Weekly returns

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%.

Previous update:

U.S. equity size and style total returns as of September 15, 2023, indicated the following trends. Over the past week, there were modest increases of 0.5%, -0.1%, and -0.7% in the large, medium, and small-sized equity categories, respectively. To delve deeper into the styles, large-sized equities witnessed minor decreases of -0.1%, -0.4%, and -1.0% for value, core, and growth styles, respectively. Similarly, medium-sized equities experienced slight declines of 0.4%, -0.2%, and -0.8% across the three styles. Small-sized equities also saw changes of 0.4%, -0.2%, and -0.8% for value, core, and growth styles, respectively.

Index/market total returns as of the same date displayed the following trends. The Dow Jones Industrial Average reported a minimal increase of 0.1% in the past week, with a year-to-date increase of 6.1%. On the other hand, the NASDAQ Composite Index showed a decrease of -0.4% for the week, reflecting a year-to-date increase of 31.8%. The S&P 500 Index reported a marginal decrease of -0.1% for the week but maintained a year-to-date increase of 17.3%. The MSCI EAFE Index displayed a notable increase of 1.7% in the past week, leading to a year-to-date increase of 11.4%. Meanwhile, the Cboe Volatility Index showed no change for the week and maintained a year-to-date decrease of -36.4%.

International/developed markets (%) In international and developed markets, the EAFE index reported a weekly increase of 1.7%, contributing to a year-to-date increase of 11.4%. Europe reported a weekly increase of 1.2%, with a year-to-date increase of 12.2%. France displayed a weekly increase of 1.3% and held a year-to-date increase of 15.6%. Germany reported a weekly increase of 0.7% and maintained a year-to-date increase of 14.2%. Italy showed a significant weekly increase of 2.0%, leading to a year-to-date increase of 26.4%. Japan reported a weekly increase of 3.0%, with a year-to-date increase of 17.0%. Spain displayed a weekly increase of 1.7% and maintained a year-to-date increase of 20.1%. Switzerland reported a weekly increase of 1.3% and held a year-to-date increase of 10.6%. Lastly, the U.K. reported a weekly increase of 2.5% and maintained a year-to-date increase of 9.5%.

In emerging markets, there was a weekly increase of 1.3%, contributing to a year-to-date increase of 5.5% in the EM index. Brazil displayed a significant weekly increase of 5.6%, resulting in a year-to-date increase of 17.9%. China reported no change in the past week but maintained a year-to-date decrease of -5.2%. India showed a modest weekly increase of 0.9% and held a year-to-date increase of 10.6%. Indonesia reported a minimal weekly increase of 0.1% and maintained a year-to-date increase of 8.0%. Korea displayed a significant weekly increase of 2.7%, contributing to a year-to-date increase of 15.0%. Mexico reported a weekly increase of 0.3% and maintained a year-to-date increase of 21.6%. Lastly, Russia's data was not available for the week, and Taiwan reported a substantial weekly increase of 3.2%, resulting in a year-to-date increase of 18.1%.

Within the S&P 500 sectors, there was a marginal decrease of -0.1% in the S&P 500 Index for the week, maintaining a year-to-date increase of 17.3%. Communication services displayed a weekly increase of 0.6%, with a year-to-date increase of 45.1%. Consumer discretionary reported a notable weekly increase of 1.7%, leading to a year-to-date increase of 35.6%. Consumer staples displayed a weekly increase of 0.5%, but maintained a year-to-date decrease of -1.1%. Energy showed a minimal weekly increase of 0.1% and maintained a year-to-date increase of 7.2%. Financials reported a significant weekly increase of 1.5% and held a year-to-date increase of 2.8%. Healthcare displayed a marginal weekly increase of 0.1%, but maintained a year-to-date decrease of -1.9%. Industrials reported a weekly decrease of -0.6%, with a year-to-date increase of 7.8%. Information tech displayed a notable weekly decrease of -2.2%, resulting in a year-to-date increase of 38.4%. Materials reported a marginal weekly decrease of -0.1% and held a year-to-date increase of 6.2%. Real estate displayed a weekly increase of 0.9%, contributing to a year-to-date increase of 1.4%. Utilities reported a significant weekly increase of 2.7%, but maintained a year-to-date decrease of -6.5%.

U.S. fixed-income style total returns as of September 15, 2023, revealed the following insights. Over the past week, there were marginal changes in high credit quality, with a slight increase of 0.1%, while medium credit quality experienced a minor decrease of -0.2%. Low credit quality remained relatively stable with a small increase of 0.2%. Evaluating the interest-rate sensitivity, limited, moderate, and extensive categories reported minor fluctuations of -0.1%, 0.1%, and 0.0%, respectively.

When considering the year-to-date data, the high credit quality category demonstrated increases of 2.5%, 0.6%, and -4.4% for limited, moderate, and extensive interest-rate sensitivity, respectively. In the medium credit quality category, there were increases of 1.7%, 0.7%, and 1.4%. The low credit quality category reported increases of 7.6%, 7.1%, and 6.0% across the same sensitivity levels.

