swiss Franc (CHF) both showed positive weekly returns of 0.8% and 1.9%, respectively. The Euro (EUR), British Pound (GBP), and Japanese Yen (JPY) also reported positive weekly returns ranging from 1.3% to 2.0%. However, AUD and JPY maintained negative year-to-date returns of -4.1% and -11.8%, respectively, while CHF showcased a positive year-to-date return of 4.4%.

Previous update:

U.S. Equity Size and Style Total Returns as of 11/10/23 (%):

1 Week: For the week concluding on November 10, 2023, U.S. equity size and style total returns revealed nuanced trends. Large-cap equities experienced a decline of -1.0%, whereas medium-cap equities showed a slight increase of 1.2%. Notably, small-cap equities displayed a more substantial weekly return of 3.0%. Examining different styles within the small-cap category, value stocks decreased by -3.8%, core stocks by -3.1%, and growth stocks by -2.4%.

YTD: On a year-to-date basis as of November 10, 2023, U.S. equity size and style total returns showcased diverse trajectories. Large-cap equities reported a positive return of 0.8%, with medium-cap equities demonstrating a stronger return of 2.8%. Remarkably, small-cap growth stocks outperformed, registering a significant return of 9.9%. Conversely, small-cap value stocks experienced a decline of -4.0%, and core stocks in both medium and small-cap categories reported negative returns.

Index/Market Total Returns as of 11/10/23 (%):

Major U.S. stock indices exhibited varied performances for the week ending on November 10, 2023. The Dow Jones Industrial Average reported a modest 0.7% weekly return, contributing to its year-to-date performance of 5.3%. The NASDAQ Composite Index, renowned for its technology focus, demonstrated a robust weekly return of 2.4%, enhancing its noteworthy year-to-date return to 32.8%. The S&P 500 Index reported a solid 1.4% weekly return, contributing to its year-to-date performance of 16.6%. The MSCI EAFE Index, representing international developed markets, showed a modest weekly decrease of -0.9%, extending its year-to-date performance to 6.7%. The Cboe Volatility Index (VIX) experienced a significant weekly decrease of -4.7%, contributing to its year-to-date decline of -34.6%.

International/Developed (%):

1 Week: In international/developed markets for the week ending on November 10, 2023, the MSCI EAFE Index exhibited a decrease of -0.9%. Among European countries, France experienced the least decline at -0.6%, while Germany and Europe reported decreases of -0.1% and -0.8%, respectively. Italy recorded a more substantial decline of -1.5%, and Spain demonstrated a positive weekly return of 0.4%. Switzerland and the U.K. reported decreases of -0.8% and -1.9%, respectively.

YTD: On a year-to-date basis, international/developed markets displayed diverse performances. Italy reported a significant year-to-date return of 25.4%, while Germany, Spain, and Europe had more modest returns of 9.2%, 19.0%, and 7.8%, respectively. Japan reported a moderate return of 11.0%, while Switzerland and the U.K. recorded more conservative returns of 3.8% and 3.6%, respectively.

Emerging Markets (%):

1 Week: In the emerging markets, the week concluding on November 10, 2023, displayed varied performances. The overall emerging markets index (EM) reported a stable weekly return of 0.0%. Brazil, however, outperformed with a notable weekly return of 1.3%. In contrast, China experienced a decline of -1.3%, and Mexico reported a more significant decrease of -1.9%. India and Taiwan demonstrated positive weekly returns of 1.3% and 0.9%, respectively. Indonesia had a marginal decrease of -0.1%, while Russia data was not available.

YTD: On a year-to-date basis, emerging markets exhibited diverse trends. Brazil reported a substantial year-to-date return of 18.4%, while India and Taiwan recorded more moderate returns of 7.7% and 15.3%, respectively. China, Indonesia, and Russia showed negative year-to-date returns of -10.0%, -0.2%, and data not available, respectively. Mexico demonstrated a strong year-to-date performance with a notable return of 19.6%.

S&P 500 Sectors (%):

1 Week: Examining S&P 500 sectors for the week ending on November 10, 2023, various sectors displayed distinctive performances. The S&P 500 Index reported a positive weekly return of 1.4%. Communication services exhibited a robust weekly return of 2.2%, while information technology outperformed with a significant return of 4.8%. On the other hand, energy and utilities experienced declines of -3.8% and -2.5%, respectively.

YTD: On a year-to-date basis, S&P 500 sectors revealed varied trends. Information technology maintained its strong performance with an impressive year-to-date return of 48.2%. Communication services also showcased a notable year-to-date return of 46.8%. Consumer discretionary reported a positive return of 28.4%, while industrials and materials demonstrated more modest returns of 5.7% and 1.1%, respectively. Conversely, consumer staples and real estate experienced negative year-to-date returns of -4.4% and -4.7%, respectively. Healthcare and financials reported declines of -5.9% and 0.5%, respectively.

U.S. Fixed-Income Style Total Returns as of 11/10/23 (%):

1 Week: For the week ending on November 10, 2023, U.S. fixed-income style total returns displayed varied trends. High credit quality bonds reported a marginal decrease of -0.06%, while medium credit quality bonds experienced a slightly larger decline of -0.26%. Low credit quality bonds showed a modest increase of 0.24%. Examining interest-rate sensitivity, high interest-rate-sensitive bonds demonstrated a minimal weekly decline of -0.43%, while moderate and extensive interest-rate-sensitive bonds reported declines of -0.42% and 0.51%, respectively.

YTD: On a year-to-date basis as of November 10, 2023, U.S. fixed-income styles exhibited diverse performances. High credit quality bonds recorded a positive year-to-date return of 3.3%, while medium credit quality bonds reported a more modest return of 2.3%. Low credit quality bonds outperformed, showcasing strong year-to-date returns of 7.8%. Assessing interest-rate sensitivity, high interest-rate-sensitive bonds reported a notable year-to-date return of 0.7%. Meanwhile, moderate and extensive interest-rate-sensitive bonds experienced declines of -0.8% and -8.5%, respectively.

U.S. Treasury Bond Yields as of 11/10/23 (%):

End of Week Prior Year End YTD Change (BPS): As of November 10, 2023, U.S. Treasury bond yields displayed the following data points:

• 2-Year: 5.05%, compared to the prior year-end yield of 4.42%, resulting in a year-to-date change of 58 basis points (BPS).
• 10-Year: 4.61%, compared to the prior year-end yield of 3.88%, resulting in a year-to-date change of 73 BPS.
• 30-Year: 4.73%, compared to the prior year-end yield of 3.97%, resulting in a year-to-date change of 76 BPS.
• 2-10 spread: -44, indicating a 10 BPS increase compared to the prior year-end.
• 10-30 spread: 12, indicating a 3 BPS increase compared to the prior year-end.

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

1 Week YTD: For the week ending on November 10, 2023, U.S. bond sector total returns exhibited diverse performances. The aggregate bond market reported a minimal weekly decrease of -0.3%, while bank loans demonstrated a modest increase of 0.3%. Convertible bonds experienced a decline of -1.2%, and corporate bonds reported a marginal decrease of -0.1%. High-yield bonds and mortgage-backed securities (MBS) both showed weekly declines of -0.3% and -0.6%, respectively. Municipal bonds and Treasury Inflation-Protected Securities (TIPS) reported positive weekly returns of 0.8% and 0.6%, respectively. Preferreds experienced a more significant decline of -1.4%.

On a year-to-date basis, bank loans showcased strong performance with a notable return of 9.1%. Preferreds recorded a positive year-to-date return of 8.3%, while high-yield bonds demonstrated a return of 6.9%. Other sectors, including TIPS, municipal bonds, and convertible bonds, reported more modest year-to-date returns. The aggregate bond market, corporate bonds, MBS, and Treasury bonds all experienced negative year-to-date returns.

Global Bond Total Returns (%):

1 Week: For the week ending on November 10, 2023, global bond total returns exhibited various trends. Local currency emerging market bonds (EM Local) reported a decrease of -0.7%, while emerging market debt in U.S. dollars (EMD USD) experienced a slightly smaller decline of -0.5%. The global aggregate bond index (Global Agg) and its ex-U.S. counterpart both showed weekly declines of -0.4%, while the broader multiverse index reported a similar decrease of -0.4%.

YTD: On a year-to-date basis as of November 10, 2023, global bond total returns reflected diverse performances. EM Local bonds demonstrated strong year-to-date growth with a positive return of 7.0%. EMD USD bonds reported a more modest year-to-date return of 2.6%. However, the Global Agg, Global Agg Ex-U.S., and the Multiverse index showed negative year-to-date returns of -1.7%, -2.2%, and -1.4%, respectively.

