February 2024 Commentary: Navigating the Bull

March 10, 2024February 2024 Commentary: Navigating the Bull

  • • Equity market returns were robust in February. U.S. small cap stocks led the rally, up 5.7%, and the S&P 500 set new highs, marking a rare occurrence of gains in 16 of the past 18 weeks, something not achieved in more than 50 years.
    • The January CPI report indicated higher-than-expected inflation. Coupled with strong economic data, this has prompted investors to scale back expectations for Federal Reserve rate cuts in 2024.
    • While the U.S. economy continues to show resilience, the United Kingdom and Japan recently slipped into technical recessions, adding complexity to the global economic landscape.
    • Despite the recent equity rally, its narrow scope raises crucial questions. Investors are keenly watching to see if the rally will broaden out further and whether the current blend of earnings and monetary policy can sustain elevated market valuations.


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