U.S. Treasury Bond Yields as of the same date exhibited the following trends. The 2-year Treasury bond yield stood at 5.03%, marking an increase from the prior year-end value of 4.42%. This reflected a year-to-date change of 61 basis points. The 10-year Treasury bond yield was 4.33%, compared to the prior year-end value of 3.88%, indicating a year-to-date change of 45 basis points. Similarly, the 30-year Treasury bond yield was 4.42%, compared to the prior year-end value of 3.97%, resulting in a year-to-date change of 45 basis points. The 2-10 spread was -70 basis points, contrasting the prior year-end value of -54 basis points and leading to a decrease of -16 basis points. The 10-30 spread remained unchanged at 9 basis points.

U.S. Bond Sector Total Returns for both the week and year-to-date were as follows. In the past week, the aggregate bond sector reported a decrease of -0.3%, while maintaining a year-to-date increase of 0.3%. Bank loans displayed a minor increase of 0.4% for the week and held a year-to-date increase of 8.6%. Convertible bonds increased by 0.2% in the past week, contributing to a year-to-date increase of 8.7%. The corporate bond sector reported a decrease of -0.3% for the week and maintained a year-to-date increase of 1.7%. High-yield bonds increased by 0.2% in the past week, resulting in a year-to-date increase of 7.1%. Mortgage-backed securities (MBS) displayed a decrease of -0.3% in the past week and a marginal year-to-date decrease of -0.2%. Municipal bonds reported a slight decrease of -0.1% in the past week but maintained a year-to-date increase of 1.2%. Preferred stocks increased by 0.3% for the week, contributing to a year-to-date increase of 9.9%. Treasury Inflation-Protected Securities (TIPS) reported a decrease of -0.3% in the past week, maintaining a minor year-to-date increase of 0.6%. Lastly, Treasury bonds displayed a decrease of -0.4% in the past week and held a marginal year-to-date decrease of -0.4%.

Global Bond Total Returns for the week and year-to-date indicated the following changes. Over the past week, the EM Local index reported an increase of 0.3%, contributing to a year-to-date increase of 6.6%. Similarly, the EMD USD index reported a slight increase of 0.0% in the past week, resulting in a year-to-date increase of 3.9%. The Global Agg index showed a decrease of -0.3% in the past week and a marginal year-to-date decrease of -0.8%. The Global Agg Ex-U.S. index reported a decrease of -0.2% in the past week and held a minor year-to-date decrease of -1.5%. The Multiverse index also displayed a decrease of -0.3% in the past week and maintained a slight year-to-date increase of 0.5%.

Commodities as of the same date displayed the following trends. Over the past week, the BBG Com Ind index reported an increase of 1.4%, leading to a year-to-date decrease of -1.2%. Oil (WTI) reported a notable increase of 3.8% in the past week, contributing to a year-to-date increase of 17.6%. Gold showed a marginal increase of 0.3% in the past week and held a year-to-date increase of 5.4%.

Currencies (USD) exhibited the following trends for the week and year-to-date. Over the past week, the EM FX index reported an increase of 0.7%, contributing to a year-to-date increase of 4.2%. The AUD index showed a slight increase of 0.7% in the past week but maintained a year-to-date decrease of -5.1%. The CAD index increased by 0.8% in the past week and held a minor year-to-date increase of 0.2%. The CHF index decreased by -0.6% in the past week, resulting in a year-to-date increase of 3.1%. The EUR index decreased by -0.5% in the past week, while maintaining a minor year-to-date decrease of -0.1%. The GBP index decreased by -0.7% in the past week and held a year-to-date increase of 3.1%. The JPY index showed a minor decrease of -0.1% in the past week, contributing to a year-to-date decrease of -10.8%.

Previous update:

As of September 8, 2023, the total returns in the U.S. equity market over the past week exhibited declines across different size and style categories. Large-cap stocks experienced a decrease of 2.3%, 2.2%, and 2.1% in value, core, and growth, respectively. Medium-sized companies also saw negative returns, with a decline of 3.8%, 3.6%, and 3.4% in value, core, and growth categories. Similarly, small-cap stocks reported losses of 1.4%, 1.3%, and 1.2% in value, core, and growth, respectively.

In terms of year-to-date (YTD) performance, U.S. equities displayed varying results. Large-cap stocks showed a YTD return of 4.9% for value, 17.3% for core, and 30.6% for growth. Medium-sized companies had YTD returns of 4.1% for value, 7.6% for core, and 13.9% for growth. Small-cap stocks reported YTD returns of 2.4% for value, 6.2% for core, and 9.8% for growth.

Looking at the broader market indices, as of the same date, the Dow Jones Industrial Average stood at 34,576.6 with a weekly return of -0.7% and a YTD return of 6.0%. The NASDAQ Composite Index was at 13,761.5 with a weekly decline of -1.9% but a strong YTD return of 32.3%. The S&P 500 Index closed at 4,457.5, showing a weekly decrease of -1.3% and a YTD return of 17.4%. Meanwhile, the MSCI EAFE Index recorded a weekly return of -1.4% and a YTD return of 9.6%, and the Cboe Volatility Index registered at 13.8 with a weekly gain of 5.1%, yet a significant YTD decrease of -36.4%.

In the international and developed markets, the EAFE index reported a weekly decline of -1.4% and a YTD return of 9.6%. European markets, including France, Germany, and Spain, also displayed weekly declines, with varying YTD returns. Italy had a weekly loss of -2.0% but a notable YTD return of 23.9%, while Japan reported a minor weekly decrease of -0.7% and a YTD return of 13.5%. Switzerland and the United Kingdom showed similar trends with slight weekly declines and modest YTD returns.