Commodities (%):

1 Week: In the commodities market, the week ending on November 10, 2023, saw varying performances. The Bloomberg Commodity Index (BBG Com Ind) reported a substantial weekly decline of -3.3%, contributing to its negative year-to-date return of -5.8%. Oil (WTI) experienced a similar weekly decline of -3.7%, but it maintained a positive year-to-date return of 5.2%. Gold also showed a weekly decline of -3.0%, with a positive year-to-date return of 5.8%.

YTD: On a year-to-date basis, commodities displayed a mix of performances. The BBG Com Ind reported a negative year-to-date return of -5.8%. Oil (WTI) maintained a positive year-to-date return of 5.2%, and gold showcased a strong positive return of 5.8%.

Currencies (USD) (%):

1 Week: Examining currencies in U.S. dollars for the week ending on November 10, 2023, revealed diverse performances. Emerging market currencies (EM FX) experienced a marginal weekly decline of -0.2%, contributing to a positive year-to-date return of 5.3%. The Australian Dollar (AUD) reported a substantial weekly decline of -2.4%, contributing to its negative year-to-date return of -6.4%. The Canadian Dollar (CAD) and the Swiss Franc (CHF) both showed weekly declines of -1.2% and -0.5%, respectively. The Euro (EUR) and the Japanese Yen (JPY) reported marginal weekly declines of -0.6% and -1.4%. However, the British Pound (GBP) showcased a positive weekly return, and its year-to-date return remained positive at 1.4%.

YTD: On a year-to-date basis, currencies in U.S. dollars showed varied performances. EM FX maintained a positive year-to-date return of 5.3%. AUD, CAD, EUR, and JPY reported negative year-to-date returns of -6.4%, -2.1%, 0.0%, and -12.9%, respectively. The British Pound (GBP) maintained a positive year-to-date return of 1.4%. CHF also maintained a positive year-todate return of 2.5%.

Previous update:

Equities: The U.S. equity market showed strong returns for the week ending on November 3, 2023. Large-cap equities surged, with a weekly return of 5.7%. In the same category, core and growth stocks also performed exceptionally well, both posting a 6.0% weekly return. Medium-cap equities displayed a remarkable weekly return of 6.4%. Furthermore, small-cap equities, across value, core, and growth, all recorded robust weekly returns of 8.5%. These results indicate a bullish sentiment across different segments of the U.S. equity market.

On a year-to-date basis, the U.S. equity market continued to exhibit positive performance. Large-cap stocks reported a year-to-date return of 1.8%. Medium-cap equities showcased a 3.6% return, while small-cap equities demonstrated a 9.6% return. These figures highlight the positive growth experienced by different market segments throughout the year.

Index/Market Total Returns: Major U.S. stock indices performed well for the week ending on November 3, 2023. The Dow Jones Industrial Average displayed a 5.1% weekly return, pushing its year-to-date performance to 4.5%. The NASDAQ Composite Index, a technology-heavy index, recorded a remarkable weekly return of 6.6% and an impressive year-to-date return of 29.6%. The S&P 500 Index reported a solid 5.9% weekly return, contributing to its year-to-date performance of 15.0%. The MSCI EAFE Index, representing international developed markets, showed a weekly return of 4.4%, extending its year-to-date performance to 7.7%. The Cboe Volatility Index (VIX) experienced a significant weekly decrease of -30.0%, leading to a year-to-date decline of -30.9%. These results provide insights into the overall strength and resilience of these key indices.

International/Developed Markets: International developed markets displayed positive weekly returns, with the EAFE region showing a 4.4% gain. Within Europe, France and Germany reported notable weekly returns of 5.3% and 5.1%, respectively. Italy experienced a remarkable weekly return of 6.9%, contributing to its strong year-to-date performance of 27.3%. In Asia, Japan posted a 3.4% weekly return, resulting in a year-to-date return of 11.7%. Spain and Switzerland exhibited weekly returns of 6.0% and 3.2%, respectively. These figures highlight the resilience of developed markets and their steady performance.

Emerging Markets: Emerging markets reported positive weekly returns, with EM and Brazil showing returns of 3.1% and 5.2%, respectively. However, China recorded a more modest 1.1% weekly return, while India reported a 1.3% weekly return. Indonesia displayed a 3.0% weekly return, though it remained slightly negative on a year-to-date basis. Korea demonstrated robust performance with a 6.0% weekly return, extending its year-to-date return to 6.3%. Mexico reported the highest weekly return of 9.3%, significantly boosting its year-to-date return to 21.9%. These results provide insights into the varying performance of emerging markets.

S&P 500 Sectors: In the S&P 500 sectors, there were notable weekly returns. Communication services showed a strong 6.5% weekly return, contributing to its year-to-date growth of 43.6%. Consumer discretionary exhibited a remarkable 7.2% weekly return, extending its year-to-date return to 27.2%. In contrast, consumer staples reported a more moderate 3.3% weekly return but remained in negative territory year-to-date with a return of -4.7%. Energy demonstrated a 2.4% weekly return and a year-to-date return of 1.4%. Financials showed a robust 7.4% weekly return, pushing its year-to-date performance to 0.2%. Healthcare reported a 3.5% weekly return and a year-to-date return of -5.1%. Industrials displayed a 5.3% weekly return, extending its year-to-date return to 4.7%. Information tech recorded a 6.9% weekly return, contributing to its strong year-to-date return of 41.4%. Materials reported a 5.1% weekly return and a year-to-date return of 2.9%. Real estate demonstrated an impressive 8.4% weekly return, though it reported a year-to-date return of -2.5%. Utilities exhibited a 5.3% weekly return and a year-to-date return of -10.2%. These figures showcase the diverse performance of S&P 500 sectors and their contributions to the overall market.

Fixed-Income: In the fixed-income market for the week ending on November 3, 2023, high-quality bonds exhibited positive returns, with high credit quality bonds showing a 0.4% weekly gain. Medium credit quality bonds posted a slightly higher 1.6% return, while low credit quality bonds experienced a notable 3.7% weekly return. Bonds with varying levels of interest-rate sensitivity had mixed results. Bonds with limited interest-rate sensitivity demonstrated a strong weekly return of 1.2%. Those with moderate sensitivity returned 2.7%, while bonds with extensive sensitivity returned 4.1% for the week. These figures depict the diverse performance within the fixed-income market.

On a year-to-date basis, the fixed-income market showed a different story. High credit quality bonds reported a moderate 0.5% return, while medium credit quality bonds posted a stronger 7.2% return. Low credit quality bonds, with a 4.1% return, demonstrated resilience despite market fluctuations. For interest-rate sensitivity, limited sensitivity bonds reported a 7.9% year-to-date return, while those with moderate sensitivity displayed a solid 7.2% return. Bonds with extensive interest-rate sensitivity reported a 4.1% year-to-date return. These results showcase the varying dynamics within the fixed-income market and its response to changing economic conditions.

U.S. Treasury Bond Yields: U.S. Treasury bond yields as of November 3, 2023, showed movements. The 2-Year Treasury bond yield reached 4.87%, indicating a 45 basis point (BPS) increase from the prior year-end. The 10-Year Treasury bond yield rose to 4.52%, reflecting a 64 BPS increase year-to-date. For the 30-Year Treasury bond, the yield reached 4.70%, indicating a year-to-date increase of 73 BPS. The 2-10 spread, representing the difference between the 2-Year and 10-Year yields, was -34 BPS, showing a narrowing trend. The 10-30 spread, which signifies the difference between the 10-Year and 30-Year yields, was 17 BPS, indicating a slight widening. These yield movements depict the changing interest rate environment and its impact on the bond market.

U.S. Bond Sector Total Returns: In the U.S. bond market, various sectors displayed notable weekly returns. The Aggregate bond sector reported a 2.0% weekly return but remained in negative territory year-to-date with a return of -0.5%. Bank loans showed a moderate 0.4% weekly return, extending their year-to-date performance to 8.8%. Convertible bonds demonstrated a solid 1.3% weekly return, contributing to their year-to-date growth of 3.3%. Corporate bonds posted a 2.4% weekly return but remained relatively flat year-to-date with a 0.6% return. High-yield bonds experienced a robust 2.7% weekly return, pushing their year-to-date performance to 7.2%. Mortgage-backed securities (MBS) reported a strong 2.9% weekly return, though they remained in negative territory year-to-date with a return of -1.4%. Municipal bonds had a 1.9% weekly return, and their year-to-date return remained slightly negative at -0.4%. Preferred stocks exhibited an impressive 7.4% weekly return, extending their year-to-date growth to 9.9%. TIPS (Treasury Inflation-Protected Securities) posted a 1.5% weekly return but showed a small positive year-to-date return of 0.4%. Treasury bonds reported a 1.5% weekly return and a year-to-date return of -0.9%. These results showcase the diverse performance of different bond sectors in the U.S. market.