In the emerging markets, the EM index had a weekly loss of -1.2% but managed a YTD return of 4.2%. Brazil experienced a more significant weekly decline of -3.0% but maintained a YTD return of 11.6%. China, on the other hand, reported a weekly decrease of -1.1% and a negative YTD return of -5.2%. India displayed positive weekly and YTD returns of 1.9% and 9.6%, respectively, while other markets like Indonesia, Korea, Mexico, and Taiwan had varying weekly and YTD performance figures.

Finally, when examining the S&P 500 sectors, notable weekly declines were observed in sectors such as industrials (-2.9%), information technology (-2.3%), and materials (-2.4%). Communication services and consumer discretionary sectors remained relatively stable, with weekly changes of 0.0% and -0.5%, respectively. Health care and real estate sectors experienced slight weekly declines, while the energy sector showed a weekly gain of 1.5%. Overall, these figures reflect the recent performance and trends in the U.S. and international financial markets as of September 8, 2023.

As of September 8, 2023, the total returns in the U.S. fixed-income market over the past week exhibited slight fluctuations across different fixed-income styles. High credit quality bonds saw a modest increase of 0.02%, while medium credit quality bonds experienced a slight decrease of -0.20%. Low credit quality bonds had a slightly larger decline of -0.50%. Additionally, when considering interest-rate sensitivity, high sensitivity bonds reported a decrease of -0.10%, medium sensitivity bonds decreased by -0.27%, and low sensitivity bonds had a decline of -0.29% over the past week.

Looking at the year-to-date (YTD) performance of U.S. fixed-income styles, high credit quality bonds displayed a YTD return of 2.48%, while medium credit quality bonds had a YTD return of 0.83%. Low credit quality bonds reported a YTD return of -3.21%. When assessing the interest-rate sensitivity categories, high sensitivity bonds had a YTD return of 1.69%, medium sensitivity bonds returned 0.91%, and low sensitivity bonds showed a YTD return of 2.07%.

Examining U.S. Treasury bond yields as of the same date, the 2-year Treasury bond yield stood at 4.97%, indicating an increase of 55 basis points (BPS) from the prior year end. The 10-year Treasury bond yield was 4.26%, representing a 38 BPS increase from the prior year end, and the 30-year Treasury bond yield was 4.33%, reflecting a 36 BPS increase from the prior year end. The 2-10 spread was -71 BPS, while the 10-30 spread was 7 BPS.

In the U.S. bond sector, total returns for the past week showed slight fluctuations, with the aggregate bond category experiencing a small decline of -0.3% and a YTD return of 0.6%. Bank loans had a weekly gain of 0.3% and a YTD return of 8.2%, while convertible bonds experienced a weekly decrease of -0.9% but a YTD return of 8.6%. Corporate bonds and high-yield bonds reported weekly declines of -0.4% and -0.3%, respectively, with YTD returns of 2.1% and 6.9%. Mortgage-backed securities (MBS) saw a weekly decrease of -0.3% and a YTD return of 0.1%, while municipal bonds had a weekly decline of -0.2% and a YTD return of 1.3%. Preferred stocks reported a weekly decrease of -0.6% with a YTD return of 9.6%, while Treasury Inflation-Protected Securities (TIPS) showed a weekly gain of 0.2% and a YTD return of 0.9%. Finally, Treasury bonds had a weekly decline of -0.3% with a YTD return of 0.0%.

In the global bond market, total returns for the past week were generally negative, with EM Local bonds reporting a decline of -1.6% and a YTD return of 6.2%. EMD USD bonds had a weekly decrease of -0.4% and a YTD return of 3.9%. The Global Agg index exhibited a weekly decline of -0.8% and a YTD return of -0.5%, while the Global Agg Ex-U.S. index showed a weekly decrease of -1.2% and a YTD return of -1.2%. The Multiverse index reported a weekly decline of -0.8% with a YTD return of -0.3%.

In the commodities market, the BBG Com Ind index displayed a weekly decline of -0.5% and a YTD return of -2.6%. However, Oil (WTI) experienced a weekly gain of 2.5% and a YTD return of 13.2%, while Gold reported a weekly decrease of -1.1% with a YTD return of 5.1%.

Finally, in the currency market, various currencies exhibited fluctuations against the USD over the past week and YTD. Emerging market currencies (EM FX) reported a weekly decline of -1.3% with a YTD return of 3.5%. The AUD had a weekly decrease of -1.0% and a YTD return of -5.7%, while the CAD experienced a weekly decline of -0.4% with a YTD return of -0.6%. The CHF had a weekly decrease of -0.9% and a YTD return of 3.8%, the EUR reported a weekly decline of -0.9% with a YTD return of 0.4%, and the GBP had a weekly decrease of -1.1% with a YTD return of 3.8%. The JPY experienced a weekly decline of -1.1% with a YTD return of -10.6%.

Previous update:

U.S. equity size and style total returns as of September 1, 2023, displayed the following trends. Over the past week, there were notable increases of 1.9%, 2.7%, and 3.4% in the large, medium, and small-sized U.S. equity categories, respectively. Specifically, within the large-sized equities, there were increases of 2.8%, 3.0%, and 3.6% for value, core, and growth styles, respectively. Similarly, the medium-sized equities witnessed gains of 3.7%, 3.7%, and 3.6% across the three styles. Small-sized equities also experienced increases of 6.4%, 18.9%, and 32.2% for value, core, and growth styles, respectively, on a year-to-date basis.

Index/market total returns as of September 1, 2023, indicated the following trends. The Dow Jones Industrial Average reported a weekly increase of 1.6% and maintained a year-to-date increase of 6.7%. The NASDAQ Composite Index showed a significant weekly increase of 3.3%, reflecting a year-to-date increase of 34.9%. The S&P 500 Index also reported a notable weekly increase of 2.5%, maintaining a year-to-date increase of 18.9%. The MSCI EAFE Index displayed a weekly increase of 2.5%, leading to a year-to-date increase of 11.1%. In contrast, the Cboe Volatility Index showed a significant weekly decrease of -16.6% and maintained a year-to-date decrease of -39.6%.

International/developed markets demonstrated the following performance in the past week and year-to-date. The EAFE index reported a weekly increase of 2.5%, contributing to a year-to-date increase of 11.1%. Europe displayed a weekly increase of 1.8% and maintained a year-to-date increase of 12.6%. France reported a weekly increase of 1.3% and held a year-to-date increase of 16.2%. Germany exhibited a weekly increase of 1.6% and maintained a year-to-date increase of 15.3%. Italy reported a weekly increase of 1.7%, leading to a year-to-date increase of 26.5%. Japan showed a significant weekly increase of 4.1%, contributing to a year-to-date increase of 14.3%. Spain displayed a weekly increase of 1.5% and held a year-to-date increase of 20.3%. Switzerland reported a weekly increase of 1.4% and maintained a year-to-date increase of 11.4%. The U.K. demonstrated a weekly increase of 2.3%, maintaining a year-to-date increase of 7.6%.

Emerging markets exhibited the following trends in the past week and year-to-date. The EM index reported a weekly increase of 1.5%, leading to a year-to-date increase of 5.4%. Brazil showed a weekly increase of 0.9% and maintained a year-to-date increase of 15.1%. China reported a significant weekly increase of 3.0%, but held a year-to-date decrease of -4.1%. India displayed a weekly increase of 1.1%, contributing to a year-to-date increase of 7.5%. Indonesia exhibited a weekly increase of 1.3%, leading to a year-to-date increase of 10.3%. Korea showed a notable weekly increase of 2.5%, contributing to a year-to-date increase of 14.3%. Mexico reported a significant weekly decrease of -2.0%, maintaining a year-to-date increase of 25.4%. Russia data was not available. Taiwan displayed a weekly increase of 0.7% and held a year-to-date increase of 16.1%.

S&P 500 sectors reported the following performance in the past week and year-to-date. The S&P 500 Index showed a notable weekly increase of 2.5%, maintaining a year-to-date increase of 18.9%. The communication services sector exhibited a significant weekly increase of 3.5%, leading to a year-to-date increase of 44.4%. Consumer discretionary reported a weekly increase of 3.1% and held a year-to-date increase of 34.0%. Consumer staples showed a minor decrease of -0.2% in the past week, contributing to a year-to-date decrease of -1.1%. Energy exhibited a significant weekly increase of 3.8%, leading to a year-to-date increase of 5.4%. Financials reported a weekly increase of 2.1% and maintained a year-to-date increase of 2.4%. Healthcare displayed a marginal weekly increase of 0.1%, while maintaining a year-to-date decrease of -0.9%. Industrials showed a weekly increase of 2.1%, contributing to a year-to-date increase of 11.7%. Information technology exhibited a significant weekly increase of 4.4%, leading to a year-to-date increase of 45.0%. Materials reported a weekly increase of 3.7% and held a year-to-date increase of 8.9%. Real estate displayed a weekly increase of 1.3% and maintained a year-to-date increase of 1.6%. Utilities reported a significant weekly decrease of -1.6%, contributing to a year-to-date decrease of -9.8%.

U.S. fixed-income style total returns as of September 1, 2023, displayed the following trends. Over the past week, there were minor increases of 0.2%, 0.5%, and no change in the high, medium, and low credit quality categories, respectively. Specifically, within the high credit quality category, there were increases of 0.3%, 0.4%, and 0.3% for limited, moderate, and extensive interest-rate sensitivity, respectively. Similarly, the medium credit quality category witnessed gains of 0.6%, 1.0%, and 1.8% across the three sensitivity levels. The low credit quality category reported no change in returns. Considering the year-to-date data, the high credit quality category displayed increases of 2.5%, 1.1%, and -2.7% for limited, moderate, and extensive interest-rate sensitivity, respectively. In the medium credit quality category, there were increases of 1.8%, 1.2%, and 2.3%. The low credit quality category reported increases of 7.4%, 7.2%, and 6.3% across the same sensitivity levels.

U.S. Treasury bond yields as of September 1, 2023, indicated the following trends. The 2-year Treasury bond yield was 4.89%, marking an increase from the prior year-end value of 4.42%, resulting in a year-to-date change of 47 basis points. The 10-year Treasury bond yield was 4.19%, compared to the prior year-end value of 3.88%, signifying a year-to-date change of 31 basis points. Similarly, the 30-year Treasury bond yield was 4.30%, compared to the prior year-end value of 3.97%, leading to a year-to-date change of 33 basis points. The 2-10 spread was -70 basis points, contrasting the prior year-end value of -54 basis points and resulting in a decrease of -16 basis points. The 10-30 spread was 11 basis points, which was an increase from the prior year-end value of 9 basis points, marking a change of 2 basis points.