Global Bond Total Returns: Global bonds also displayed notable weekly returns. Emerging market local currency bonds (EM Local) demonstrated a robust 3.2% weekly return, extending their year-to-date growth to 7.8%. Emerging market debt denominated in U.S. dollars (EMD USD) reported a solid 3.0% weekly return, pushing its year-to-date performance to 3.0%. The Global Aggregate bond sector posted a 1.9% weekly return, though it remained slightly negative year-to-date with a return of -1.2%. Global Aggregate bonds excluding the United States (Global Agg Ex-U.S.) also reported a 1.9% weekly return, with a year-to-date return of -1.7%. The Multiverse bond category displayed a 2.0% weekly return, and its year-to-date return was close to flat at -0.9%. These figures provide insights into the performance of global bonds across different segments.

Commodities: The commodities market exhibited mixed results for the week ending on November 3, 2023. The Bloomberg Commodity Index (BBG Com Ind) reported a small weekly decrease of -0.3%, contributing to a year-to-date decline of -2.6%. Oil (WTI) demonstrated a notable -5.2% weekly return but remained in positive territory year-to-date with a growth of 9.3%. Gold had a minor 0.1% weekly return and a year-to-date growth of 9.1%. These results reflect the ongoing volatility and price movements in the commodities market.

Currencies: In the foreign exchange market, currency movements were observed. Emerging market currencies (EM FX) reported a strong 0.9% weekly return, extending their year-to-date growth to 4.5%. The Australian dollar (AUD) exhibited a notable 2.4% weekly return, though it remained in negative territory year-to-date with a decline of -4.1%. The Canadian dollar (CAD) showed a 1.3% weekly return, with a slight year-to-date decline of -0.9%. The Swiss franc (CHF) demonstrated a 0.5% weekly return and a year-to-date growth of 3.0%. The Euro (EUR) reported a solid 1.5% weekly return, with a year-to-date growth of 0.6%. The British pound (GBP) exhibited a 1.9% weekly return and a year-to-date growth of 2.9%. The Japanese yen (JPY) had a minor 0.2% weekly return, contributing to a year-to-date decline of -11.7%. These currency movements highlight the dynamic nature of the foreign exchange market and its impact on various currencies.

Previous update:

U.S. Equity Market Performance as of October 27, 2023: For the week ending on October 27, 2023, the U.S. equity market encountered declines across different segments. Large-cap stocks experienced a weekly decrease of -2.55%, while medium-cap and small-cap stocks saw drops of -2.39% and -2.28%, respectively. These negative trends also extended to various investment styles, affecting value, core, and growth stocks. Concerning the year-to-date performance, large-cap stocks faced a decline of -3.66%, indicating a challenging year for this category. Medium-cap and small-cap stocks faced more significant losses at -5.89% and -7.96%, respectively, underlining the challenging landscape for investors in these segments. Across all investment styles, including value, core, and growth stocks, year-to-date returns remained in negative territory, although the impact on value stocks was the most pronounced.

Major Market Indices: The major U.S. market indices reported mixed results during the same week. The Dow Jones Industrial Average showed a weekly decrease of -2.1% and a year-to-date decrease of -0.5%. Conversely, the NASDAQ Composite Index experienced a weekly decline of -2.6% but continued to exhibit robust year-to-date growth, currently standing at 21.6%. The S&P 500 Index recorded a weekly drop of -2.5%, contributing to a year-to-date decrease of 8.7%. Furthermore, the MSCI EAFE Index witnessed a slight weekly decline of -0.8% but maintained positive year-to-date growth at 3.1%. The Cboe Volatility Index, reflecting market volatility, indicated a weekly decrease of -1.8%, contributing to a year-to-date decrease of -1.8%.

International Developed Markets Performance: During the week under review, international developed markets, as represented by the EAFE index, encountered a decline of -0.8%. Among these markets, Europe reported a slightly more pronounced weekly drop of -1.1%, while France exhibited a relatively modest decrease of -0.4%. Germany's performance also demonstrated a -1.1% weekly decline, and Italy experienced a smaller reduction of -0.3%. Japan, with a decrease of -0.1%, appeared more resilient in the face of weekly market challenges. Spain, on the other hand, reported a significant weekly decline of -1.3%, while Switzerland's performance faced a notable decrease of -1.6%. The U.K., within the international developed markets, displayed a weekly decrease of -1.7% and year-to-date performance of 2.0%, indicating a somewhat challenging landscape for investors in this region.

Emerging Markets Performance: Emerging markets displayed mixed results during the same week. The emerging markets index, EM, reported a decline of -0.6% for the week and -1.3% year-to-date. Brazil, in contrast, experienced a notable weekly increase of 1.5% and exhibited robust year-to-date performance of 11.1%. China's weekly performance showed a more substantial increase of 2.5%, although the year-to-date performance remained in negative territory at -9.8%. India, however, encountered a weekly decline of -2.5% despite positive year-to-date growth of 4.9%. Indonesia displayed a weekly decrease of -2.6%, contributing to a year-to-date decrease of -3.0%. Korea reported a significant weekly decrease of -3.6% but managed to maintain a slight year-to-date growth of 0.3%. Mexico's performance during the week was particularly strong, with a remarkable increase of 3.1%, contributing to a year-to-date growth of 11.6%. Unfortunately, Russia's data was not available at the time of this report. Taiwan experienced a weekly decrease of -2.8% but maintained positive year-to-date performance, currently standing at 10.7%. These statistics offer insights into the diverse performance of international developed and emerging markets, reflecting the unique economic dynamics and challenges within each region.

Performance of S&P 500 Sectors: In the recent week, the S&P 500 Index encountered a decline of -2.5%, contributing to a year-to-date performance of 8.7%, reflecting some turbulence in the market. Among its sectors, communication services demonstrated a significant weekly decline of -6.3%, although it has achieved substantial year-to-date growth of 34.8%. The consumer discretionary sector faced a lesser weekly decline of -1.1% and reported year-to-date growth of 18.6%. Conversely, the consumer staples sector displayed a weekly decrease of -1.0%, and it has seen negative year-to-date performance at -7.7%. The energy sector had a challenging week with a considerable decline of -6.2%, although its year-to-date performance remains almost flat at -0.9%. Financials reported a weekly decrease of -2.4% and year-to-date performance at -6.7%, signifying challenges for this sector. Healthcare faced a notable weekly decline of -3.9%, resulting in a year-to-date decrease of -8.3%. Industrials also encountered a weekly decrease of -2.3% but displayed relatively stable year-to-date performance at -0.5%. The information technology sector, while declining by -1.7% for the week, exhibited a strong year-to-date growth of 32.3%. The materials sector reported a minor weekly decrease of -0.4% and a modest year-to-date decrease of -2.1%. Real estate, on the other hand, faced a weekly decline of -1.1%, contributing to a more significant year-to-date decrease of -10.0%. Lastly, the utilities sector demonstrated resilience with a positive weekly increase of 1.2% but reported a year-to-date decrease of -14.7%. These sector-specific insights provide a comprehensive view of the performance dynamics within the S&P 500, showcasing both areas of growth and challenges.

U.S. Fixed-Income Style Total Returns: In the latest week, U.S. fixed-income investments exhibited positive performance, with total returns of 0.12% in high-quality, 0.37% in medium-quality, and 1.33% in low-quality categories. These results are reflective of the interest rate sensitivity within the respective categories. Looking at the year-to-date performance, the fixed-income assets showed varying results. High-quality investments reported a significant year-to-date return of 2.19%, despite a minor dip in the past week of -1.07%, leading to a cumulative -4.80% in the year. Medium-quality investments demonstrated year-to-date growth of 4.33% and a nearly neutral performance in the past week with a minor decrease of -0.03%. However, low-quality fixed-income investments witnessed a modest year-to-date return of 6.68% but displayed a more noticeable increase of 0.18% in the past week. The returns in both categories are indicative of the extent of interest rate sensitivity.

U.S. Treasury Bond Yields: As of the most recent data, U.S. Treasury bond yields reported the following changes: the 2-year Treasury bond yield stood at 5.02%, marking a 60 basis point change from the prior year-end. The 10-year Treasury bond yield was at 4.83%, reflecting a year-to-date increase of 95 basis points. Furthermore, the 30-year Treasury bond yield registered at 5.01%, indicating a significant year-to-date shift of 104 basis points. The 2-10 spread, which demonstrates the difference between the 2-year and 10-year yields, indicated a change of -19 basis points, while the 10-30 spread, which reflects the difference between the 10-year and 30-year yields, showed a notable change of 9 basis points. These yield dynamics provide insights into the fluctuations within the U.S. Treasury bond market.