U.S. bond sector total returns for the week and year-to-date were as follows. In the past week, the aggregate bond sector reported an increase of 0.5%, while maintaining a year-to-date increase of 0.9%. Bank loans displayed a similar increase of 0.5% in the past week and maintained a year-to-date increase of 7.9%. Convertible bonds experienced a notable weekly increase of 1.5%, contributing to a year-to-date increase of 9.2%. The corporate bond sector reported a weekly increase of 0.6% and held a marginal year-to-date increase of 2.5%. The high-yield bond sector reported a significant weekly increase of 1.0%, resulting in a year-to-date increase of 7.2%. Mortgage-backed securities (MBS) displayed a weekly increase of 0.6% and a marginal year-to-date increase of 0.5%. Municipal bonds also reported a weekly increase of 0.4% but maintained a year-to-date increase of 1.6%. Preferred stocks experienced a significant weekly increase of 1.6%, leading to a year-to-date increase of 10.2%. Treasury Inflation-Protected Securities (TIPS) reported a minor weekly increase of 0.1%, maintaining a minor year-to-date increase of 0.6%. Lastly, Treasury bonds displayed a weekly increase of 0.4% and held a marginal year-to-date increase of 0.3%.

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 minor decrease of -0.1%, contributing to a year-to-date increase of 8.0%. Similarly, the EMD USD index reported an increase of 0.6% in the past week, resulting in a year-to-date increase of 4.3%. The Global Agg index showed an increase of 0.6% in the past week and a marginal year-to-date increase of 0.3%. The Global Agg Ex-U.S. index reported an increase of 0.6% in the past week and held a marginal year-to-date decrease of -0.1%. The Multiverse index also displayed an increase of 0.6% in the past 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 an increase of 1.3%, leading to a year-to-date decrease of -2.1%. Oil (WTI) reported a significant weekly increase of 6.7%, contributing to a year-to-date increase of 10.4%. Gold showed an increase of 1.5% in the past week and held a year-to-date increase of 6.3%.

Lastly, trends in Currencies (USD) were as follows. Over the past week, the EM FX index reported a minor decrease of -0.1%, contributing to a year-to-date increase of 4.7%. The AUD index showed an increase of 1.1% in the past week, leading to a year-to-date decrease of -4.8%. The CAD index displayed a minor increase of 0.4% in the past week, but maintained a minor year-to-date decrease of -0.2%. The CHF index reported a minor increase of 0.3% in the past week, resulting in a year-to-date increase of 4.6%. The EUR index displayed a minor increase of 0.3% in the past week, while maintaining a year-to-date increase of 1.3%. The GBP index reported a minor increase of 0.5% in the past week and maintained a year-to-date increase of 4.9%. The JPY index showed an increase of 0.4% in the past week, contributing to a year-to-date decrease of -9.6%.

Previous update:

Equity Performance as of 8/25/23 (%):

In terms of U.S. equity size and style returns for the week ending on August 25, 2023, we observe the following percentages: -0.2%, 0.8%, and 1.7% for large-cap, medium-cap, and small-cap categories respectively. Within the large-cap segment, there were decreases of -0.1%, 0.1%, and 0.8% seen for value, core, and growth styles. Similarly, the medium-cap equities experienced declines of -0.9%, -0.3%, and 0.4% across the three styles. Small-cap equities displayed variations of -2.6%, -3.4%, and -3.1% for value, core, and growth styles.

For the year-to-date trends, large-cap equities exhibited returns of 4.4%, 15.7%, and 27.8% for value, core, and growth styles respectively. In the medium-cap category, the figures stood at 3.6%, 6.8%, and 12.3%. Among small-cap equities, the year-to-date returns were 2.6%, 6.3%, and 9.6% for value, core, and growth styles.

Shifting focus to index and market returns as of August 25, 2023, we see the following values: Dow Jones Industrial Average at 34,346.9, with a 1-week change of -0.4% and a year-to-date change of 5.1%. The NASDAQ Composite Index closed at 13,590.6, reflecting a 1-week change of 2.3% and a year-to-date change of 30.6%. The S&P 500 Index stood at 4,405.7, with a 1-week change of 0.8% and a year-to-date change of 16.0%. The MSCI EAFE Index closed at 2,055.4, indicating a 1-week change of -0.2% and a year-to-date change of 8.3%. Finally, the Cboe Volatility Index had a value of 15.7, showing a 1-week change of -9.2% and a year-to-date change of -27.6%.

Looking at the international and developed markets, the week saw the EAFE index with a 1-week change of -0.2% and a year-to-date change of 8.3%. Europe displayed a similar 1-week change of -0.2%, with a year-to-date change of 10.6%. France recorded a 1-week change of -0.1% and a year-to-date change of 14.7%. Germany, on the other hand, had a 1-week change of -0.8% and a year-to-date change of 13.5%. Italy experienced a notable 1-week change of 0.8%, contributing to a year-to-date change of 24.3%. In Japan, the figures were 0.2% for the week and 9.8% for the year. Spain's 1-week change was 0.0%, with a year-to-date change of 18.5%. Switzerland had a 1-week change of 0.4% and a year-to-date change of 9.9%. Finally, the U.K. reported a 1-week change of -0.4% and a year-to-date change of 5.2%.