U.S. Bond Sector Total Returns: The U.S. bond sector experienced diverse performance over the past week and year-to-date. In the short term, the aggregate bond sector reported a positive weekly return of 0.7%. Bank loans had a minor decline of -0.1% for the week but have seen steady year-to-date growth of 8.3%. Convertible bonds encountered a weekly decrease of -0.8% and reported a year-to-date return of 2.4%. Corporate bonds displayed a positive weekly return of 0.9%, although their year-to-date performance remained slightly negative at -1.7%. High-yield bonds showed a moderate weekly growth of 0.4% and year-to-date returns of 4.3%. Mortgage-backed securities (MBS) experienced a weekly gain of 0.9% and a year-to-date decrease of -4.1%. Municipal bonds were stable with a neutral weekly return of 0.0%, while the year-to-date return stood at -2.3%. Preferred stocks exhibited a weekly return of 0.4% and year-to-date growth of 2.3%. Treasury bonds gained 0.6% in the past week, contributing to a year-to-date decrease of -2.4%. These results provide a comprehensive overview of the performance within the U.S. bond sectors, offering insights into their current health and trends.

Global Bond Total Returns: Over the past week, global bond investments demonstrated favorable results. The EM Local bonds showed a weekly return of 0.8%, while EMD USD bonds reported a slightly higher weekly return of 0.9%. On a year-to-date basis, EM Local bonds exhibited a steady return of 4.5%, indicating positive performance. In contrast, EMD USD bonds reflected a modest year-to-date return of 0.1%. The Global Agg bonds displayed a 0.4% return for the week but reported a year-to-date decline of -3.1%. Similarly, the Global Agg Ex-U.S. bonds showcased a weekly return of 0.3% but experienced a year-to-date decrease of -3.5%. The Multiverse bonds, which provide a broad perspective, demonstrated a 0.4% weekly return and a year-to-date decrease of -2.8%. These results provide insights into the recent performance of global bond investments.

Commodities: In the commodities market, a mixed picture emerged in the past week. The BBG Commodity Index (BBG Com Ind) indicated a slight dip with a weekly return of -0.1%. Meanwhile, Oil (WTI) showed a more significant weekly decline of -2.3%. Nevertheless, Oil (WTI) has performed well year-to-date with an impressive return of 15.2%. Gold, on the other hand, exhibited modest growth, with a 0.3% weekly return and a year-to-date return of 8.9%. These figures reflect the nuances within the commodities sector.

Currencies (USD): Currency markets showed variable trends over the past week. In the emerging market currencies (EM FX) category, there was a positive 0.3% weekly return. However, the Australian Dollar (AUD) gained 0.5% for the week. Despite this weekly improvement, AUD recorded a year-to-date decline of -6.4%. The Canadian Dollar (CAD) saw a minor drop of -1.2% in the past week, leading to a year-to-date decline of -2.2%. The Swiss Franc (CHF) also experienced a weekly decline of -1.2% but displayed a year-to-date gain of 2.5%. The Euro (EUR) reported a marginal decrease of -0.1% for the week, contributing to a slight year-to-date decline of -0.9%. Meanwhile, the British Pound (GBP) exhibited a stable 0.0% return in the past week, with a modest year-to-date growth of 1.0%. The Japanese Yen (JPY) showed a 0.2% weekly gain, though it remained in negative territory with a year-to-date decrease of -11.8%. These currency dynamics highlight the ongoing shifts in the global currency markets.

Previous update:

As of October 20, 2023, the U.S. equity market witnessed a period of declines, with negative returns across various size and style categories. Over the past week, there were notable decreases in returns. Large-cap equities faced a decline of -1.8%, while medium and small-cap stocks reported even larger declines of -2.4% and -2.9%, respectively. This trend also extended to different style categories, with both core and growth stocks experiencing declines of -2.4% and -2.9%, respectively. In the year-to-date context, returns varied across categories. Large-cap stocks reported a decline of -1.1%, and core stocks had a positive year-to-date performance with an increase of 11.1%. Growth stocks, on the other hand, showed a year-to-date increase of 24.3%. The medium and small-cap categories faced challenges, with declines in the year-to-date returns. Medium-cap equities reported a decrease of -5.8%, and small-cap stocks faced more significant challenges with declines of -3.4% for core and -1.4% for growth stocks.

In the broader market indices as of October 20, 2023, there were widespread decreases in total returns. The Dow Jones Industrial Average reported a weekly decrease of -1.6%, with a modest year-to-date increase of 1.7%. The NASDAQ Composite Index experienced a more significant weekly decline of -3.2%, contributing to a year-to-date gain of 24.9%. The S&P 500 Index saw a decrease of -2.4% for the week and had a year-to-date increase of 11.5%. The MSCI EAFE Index, representing international developed markets, reported a weekly decline of -2.6%, with a year-to-date increase of 3.9%. Additionally, the Cboe Volatility Index remained stable with no change in the week but displayed a year-to-date increase of 12.4%.

In the international developed markets, returns were also generally negative. The EAFE index reported a weekly decline of -2.6%, with a year-to-date increase of 3.9%. European markets, including Europe, France, Germany, and Italy, witnessed declines in the week and had varying year-to-date performances. Spain and Switzerland also reported weekly decreases, while the United Kingdom faced a weekly decline of -2.4%.

Emerging markets, including EM, Brazil, China, India, Indonesia, Korea, Mexico, and Taiwan, had mixed performance. Over the week, EM faced a decline of -2.7%. Brazil reported a weekly decline of -1.7%, while China faced a more substantial weekly decrease of -4.7%. India saw a moderate weekly decline of -1.0%, and Indonesia reported a decline of -4.1%. Korea had a similar weekly decline of -2.7%, while Mexico faced a more significant decrease of -3.7%. However, Russia's data was not available (N/A), and Taiwan showed a modest weekly increase of 1.9%.

In the S&P 500 sectors, the performance was generally negative. Over the week, the S&P 500 Index saw a decline of -2.4%, although it displayed a positive year-to-date performance with an increase of 11.5%. The communication services sector had a weekly decrease of -0.5% but reported a year-to-date increase of 43.9%. Consumer discretionary stocks faced a significant weekly decline of -4.5%, contributing to a year-to-date gain of 19.9%. Consumer staples were an exception, with a modest weekly increase of 0.8% but a year-to-date decline of -6.8%. The energy sector showed a weekly increase of 0.7% and a year-to-date gain of 5.6%. Financials faced a weekly decline of -2.9% and a year-to-date decrease of -4.4%. Healthcare reported a weekly decrease of -1.6% and a year-to-date decline of -4.6%. Industrials faced a more significant weekly decline of -3.0% but had a positive year-to-date performance with an increase of 1.8%. Information tech was among the sectors with the most substantial weekly decline at -3.1%, although it displayed a robust year-to-date performance with an increase of 34.6%. The materials sector reported a weekly decline of -3.0% and a year-to-date decrease of -1.6%. Real estate saw a substantial weekly decline of -4.5% and faced a year-to-date decrease of -9.0%. Finally, utilities also had a notable weekly decrease of -2.1%, contributing to a year-to-date decline of -15.7%.

As of October 20, 2023, the U.S. fixed-income market showed mixed returns with significant variations in performance across different categories. Over the past week, returns fluctuated, with minimal increases and more substantial decreases. High-quality bonds had a slight increase of 0.1%, whereas medium and low-quality bonds faced declines of -0.6% and -4.6%, respectively. These differences were also apparent in the credit quality and interest-rate sensitivity categories. High-quality bonds experienced a weekly increase of 0.2% but saw declines of -1.2% for medium-quality and -4.1% for low-quality bonds. In terms of interest-rate sensitivity, bonds with limited sensitivity had a positive weekly return of 0.4%, whereas moderate and extensive sensitivity bonds reported weekly declines of -0.1% and -2.3%, respectively.

In the year-to-date context, the fixed-income market demonstrated a more consistent pattern of negative returns. High-quality bonds reported a year-to-date increase of 3.0%, which was the only positive figure in this category. On the other hand, medium-quality bonds faced declines of -0.2%, and low-quality bonds showed a more substantial decrease of -13.4%. Credit quality had a notable impact, with high-quality bonds recording a year-to-date increase of 2.0%, while medium-quality and low-quality bonds faced declines of -1.6% and -6.1%, respectively. When considering interest-rate sensitivity, the year-to-date results were similarly negative across the board. Bonds with limited sensitivity reported a decrease of -0.3%, while moderate and extensive sensitivity bonds showed declines of -6.1% and -0.3%, respectively.

Regarding U.S. Treasury bond yields as of October 20, 2023, yields increased across various maturities compared to the prior year. The 2-year Treasury bond yielded 5.08%, marking a substantial increase from the prior year-end yield of 4.42% and a year-to-date change of 66 basis points (BPS). The 10-year Treasury bond had a yield of 4.92%, reflecting a notable rise from the prior year-end yield of 3.88% and a year-to-date change of 104 BPS. The 30-year Treasury bond had a yield of 5.08%, indicating a considerable increase from the prior year-end yield of 3.97% and a year-to-date change of 111 BPS. Notably, the spreads between these yields also changed. The 2-10 spread was -16 BPS, representing an increase from the prior year-end spread of -54 BPS, with a change of 38 BPS year-to-date. The 10-30 spread was 16 BPS, showing an increase from the prior year-end spread of 9 BPS, with a change of 7 BPS year-to-date.

U.S. bond sector total returns in the past week displayed declines across the board. The Aggregate sector reported a weekly decline of -1.7%, contributing to a year-to-date decrease of -3.1%. In contrast, bank loans remained relatively stable with a weekly return of 0.0% and showed a positive year-to-date performance with an increase of 8.5%. Convertible bonds had a weekly decline of -0.8%, adding to a year-to-date increase of 3.9%. Corporate bonds experienced a more substantial weekly decline of -2.3% and a year-to-date decrease of -2.6%. High-yield bonds faced a weekly decrease of -1.2%, with a year-to-date increase of 3.9%. Mortgage-backed securities (MBS) reported a weekly decline of -2.2% and a year-to-date decrease of -4.9%. Municipal bonds had a weekly decline of -1.4%, contributing to a year-to-date decrease of -2.2%. Preferred securities had a more significant weekly decline of -1.8%, although they showed a year-to-date increase of 1.9%. Treasury bonds remained stable with a weekly decline of -1.3%, contributing to a year-to-date decrease of -2.9%.

In the global bond market, total returns were generally negative in the past week. The EM Local sector reported a minor decline of -0.1% but showed a year-to-date increase of 3.7%. EMD USD had a more significant weekly decline of -1.4% and a year-to-date decrease of -0.8%. The Global Agg sector reported a weekly decline of -1.0% and a year-to-date decrease of -3.5%. Global Agg Ex-U.S. had a less substantial weekly decline of -0.5%, with a year-to-date decrease of -3.8%. The Multiverse sector faced a weekly decrease of -1.0% and reported a year-to-date decrease of -3.3%.

Commodities displayed mixed results. The BBG Commodity Index had a weekly increase of 0.6% but showed a year-to-date decrease of -2.2%. Oil (WTI) reported a more substantial weekly increase of 2.2%, contributing to a year-to-date gain of 18.0%. Gold had the most significant weekly increase, with a gain of 2.8%, and a year-to-date increase of 8.6%.

In the currency market, changes in values against the U.S. dollar varied. The EM FX category had a minor weekly decline of -0.2% but displayed a year-to-date increase of 2.4%. The Australian dollar (AUD) showed a weekly increase of 0.4% but reported a year-to-date decline of -6.8%. The Canadian dollar (CAD) had a slight weekly decline of -0.2% and a year-to-date decrease of -1.0%. The Swiss franc (CHF) had a substantial weekly increase of 1.5% and showed a year-to-date increase of 3.8%. The Euro (EUR) had a weekly increase of 0.8% but displayed a year-to-date decline of -0.8%. The British pound (GBP) reported a minimal weekly increase of 0.1% and a year-to-date increase of 1.0%. The Japanese yen (JPY) had a slight weekly decline of -0.1%, contributing to a year-to-date decrease of -12.0%.

Previous update:

As of October 13, 2023, U.S. equity size and style total returns experienced a relatively stable week. In the past week, there was a marginal increase of 0.5% in large-cap equities, while medium and small-cap equities displayed small declines of -0.1% and -0.5%, respectively. These trends were also reflected in style categories, where value, core, and growth stocks showed slight increases of 0.4%, 0.3%, and 0.1%, respectively. Looking at the year-to-date figures, large-cap equities had a modest increase of 0.7%, although they faced a small decrease of -0.9% in the past week. Meanwhile, medium and small-cap equities experienced declines of -1.2% and 1.0% year-to-date. In the style categories, the performance was varied, with value stocks increasing by 13.8% year-to-date, core stocks growing by 2.7%, and growth stocks demonstrating a year-to-date increase of 9.2%.

In the broader market, the Dow Jones Industrial Average saw a positive week with an increase of 0.8%, contributing to a year-to-date gain of 3.3%. In contrast, the NASDAQ Composite Index had a slight decrease of -0.2% in the past week, but it displayed solid year-to-date growth of 28.9%. The S&P 500 Index reported a 0.5% increase for the week, contributing to a year-to-date gain of 14.2%. On the international front, the MSCI EAFE Index displayed a significant weekly increase of 1.0%, while year-to-date growth stood at 6.6%. In the developed markets, Europe showed a modest 0.7% increase for the week, with year-to-date growth of 7.7. France and Germany, however, faced weekly declines of -1.4% and -0.8%, with year-to-date growth at 7.6% and 7.2%, respectively. Italy had a robust 1.5% weekly increase, contributing to a substantial year-to-date growth of 21.7%. Japan displayed a notable 2.2% weekly increase, with a year-to-date growth of 11.0%. Spain had a smaller weekly increase of 0.2%, and its year-to-date growth reached 14.9%. Switzerland experienced a significant 1.7% weekly increase, while year-to-date growth was at 6.6%. The U.K. had a 1.2% weekly increase, with year-to-date growth at 6.3%.

In emerging markets, the trends were mixed. Emerging markets (EM) experienced a 1.5% weekly increase, contributing to year-to-date growth of 2.0%. Brazil displayed significant weekly growth of 4.1% and year-to-date growth of 11.3%. China had a 1.3% weekly increase but faced year-to-date challenges with a decrease of -7.6%. India had a modest 0.6% weekly increase, with year-to-date growth of 8.6%. Indonesia faced a weekly decline of -0.9% and showed year-to-date growth of 3.9%. Korea demonstrated a notable 2.4% weekly increase and year-to-date growth of 6.9%. Mexico had a 2.0% weekly increase, contributing to year-to-date growth of 12.4%. In contrast, Russia's data was not available (N/A). Taiwan displayed a significant 2.4% weekly increase, with year-to-date growth at 16.2%.

Turning to the S&P 500 sectors, the index itself reported a 0.5% weekly increase, with a year-to-date gain of 14.2%. Within the sectors, communication services faced a slight decrease of -0.2% for the week but demonstrated strong year-to-date growth of 44.7%. Consumer discretionary also had a weekly decrease of -0.7%, with year-to-date growth at 25.5%. On the other hand, consumer staples showed a 0.2% weekly increase, although it had year-to-date challenges with a decrease of -7.5%. The energy sector was a notable gainer with a substantial 4.5% weekly increase, contributing to a year-to-date gain of 4.8%. The financials sector had a modest 0.5% weekly increase but faced a year-to-date decrease of -1.6%. Healthcare showed a 0.2% weekly increase, with a year-to-date decrease of -3.0%. Industrials reported a 1.0% weekly increase and had year-to-date growth of 4.9%. Information tech had a 0.2% weekly increase and significant year-to-date growth of 39.0%. The materials sector faced a weekly decline of -0.4%, with a small year-to-date growth of 1.4%. Real estate was a standout performer with a 2.6% weekly increase, although it had year-to-date challenges with a decrease of -4.8%. Utilities displayed a substantial 3.6% weekly increase but faced a year-to-date decrease of -13.9%.

As of October 13, 2023, the U.S. fixed-income market saw a mixed performance in various categories. Over the past week, there was a marginal increase in returns across different credit qualities and interest-rate sensitivities. High credit quality bonds had gains of 0.2% in the week, and medium and low credit quality bonds reported increases of 0.4% and 0.7%, respectively. This trend extended to the interest-rate sensitivity categories, with limited, moderate, and extensive bonds displaying increases of 0.5%, 0.7%, and 1.1%, respectively. However, the year-to-date picture showed variations. High credit quality bonds had a strong year-to-date performance with a 2.0% increase, although they experienced a slight decrease of -0.4% over the week. Medium credit quality bonds reported year-to-date gains of 7.2%, and low credit quality bonds displayed a year-to-date increase of 5.2%. In the interest-rate sensitivity categories, limited bonds faced a year-to-date decrease of -0.4%, while moderate and extensive bonds showed year-to-date increases of 5.2% and 1.6%, respectively.