Turning to emerging markets, the 1-week change for the EM index was 0.7%, with a year-to-date change of 3.9%. Brazil witnessed a notable 1-week change of 2.0%, contributing to a year-to-date change of 14.0%. China, however, displayed a marginal 1-week change of -0.1%, leading to a year-to-date change of -6.9%. India's 1-week change was 0.9%, with a year-to-date change of 6.3%. Indonesia reported a minimal 1-week change of 0.0%, alongside a year-to-date change of 8.9%. Korea had a substantial 1-week change of 1.8%, contributing to a year-to-date change of 11.5%. Mexico's 1-week change stood at 1.2%, with a year-to-date change of 28.0%. Unfortunately, data for Russia was unavailable for this period. Lastly, Taiwan displayed a 1-week change of 0.9%, with a year-to-date change of 15.2%.

Considering the S&P 500 sectors, the S&P 500 Index indicated a 1-week change of 0.8%, with a year-to-date change of 16.0%. Communication services experienced a 1-week change of 1.0%, contributing to a year-to-date change of 39.5%. Meanwhile, the consumer discretionary sector reported a 1-week change of 1.1%, with a year-to-date change of 29.9%. On the other hand, the consumer staples sector saw a 1-week change of -0.7%, and a year-to-date change of -0.8%. The energy sector exhibited a 1-week change of -1.4%, with a year-to-date change of 1.6%. Financials experienced a marginal 1-week change of 0.1%, contributing to a year-to-date change of 0.3%. Healthcare reported a slight 1-week change of -0.1%, alongside a year-to-date change of -1.0%. Industrials witnessed a 1-week change of 0.3%, with a year-to-date change of 9.4%. The information technology sector displayed a notable 1-week change of 2.6%, contributing to a year-to-date change of 38.8%. The materials sector recorded no change for the week, yet maintained a year-to-date change of 5.0%. Real estate saw a 1-week change of 0.7%, alongside a year-to-date change of 0.2%. Lastly, the utilities sector experienced a 1-week change of 0.3%, contributing to a year-to-date change of -8.3%.

U.S. Fixed-Income Style Total Returns as of August 25, 2023, revealed the following patterns. Over the past week, minor fluctuations were observed across different credit quality categories. The high credit quality category reported steady returns of 0.0%, while the medium credit quality category displayed a marginal decrease of -0.1%. Conversely, the low credit quality category experienced a slight increase of 0.2%. Examining interest-rate sensitivity, the limited, moderate, and extensive categories showed returns of -0.1%, 0.1%, and 1.3% respectively for the week. Considering the year-to-date performance, the high credit quality category exhibited changes of 2.3%, 0.6%, and -2.7% for limited, moderate, and extensive interest-rate sensitivity respectively. In the medium credit quality category, there were increases of 1.4%, 0.6%, and 2.0%. The low credit quality category demonstrated returns of 6.8%, 6.1%, and 4.4% across the same sensitivity levels.

U.S. Treasury Bond Yields as of August 25, 2023, displayed the following trends. The 2-year Treasury bond yield stood at 5.06%, marking a notable increase from the prior year-end value of 4.42%. This translated to a year-to-date change of 64 basis points. The 10-year Treasury bond yield was at 4.23%, compared to the prior year-end value of 3.88%, signifying a year-to-date change of 35 basis points. Similarly, the 30-year Treasury bond yield was 4.28%, leading to a year-to-date change of 31 basis points. The 2-10 spread saw a decrease of -83 basis points, contrasting the prior year-end value of -54 basis points and resulting in a change of -29 basis points. The 10-30 spread increased by 5 basis points, diverging from the prior year-end value of 9 basis points and resulting in a change of -4 basis points.

U.S. Bond Sector Total Returns for the week and year-to-date were as follows. In the past week, slight changes were witnessed across different bond sectors. The aggregate bond sector reported a minor increase of 0.3%, while maintaining a year-to-date increase of 0.4%. Bank loans displayed a minor increase of 0.3% in the past week and maintained a notable year-to-date increase of 7.4%. Convertible bonds experienced a steady week with no change, contributing to a year-to-date increase of 7.3%. The corporate bond sector reported a modest increase of 0.5% in the past week and held a slight year-to-date increase of 1.9%. The high yield bond sector demonstrated an increase of 0.4% in the past week, leading to a year-to-date increase of 6.1%. Mortgage-backed securities (MBS) exhibited a slight increase of 0.2% in the past week, with a marginal year-to-date decrease of -0.1%. Municipal bonds reported a decrease of -0.4% in the past week, maintaining a year-to-date increase of 1.2%. Preferred stocks showed a minor increase of 0.2% in the past week, contributing to a year-to-date increase of 8.5%. Treasury Inflation-Protected Securities (TIPS) displayed an increase of 0.4% in the past week, maintaining a marginal year-to-date increase of 0.5%. Lastly, Treasury bonds exhibited a slight increase of 0.2% in the past week and held a marginal year-to-date decrease of -0.1%.