Turning to U.S. Treasury bond yields, the data as of October 13, 2023, showed movements in yields. The 2-year Treasury bond yield stood at 5.04%, indicating an increase of 62 basis points (BPS) compared to the prior year-end. The 10-year Treasury bond yield was at 4.63%, reflecting a year-to-date increase of 75 BPS. Similarly, the 30-year Treasury bond yield was at 4.77%, signaling a year-to-date increase of 80 BPS. Notably, the 2-10 spread stood at -41, indicating a 13 BPS decrease, while the 10-30 spread was at 14, representing a 5 BPS increase.

In the U.S. bond sector, performance varied. Over the week, the Aggregate bond sector reported a solid increase of 1.0%, although it showed a year-to-date decrease of -1.4%. Bank loans had a 0.4% increase for the week, contributing to a year-to-date gain of 8.5%. Convertible bonds had a 0.2% increase in the week, with year-to-date growth at 5.2%. Corporate bonds displayed a robust weekly increase of 1.4%, although they faced a year-to-date decrease of -0.3%. High yield bonds showed a 0.7% weekly increase, with a year-to-date gain of 5.2%. Mortgage-backed securities (MBS) had a 0.7% weekly increase but experienced a year-to-date decrease of -2.7%. Municipal bonds reported a 1.2% weekly increase, contributing to a year-to-date decrease of -0.8%. Preferred bonds had a 0.5% weekly increase and year-to-date growth of 3.8%. Treasury bonds showed a notable 1.0% weekly increase, although they faced a year-to-date decrease of -1.6%.

In the global bond market, trends also varied. The Emerging Markets Local bond category displayed a strong 1.1% weekly increase, contributing to year-to-date growth of 3.8%. Emerging Markets Debt in U.S. dollars (EMD USD) reported a 1.1% weekly increase, although it showed a modest year-to-date increase of 0.6%. The Global Aggregate bond sector had a 0.7% weekly increase, with a year-to-date decrease of -2.5%. The Global Aggregate Ex-U.S. sector reported a 0.5% weekly increase and a year-to-date decrease of -3.2%. The Multiverse category displayed a 0.7% weekly increase, with a year-to-date decrease of -2.3%.

In the commodities market, the BBG Commodity Index showed a substantial 2.8% weekly increase, although it had a year-to-date decrease of -2.8%. Oil (WTI) experienced significant weekly growth of 6.5%, contributing to a year-to-date gain of 15.5%. Gold had a strong 5.3% weekly increase, and its year-to-date growth stood at 5.6%.

Lastly, in the currency market, the performance of various currencies was diverse. Emerging Market Foreign Exchange (EM FX) saw a 1.0% weekly increase, with year-to-date growth at 2.8%. The Australian Dollar (AUD) faced a weekly decrease of -0.9% and a year-to-date decrease of -7.2%. The Canadian Dollar (CAD) reported a 0.4% weekly increase but a year-to-date decrease of -0.8%. The Swiss Franc (CHF) displayed a 1.0% weekly increase and year-to-date growth of 2.3%. The Euro (EUR) faced a slight weekly decline of -0.3% and a year-to-date decrease of -1.6%. The British Pound (GBP) had a weekly decrease of -0.4% and showed year-to-date growth of 0.9%. The Japanese Yen (JPY) reported a minor weekly decrease of -0.2%, with a year-to-date decrease of -11.8%.

Previous update:

U.S. Equity Size and Style Total Returns as of October 6, 2023, displayed the following trends. Over the past week, there was a decrease of -1.5% in the value category, while the core category reported a modest increase of 0.4%. The growth category showed a more substantial increase of 2.1%. Looking at size, in the large category, there was a decrease of -1.6% over the past week, while the medium category saw a decline of -2.6%. Conversely, the small category experienced a more moderate decline of -1.8%.

Year-to-date figures indicated the following: In the value category, there was a slight increase of 0.3%, while the core category reported a more substantial increase of 13.4%. The growth category displayed an impressive year-to-date increase of 27.5%. In the large category, there was a decrease of -1.0% year-to-date, while the medium category showed a modest increase of 0.3%. The small category reported a year-to-date increase of 3.4%.

Index/Market Total Returns as of October 6, 2023, indicated the following changes. Over the past week, the Dow Jones Industrial Average reported a minor decrease of -0.2% while maintaining a year-to-date increase of 2.5%. The NASDAQ Composite Index displayed a notable increase of 1.6% over the past week, contributing to a year-to-date increase of 29.2%. The S&P 500 Index reported a modest increase of 0.5% over the past week and held a year-to-date increase of 13.7%. In contrast, the MSCI EAFE Index displayed a decrease of -1.8% over the past week and maintained a year-to-date increase of 5.6%. The Cboe Volatility Index showed stability over the past week with no change and experienced a year-to-date decrease of -19.4%.

International/Developed Markets exhibited the following trends as of October 6, 2023. Over the past week, the EAFE index displayed a decrease of -1.8%, while Europe reported a decrease of -1.6%. France, Germany, and the U.K. reported similar declines of -1.5%, -1.5%, and -1.6%, respectively. Italy showed a more substantial decrease of -2.4%, and Japan reported a decline of -2.7%. Spain displayed a decrease of -2.8%, while Switzerland showed a milder decrease of -1.2%.

Emerging Markets displayed the following trends as of the same date. Over the past week, the EM index reported a decrease of -1.6%, while Brazil experienced a more significant decrease of -5.4%. China displayed a decrease of -1.8%, India reported a minor decrease of -0.3%, and Indonesia showed a decrease of -1.3%. Korea reported a decline of -2.5%, while Mexico exhibited a notable decrease of -7.5%. Russia and Taiwan had no available data (reported as #N/A). However, Taiwan had experienced a notable increase of 1.5% year-to-date.

S&P 500 Sectors showed the following trends as of October 6, 2023. Over the past week, the S&P 500 Index reported a modest increase of 0.5%, contributing to a year-to-date increase of 13.7%. In the communication services sector, there was a notable increase of 3.2% over the past week, while the consumer discretionary sector reported a minor decrease of -0.3%. Consumer staples displayed a more substantial decrease of -3.1%, and the energy sector experienced a significant decrease of -5.4%. Financials reported a minor decrease of -0.4%, while healthcare showed a moderate increase of 1.0%. Industrials had a minor decrease of -0.6%, and the information tech sector displayed a notable increase of 3.0%. Materials reported a minor decrease of -0.7%, while real estate displayed a more substantial decrease of -1.8%. Utilities had a significant decrease of -2.9% over the past week.

As of October 6, 2023, U.S. fixed-income style total returns displayed mixed results over the past week. In this period, the high credit quality category showed a slight increase of 0.1%, whereas the medium and low credit quality categories experienced declines of -0.4% and -3.8%, respectively. These trends also translated to interest-rate sensitivity, with high-quality bonds seeing a modest increase of 0.1%, medium-quality bonds decreasing by -0.2%, and low-quality bonds facing a more substantial decline of -1.5%.

Looking at the year-to-date figures, there was greater divergence among credit qualities and interest-rate sensitivities. High-quality bonds showed resilience with a year-to-date increase of 2.8%, although they dipped slightly by -0.1% over the past week. Medium-quality bonds increased by 1.8% year-to-date but experienced a decline of -1.0% in the past week. Low-quality bonds faced challenges, declining by -11.9% year-to-date and -4.3% over the past week. The extent of interest-rate sensitivity also played a role, with limited sensitivity bonds increasing by 6.8% year-to-date, moderate sensitivity bonds growing by 4.5%, and extensive sensitivity bonds only showing a marginal gain of 0.5%.

In terms of U.S. Treasury bond yields as of the same date, notable changes were observed. The 2-year Treasury bond yield increased to 5.08%, marking a year-to-date change of 66 basis points (BPS). The 10-year Treasury bond yield reached 4.79%, reflecting a significant year-to-date change of 91 BPS, while the 30-year Treasury bond yield stood at 4.96%, with a substantial year-to-date change of 99 BPS. These changes in yields affected the yield spreads, with the 2-10 spread narrowing by -29 BPS and the 10-30 spread widening by 17 BPS.

Within the U.S. bond sector, there were notable shifts in total returns. Over the past week, the aggregate bond sector faced a decline of -1.2%, contributing to a year-to-date decrease of -2.4%. Bank loans exhibited relative resilience with only a minor decrease of -0.3% for the week and significant year-to-date growth of 8.1%. In contrast, convertible bonds experienced a decline of -1.8% for the week, contributing to year-to-date growth of 4.5%. Corporate bonds faced challenges, decreasing by -1.6% over the past week and showing a year-to-date decline of -1.7%. High-yield bonds also declined by -1.4% for the week but demonstrated year-to-date growth of 4.5%. Mortgage-backed securities (MBS) and municipal bonds experienced declines both for the week and year-to-date. Preferred stocks faced a notable decrease of -4.2% for the week but managed a year-to-date increase of 3.3%. TIPS (Treasury Inflation-Protected Securities) and Treasury bonds showed declines both over the week and year-to-date.