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 minor increase of 0.5%, leading to a year-to-date increase of 8.1%. Similarly, the EMD USD index displayed a marginal increase of 0.6% in the past week, resulting in a year-to-date increase of 3.7%. The Global Agg index showed a slight decrease of -0.1% in the past week and maintained a marginal year-to-date decrease of -0.3%. The Global Agg Ex-U.S. index reported a decrease of -0.3% in the past week and maintained a marginal year-to-date decrease of -0.7%. The Multiverse index also displayed a minor decrease of -0.1% in the past week and held a stable year-to-date performance with no change.

Commodities as of the same date displayed the following trends. Over the past week, the BBG Com Ind index reported an increase of 1.3%, contrasting a year-to-date decrease of -3.4%. Oil (WTI) reported a decrease of -0.8% in the past week, but maintained a year-to-date increase of 3.5%. Gold demonstrated an increase of 1.3% in the past week and held a marginal year-to-date increase of 4.8%.

Lastly, trends in Currencies (USD) were as follows. Over the past week, the EM FX index reported an increase of 1.2%, contributing to a year-to-date increase of 5.1%. The AUD index showed a decrease of -0.4% in the past week, leading to a year-to-date decrease of -5.8%. The CAD index displayed a decrease of -0.5% in the past week, but maintained a slight year-to-date decrease of -0.6%. The CHF index reported a decrease of -0.7% in the past week, resulting in a year-to-date increase of 4.3%. The EUR index displayed a decrease of -0.9% in the past week, while maintaining a year-to-date increase of 0.9%. The GBP index reported a decrease of -1.4% in the past week and held a year-to-date increase of 4.3%. The JPY index showed a decrease of -0.9% in the past week, contributing to a year-to-date decrease of -10.0%.

Previous update:

Equities

As of August 18, 2023, the U.S. equity size and style total returns are as follows. In the past week, there were changes of -2.4%, -2.1%, and -1.9% in large, medium, and small-sized U.S. equity categories respectively. The large-sized equities further decreased by -3.0%, -2.9%, and -2.6% for value, core, and growth styles respectively. Similarly, the medium-sized equities witnessed decreases of -3.6%, -3.4%, and -3.1% across the three styles. Small-sized equities also experienced changes of -3.6%, -3.4%, and -3.1% for value, core, and growth styles.

Index/market total returns?as of the same date displayed the following trends. The Dow Jones Industrial Average reported an increase of 0.7% in the past week, with a year-to-date increase of 5.5%. The NASDAQ Composite Index showed a decrease of -2.6% for the week, reflecting a year-to-date increase of 27.7%. The S&P 500 Index also reported a decrease of -0.3% for the week but maintained a year-to-date increase of 15.0%. The MSCI EAFE Index displayed a decrease of -3.3% in the past week, leading to a year-to-date increase of 8.5%. The Cboe Volatility Index showed an increase of 16.9% in the past week and maintained a year-to-date decrease of -20.3%.

In the international/developed market, changes are as follows. Over the past week, the EAFE index reported a decrease of -3.3%, leading to a year-to-date increase of 8.5%. The European market reported a similar trend with a decrease of -3.1% in the past week, resulting in a year-to-date increase of 10.8%. France reported a decrease of -3.3% in the past week and a year-to-date increase of 14.7%. Germany also experienced a weekly decrease of -2.5%, with a year-to-date increase of 14.4%. Italy reported a decrease of -2.7% in the past week and a year-to-date increase of 23.3%. Japan displayed a decrease of -3.3% in the past week and a year-to-date increase of 9.5%. Spain reported a decrease of -2.7% in the past week and a year-to-date increase of 18.6%. Similarly, Switzerland reported a decrease of -2.8% in the past week, resulting in a year-to-date increase of 9.4%. Lastly, the U.K. market reported a decrease of -3.2% in the past week and a year-to-date increase of 5.5%.

Emerging markets trends showed the following. Over the past week, the EM index reported a decrease of -3.3%, with a year-to-date increase of 3.1%. Brazil reported a decrease of -3.5% in the past week, resulting in a year-to-date increase of 11.8%. China reported a notable decrease of -5.6% in the past week, leading to a year-to-date decrease of -6.8%. India experienced a smaller decrease of -0.9% in the past week but reported a year-to-date increase of 5.4%. Indonesia showed a minor decrease of -1.6% in the past week and a year-to-date increase of 8.9%. Korea reported a decrease of -4.0% in the past week, with a year-to-date increase of 9.5%. Mexico reported a slight decrease of -0.4% in the past week and a year-to-date increase of 26.5%. However, Russia's data was not available for this period. Taiwan reported a decrease of -2.0% in the past week and a year-to-date increase of 14.1%.