In the global bond arena, returns were influenced by various factors. Over the past week, emerging market local bonds faced a decline of -1.8%, while USD-denominated emerging market bonds also decreased by -2.2%. The global aggregate bond index experienced a decrease of -1.0%, and the global aggregate ex-U.S. index decreased by -0.9%. The multiverse bond index displayed a decline of -1.1%.

Turning to commodities, there were notable changes in returns. Over the past week, the Bloomberg Commodity Index faced a decrease of -2.1%, contributing to a year-to-date decrease of -5.4%. Oil (WTI) experienced a significant decrease of -8.7% for the week but displayed year-to-date growth of 8.5%. Gold declined by -1.0% for the week, contributing to minimal year-to-date growth of 0.3%.

In the realm of currencies (USD), various trends were observed. Over the past week, emerging market currencies faced a decline of -1.7%, while the Australian dollar (AUD) decreased by -1.6%. The Canadian dollar (CAD) declined by -1.4%, and the Swiss franc (CHF) showed a minor increase of 0.1%. The euro (EUR) experienced a decrease of -0.5%, and the British pound (GBP) had a slight decrease of -0.1%. The Japanese yen (JPY) showed marginal changes, facing a decrease of -0.1% for the week and a substantial year-to-date decline of -11.7%.

Previous update:

U.S. equity size and style total returns as of September 29, 2023, depicted the following trends. Over the past week, returns experienced variations. Large-cap equities recorded declines of -0.9%, -0.4%, and 0.4% for value, core, and growth styles, respectively. Medium-cap equities showed mixed results with declines of -0.6%, -0.1%, and an increase of 0.5% for value, core, and growth styles, respectively. Small-cap equities exhibited increases of -0.3%, 0.7%, and 0.6% for value, core, and growth styles, respectively.

When examining the year-to-date figures, large-cap equities displayed increases of 1.8%, 0.5%, and -0.5% for value, core, and growth styles, respectively. Medium-cap equities reported increases of 13.0%, 3.9%, and 2.5% for value, core, and growth styles, respectively. Small-cap equities exhibited increases of 25.0%, 9.9%, and 5.2% for value, core, and growth styles, respectively.

Index and market total returns as of September 29, 2023, revealed the following data. Over the past week, the Dow Jones Industrial Average displayed a decline of -1.3%, contributing to a year-to-date increase of 2.7%. The NASDAQ Composite Index showed marginal growth of 0.1% for the week and held a year-to-date increase of 27.1%. The S&P 500 Index reported a decline of -0.7% for the week and a year-to-date increase of 13.1%. The MSCI EAFE Index exhibited a decline of -1.4% for the week, resulting in a year-to-date increase of 7.6%. The Cboe Volatility Index showed an increase of 1.7% for the week, contributing to a year-to-date decrease of -19.4%.

International and developed markets data for the same period were as follows. Over the past week, the EAFE index reported a decline of -1.4%, contributing to a year-to-date increase of 7.6%. Europe exhibited a decline of -1.3% for the week and held a year-to-date increase of 8.6%. France displayed a decline of -1.4% for the week, leading to a year-to-date increase of 10.8%. Germany showed a decline of -2.1% for the week, contributing to a year-to-date increase of 9.7%. Italy reported a decline of -1.9% for the week and held a year-to-date increase of 22.8%. Japan exhibited a decline of -2.2% for the week, resulting in a year-to-date increase of 11.6%. Spain displayed a decline of -1.5% for the week, contributing to a year-to-date increase of 17.9%. Switzerland showed a decline of -1.7% for the week and held a year-to-date increase of 6.1%. The U.K. exhibited a decline of -1.3% for the week, leading to a year-to-date increase of 6.8%.

Emerging markets data for the week and year-to-date indicated the following trends. Over the past week, the EM index reported a decline of -1.1%, contributing to a year-to-date increase of 2.2%. Brazil displayed a decline of -1.2% for the week, resulting in a year-to-date increase of 13.0%. China reported a decline of -1.3% for the week, maintaining a year-to-date decrease of -7.1%. India showed a minor decline of -0.3% for the week, leading to a year-to-date increase of 8.3%. Indonesia exhibited a significant decline of -2.3% for the week and held a year-to-date increase of 6.2%. Korea displayed a substantial decline of -2.5% for the week, contributing to a year-to-date increase of 7.1%. Mexico exhibited a notable decline of -2.6% for the week, resulting in a year-to-date increase of 19.1%. Russia data was unavailable. Taiwan reported a minor decline of -0.6% for the week and held a year-to-date increase of 11.8%.

Performance data for S&P 500 sectors for the week and year-to-date were as follows. Over the past week, the S&P 500 Index exhibited a decline of -0.7%, contributing to a year-to-date increase of 13.1%. The communication services sector showed no change for the week and held a year-to-date increase of 40.4%. Consumer discretionary reported a decline of -0.3% for the week, maintaining a year-to-date increase of 26.7%. Consumer staples exhibited a significant decline of -2.0% for the week and held a year-to-date decrease of -4.8%. Energy displayed an increase of 1.3% for the week and held a year-to-date increase of 6.0%. Financials reported a notable decline of -1.6% for the week and held a year-to-date decrease of -1.6%. Healthcare showed a decline of -1.1% for the week, leading to a year-to-date decrease of -4.1%. Industrials exhibited a minor decline of -0.4% for the week and held a year-to-date increase of 4.5%. Information technology reported a marginal decline of -0.1% for the week and maintained a year-to-date increase of 34.7%. Materials showed a slight increase of 0.2% for the week and held a year-to-date increase of 2.6%. Real estate displayed a decline of -1.4% for the week, contributing to a year-to-date decrease of -5.5%. Utilities reported a substantial decline of -6.9% for the week and held a year-to-date decrease of -14.4%.

U.S. fixed-income style returns as of September 29, 2023, experienced shifts over the past week. High-quality bonds showed steady performance with returns of 0.0%, -0.1%, and -0.1% for high, medium, and low credit quality, respectively. In terms of interest-rate sensitivity, these bonds displayed losses of -2.8% for limited, -2.5% for moderate, and -1.6% for extensive sensitivity.

Year-to-date returns for high-quality bonds showed gains of 2.7% for high credit quality, 1.8% for medium credit quality, and 7.5% for low credit quality. In terms of interest-rate sensitivity, year-to-date returns revealed losses of -8.5% for limited, -1.5% for moderate, and 3.5% for extensive sensitivity.

U.S. Treasury bond yields as of September 29, 2023, reported the following figures. The 2-Year Treasury bond yield stood at 5.04%, marking a year-to-date increase of 62 basis points. The 10-Year Treasury bond yield reached 4.57%, reflecting a year-to-date increase of 69 basis points. The 30-Year Treasury bond yield was 4.70%, with a year-to-date increase of 73 basis points. The 2-10 yield spread was -47 basis points, while the 10-30 yield spread was 13 basis points.

For U.S. bond sector returns over the past week and year-to-date, the following trends were observed. Aggregate bonds reported a decline of -1.0% for the week and -1.2% year-to-date. Bank loans showed a marginal decline of -0.2% for the week but held a year-to-date increase of 8.4%. Convertible bonds displayed a minor increase of 0.1% for the week and a year-to-date increase of 6.5%. Corporate bonds reported a notable decline of -1.3% for the week but held a marginal year-to-date decrease of -0.1%. High-yield bonds showed a slight decline of -0.4% for the week and held a year-to-date increase of 6.0%. Mortgage-backed securities (MBS) exhibited a notable decline of -1.4% for the week and a year-to-date decrease of -2.3%. Municipal bonds reported a decline of -1.5% for the week and -1.4% year-to-date. Preferred stocks showed a decrease of -0.8% for the week and held a year-to-date increase of 7.8%. Treasury bonds displayed a marginal decline of -0.6% for the week and a year-to-date decrease of -1.5%.

Global bond returns as of September 29, 2023, showed the following data. Over the past week, emerging market local bonds reported a decline of -1.3%, while emerging market bonds denominated in USD declined by -1.2%. The global aggregate bond index showed a decrease of -0.9%, and the global aggregate bond index excluding the U.S. displayed a decrease of -0.9%. The Multiverse index exhibited a decline of -0.9%.

Commodity performance data for the week and year-to-date were as follows. Over the past week, the Bloomberg Commodity Index (BBG Com Ind) reported a decline of -1.2%, contributing to a year-to-date decrease of -3.4%. Oil (WTI) exhibited an increase of 0.9% for the week and held a year-to-date increase of 18.8%. Gold showed a significant decline of -4.0% for the week but maintained a year-to-date increase of 1.3%.

Currency exchange rate data for the week and year-to-date indicated the following trends. Over the past week, emerging market currencies (EM FX) reported a decline of -1.4%, while the Australian dollar (AUD) showed a marginal decline of -0.1%. The Canadian dollar (CAD) displayed a minor decline of -0.5%, while the Swiss franc (CHF) reported a notable decline of -1.0%. The euro (EUR) exhibited a slight decline of -0.7%, and the British pound (GBP) showed a marginal decline of -0.5%. The Japanese yen (JPY) reported a decline of -0.8% for the week and a year-to-date decrease of -11.6%.

Previous update:

U.S. equity size and style total returns as of September 22, 2023, displayed the following trends. Over the past week, all size and style categories experienced declines. Large-cap stocks declined by -2.6%, -3.0%, and -3.4% for value, core, and growth, respectively. Medium-cap stocks saw declines of -3.0%, -3.1%, and -3.2%, while small-cap stocks declined by -3.7%, -3.8%, and -3.9% for value, core, and growth, respectively.

Assessing the year-to-date performance, large-cap stocks showed increases of 2.7%, 13.7%, and 25.3% for value, core, and growth, respectively. Medium-cap stocks reported increases of 0.9%, 4.0%, and 9.1%, while small-cap stocks displayed increases of -1.0%, 2.0%, and 4.6% for value, core, and growth, respectively.

Index and market total returns as of September 22, 2023, provided the following insights. In the past week, major indices registered declines. The Dow Jones Industrial Average decreased by -1.9% for the week, maintaining a year-to-date increase of 4.1%. The NASDAQ Composite Index reported a decline of -3.6% for the week, while holding a year-to-date increase of 27.0%. The S&P 500 Index declined by -2.9% for the week, resulting in a year-to-date increase of 13.9%. The MSCI EAFE Index decreased by -2.0% for the week and reported a year-to-date increase of 9.1%. The Cboe Volatility Index increased by 24.6% for the week but displayed a year-to-date decrease of -20.7%.

International and developed markets witnessed the following changes. Over the past week, the EAFE index declined by -2.0%, while Europe reported a decline of -1.9%. France saw a decline of -2.8%, Germany -2.0%, Italy -0.9%, Japan -2.4%, Spain -0.3%, Switzerland -2.4%, and the United Kingdom reported a decline of -1.2%. Year-to-date performances included increases of 9.1% for EAFE, 10.0% for Europe, 12.4% for France, 12.0% for Germany, 25.2% for Italy, 14.1% for Japan, 19.7% for Spain, 7.9% for Switzerland, and 8.1% for the United Kingdom.

Emerging markets showed the following trends. In the past week, the EM index declined by -2.1%, with Brazil experiencing a decline of -3.0%. China reported a decline of -0.8%, India -1.8%, Indonesia 0.6%, Korea -4.5%, Mexico 0.6%, Russia data not available, and Taiwan declined by -4.8%. Year-to-date performances included increases of 3.3% for EM, 14.4% for Brazil, -5.9% for China, 8.6% for India, 8.7% for Indonesia, 9.8% for Korea, 22.3% for Mexico, data not available for Russia, and 12.5% for Taiwan.

S&P 500 sectors exhibited the following trends for the week and year-to-date. Over the past week, the S&P 500 Index declined by -2.9%, while communication services declined by -3.2%, consumer discretionary by -6.3%, consumer staples by -1.8%, energy by -2.3%, financials by -2.8%, healthcare by -1.2%, industrials by -2.7%, information tech by -2.6%, materials by -3.6%, real estate by -5.5%, and utilities by -1.7%. Year-to-date performances included increases of 13.9% for the S&P 500 Index, 40.4% for communication services, 27.0% for consumer discretionary, -2.8% for consumer staples, 4.7% for energy, -0.1% for financials, -3.0% for healthcare, 5.0% for industrials, 34.8% for information tech, 2.4% for materials, -4.2% for real estate, and -8.1% for utilities.

U.S. fixed-income style total returns as of September 22, 2023, demonstrated the following trends. Over the past week, returns showed variations. High credit quality bonds recorded an increase of 0.1%, 0.0%, and -0.1% for limited, moderate, and extensive interest-rate sensitivity, respectively. Medium credit quality bonds saw decreases of -0.2%, -0.4%, and -0.6% for limited, moderate, and extensive interest-rate sensitivity, respectively. Low credit quality bonds reported declines of -1.5%, -0.4%, and -0.9% for limited, moderate, and extensive interest-rate sensitivity, respectively.

When examining the year-to-date figures, high credit quality bonds displayed increases of 2.6%, 1.7%, and 7.5% for limited, moderate, and extensive interest-rate sensitivity, respectively. Medium credit quality bonds reported increases of 0.4%, 0.3%, and 6.4% for limited, moderate, and extensive interest-rate sensitivity, respectively. Low credit quality bonds exhibited decreases of -5.9%, 1.0%, and 5.1% for limited, moderate, and extensive interest-rate sensitivity, respectively.

U.S. Treasury bond yields as of September 22, 2023, presented the following figures. The 2-year Treasury bond yield stood at 5.10%, marking a year-to-date change of 68 basis points from the prior year-end value of 4.42%. The 10-year Treasury bond yield was 4.43%, reflecting a year-to-date change of 55 basis points from the prior year-end value of 3.88%. The 30-year Treasury bond yield reached 4.52%, signifying a year-to-date change of 55 basis points from the prior year-end value of 3.97%. The 2-10 spread was -66 basis points, indicating a decrease of -12 basis points from the prior year-end figure of -54 basis points. The 10-30 spread remained unchanged at 9 basis points.

U.S. bond sector total returns for the week and year-to-date were as follows. Over the past week, the aggregate bond sector reported a decrease of -0.5%, while maintaining a year-to-date decrease of -0.2%. Bank loans showed no change for the week and held a year-to-date increase of 8.6%. Convertible bonds experienced a decline of -1.7% for the week, contributing to a year-to-date increase of 6.5%. The corporate bond sector reported a decrease of -0.5% for the week and held a marginal year-to-date increase of 1.2%. The high-yield bond sector reported a decline of -0.6% for the week, resulting in a year-to-date increase of 6.4%. Mortgage-backed securities (MBS) exhibited a decrease of -0.7% for the week and a year-to-date decrease of -0.9%. Municipal bonds also reported a decline of -1.1% for the week, maintaining a marginal year-to-date increase of 0.2%. Preferred stocks experienced a decline of -1.1% for the week, leading to a year-to-date increase of 8.7%. Treasury Inflation-Protected Securities (TIPS) reported a decrease of -0.5% for the week, maintaining a minor year-to-date increase of 0.1%. Lastly, Treasury bonds exhibited a decline of -0.5% for the week and held a year-to-date decrease of -0.9%.

Global bond total returns for the week and year-to-date indicated the following changes. Over the past week, the EM Local index reported a decrease of -0.5%, contributing to a year-to-date increase of 6.1%. Similarly, the EMD USD index reported a decline of -0.8% for the week, resulting in a year-to-date increase of 3.0%. The Global Agg index showed a decrease of -0.5% for the week and a marginal year-to-date decrease of -1.3%. The Global Agg Ex-U.S. index reported a decline of -0.5% for the week and held a marginal year-to-date decrease of -2.0%. The Multiverse index also displayed a decrease of -0.5% for the week and maintained a minor year-to-date increase of 0.6%.

Commodities as of the same date displayed the following trends. Over the past week, the BBG Com Ind index reported a decrease of -1.1%, leading to a year-to-date decrease of -2.3%. Oil (WTI) showed a slight increase of 0.1% for the week and maintained a year-to-date increase of 17.7%. Gold exhibited a minimal increase of 0.1% for the week and held a year-to-date increase of 5.5%.

Trends in Currencies (USD) were as follows. Over the past week, the EM FX index reported a decrease of -0.2%, contributing to a year-to-date increase of 4.0%. The AUD index showed a slight increase of 0.3% for the week, leading to a year-to-date decrease of -4.7%. The CAD index increased by 0.5% for the week and held a minor year-to-date increase of 0.7%. The CHF index decreased by -1.0% for the week, resulting in a year-to-date increase of 2.1%. The EUR index exhibited a minor decrease of -0.1% for the week, while maintaining a year-to-date decrease of -0.1%. The GBP index decreased by -1.1% for the week and held a year-to-date increase of 2.0%. The JPY index showed a decrease of -0.2% for the week, contributing to a year-to-date decrease of -10.9%.