S&P 500 sectoral trends, over the same period, indicated the following changes. In the past week, the S&P 500 Index reported a decrease of -0.3%, with a year-to-date increase of 15.0%. The communication services sector reported a decrease of -2.7% in the past week, resulting in a year-to-date increase of 38.2%. The consumer discretionary sector reported a notable decrease of -4.1% in the past week, leading to a year-to-date increase of 28.5%. The consumer staples sector reported a decrease of -2.4% in the past week and held a marginal year-to-date increase of -0.1%. The energy sector showed a slight increase of 1.2% in the past week and a year-to-date increase of 3.0%. The financials sector reported a decrease of -2.8% in the past week, maintaining a minor year-to-date increase of 0.2%. Similarly, the healthcare sector reported a decrease of -1.5% in the past week and a year-to-date decrease of -0.9%. Lastly, the industrials sector reported a decrease of -2.4% in the past week, leading to a year-to-date increase of 9.1%. The information technology sector displayed a decrease of -0.8% in the past week, contributing to a year-to-date increase of 35.3%. The materials sector reported a decrease of -2.3% in the past week but maintained a year-to-date increase of 5.0%. The real estate sector displayed a notable decrease of -3.2% in the past week and a marginal year-to-date decrease of -0.5%. Lastly, the utilities sector reported a decrease of -1.7% in the past week, resulting in a year-to-date decrease of -8.6%.

U.S. Fixed-Income Style Total Returns?as of August 18, 2023, indicated the following trends. Over the past week, there was a minor increase of 0.1% in the high credit quality category, while the medium credit quality category experienced a decrease of -0.2%. In the low credit quality category, there was a notable decrease of -1.5%. Considering interest-rate sensitivity, the limited, moderate, and extensive categories all witnessed decreases of -0.2%, -0.8%, and -1.5% respectively. Looking at the year-to-date data, the high credit quality category displayed increases of 2.3%, 0.7%, and -3.9% for limited, moderate, and extensive interest-rate sensitivity respectively. In the medium credit quality category, there were increases of 1.5%, 0.6%, and 0.4%. The low credit quality category reported increases of 6.6%, 5.7%, and 4.1% across the same sensitivity levels.

U.S. Treasury Bond Yields?as of the same date displayed the following trends. The 2-year Treasury bond yield was 4.93%, marking a significant increase from the prior year-end value of 4.42%. This yielded a year-to-date change of 51 basis points. The 10-year Treasury bond yield was 4.25%, compared to the prior year-end value of 3.88%, signifying a year-to-date change of 37 basis points. Similarly, the 30-year Treasury bond yield was 4.38%, compared to the prior year-end value of 3.97%, leading to a year-to-date change of 41 basis points. The 2-10 spread was -68 basis points, contrasting the prior year-end value of -54 basis points and resulting in a decrease of -14 basis points. The 10-30 spread was 13 basis points, which was an increase from the prior year-end value of 9 basis points, marking a change of 4 basis points.

U.S. Bond Sector Total Returns?for the week and year-to-date were as follows. In the past week, the aggregate bond sector reported a decrease of -0.5%, while maintaining a year-to-date increase of 0.1%. Bank loans displayed a minor increase of 0.1% in the past week and maintained a year-to-date increase of 7.1%. Convertible bonds experienced a notable decrease of -1.6% in the past week, contributing to a year-to-date increase of 7.4%. The corporate bond sector reported a decrease of -0.7% in the past week and held a marginal year-to-date increase of 1.4%. The high yield bond sector reported a decrease of -0.8% in the past week, resulting in a year-to-date increase of 5.7%. Mortgage-backed securities (MBS) displayed a decrease of -0.5% in the past week and a marginal year-to-date decrease of -0.3%. Municipal bonds also reported a decrease of -0.6% in the past week but maintained a year-to-date increase of 1.6%. Preferred stocks experienced a significant decrease of -2.0% in the past week, leading to a year-to-date increase of 8.3%. Treasury Inflation-Protected Securities (TIPS) reported a decrease of -0.7% in the past week, maintaining a minor year-to-date increase of 0.2%. Lastly, Treasury bonds displayed a decrease of -0.4% in the past week and held a marginal year-to-date decrease of -0.3%.

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 -1.5%, contributing to a year-to-date increase of 7.5%. Similarly, the EMD USD index reported a decrease of -1.8% in the past week, resulting in a year-to-date increase of 3.1%. The Global Agg index showed a decrease of -0.8% in the past week and a marginal year-to-date decrease of -0.2%. The Global Agg Ex-U.S. index reported a decrease of -0.9% in the past week and held a marginal year-to-date decrease of -0.4%. The Multiverse index also displayed a decrease of -0.8% in the past week and maintained a minor year-to-date increase of 0.1%.

Commodities?as of the same date displayed the following trends. Over the past week, the BBG Com Ind index reported a decrease of -1.2%, leading to a year-to-date decrease of -4.6%. Oil (WTI) reported a decrease of -2.1% in the past week, but maintained a year-to-date increase of 4.3%. Gold showed a decrease of -1.4% in the past week and held a marginal year-to-date increase of 3.4%.

Lastly, trends in?Currencies (USD)?were as follows. Over the past week, the EM FX index reported a decrease of -1.2%, contributing to a year-to-date increase of 3.6%. The AUD index showed a decrease of -1.6% in the past week, leading to a year-to-date decrease of -5.5%. The CAD index displayed a decrease of -1.1% in the past week, but maintained a minor year-to-date decrease of -0.1%. The CHF index reported a decrease of -0.6% in the past week, resulting in a year-to-date increase of 5.0%. The EUR index displayed a decrease of -0.9% in the past week, while maintaining a year-to-date increase of 1.9%. The GBP index reported a minor increase of 0.1% in the past week and maintained a year-to-date increase of 5.8%. The JPY index showed a decrease of -0.3% in the past week, contributing to a year-to-date decrease of -9.2%.