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Monthly Market Updates

Market Update for the Month Ending January 31, 2024

It was a solid start to the new year for markets, with all three major U.S. equity indices starting the year in positive territory. The S&P 500 gained 1.68 percent in January while the Dow Jones Industrial Average (DJIA) was up 1.31 percent. The Nasdaq Composite lagged its peers slightly during the month, as the technology-heavy index gained 1.04 percent in January. While the market gains in January were smaller than those in December, this still marked three consecutive months with positive returns for all three indices.

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Market Update for the Quarter Ending December 31, 2023

Markets continued to rally in December, with the positive returns during the month contributing to a strong end to the year. The S&P 500 gained 4.54 percent in December, 11.69 percent in the fourth quarter, and an impressive 26.29 percent over the course of the year. The Dow Jones Industrial Average (DJIA) was up 4.93 percent for the month, 13.09 percent for the quarter, and 16.18 percent for the year. The technology-heavy Nasdaq Composite saw the largest gains with the index up 5.58 percent in December, 13.79 percent during the quarter, and 44.64 percent for the year. Markets were boosted by signs of continued economic growth and falling interest rates at year-end.

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Market Update for the Month Ending November 30, 2023

Equity markets surged in November, offsetting losses from the prior three months. All three major U.S. indices were up notably for the month. The S&P 500 gained 9.13 percent while the Dow Jones Industrial Average (DJIA) rose 9.15 percent. The technology-heavy Nasdaq Composite led the way, with a strong 10.83 percent return in November. Equities benefited from falling interest rates throughout November, which helped drive valuations up during the month.

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Market Update for the Month Ending October 31, 2023

Equity markets continued to drop in October, with all three major U.S. indices down for the third consecutive month. The S&P 500 lost 2.1 percent while the Dow Jones Industrial Average declined 1.26 percent. The Nasdaq Composite saw the largest drop, with the technology-heavy index down 2.76 percent in October and rising long-term interest rates weighing on stock valuations.

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Market Update for the Quarter Ending September 30, 2023

Equity markets fell for the second consecutive month in September, causing all three major U.S. indices to end the month and quarter in the red. The S&P 500 lost 4.77 percent for the month and 3.27 percent for the quarter. The Dow Jones Industrial Average (DJIA) was down 3.42 percent in September and 2.10 percent for the quarter. The Nasdaq Composite saw the largest declines, with the technology-heavy index dropping 5.77 percent for the month and 3.94 percent for the quarter. Rising rates and concerns surrounding a potential government shutdown at month-end weighed on equities.

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Market Update for the Month Ending August 31, 2023

Equity markets fell in August as investors pulled back from riskier investments. The S&P 500 lost 1.59 percent, the Dow Jones Industrial Average lost 2.01 percent, and the Nasdaq Composite dropped 2.05 percent. Despite the modest August declines, all three major U.S. indices remained in positive territory for the quarter and year-to-date.

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Market Update for the Month Ending July 31, 2023

Equity markets rallied in July, with rising investor confidence helping to support stocks to start the second half of the year. The S&P 500 rose 3.21 percent during the month while the Dow Jones Industrial Average gained 3.44 percent. The Nasdaq Composite led the way with a 4.08 percent gain as technology stocks continued to rally. These positive results helped bring all three indices near their respective all-time highs that were set in late 2021 and early 2022.

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Market Update for the Quarter Ending June 30, 2023

June was a strong month for equity markets as resolution of the debt ceiling impasse helped lower uncertainty and supported a risk-on environment. The positive monthly returns capped a solid quarter for stocks. The S&P 500 gained 6.61 percent for the month and 8.74 percent for the quarter. The Dow Jones Industrial Average rose 4.68 percent in June and 3.97 percent for the quarter. The technology-heavy Nasdaq Composite led the way, returning 6.65 percent in June and 13.05 percent in the quarter.

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Market Update for the Month Ending May 31, 2023

Equities experienced a mixed month in May as technology-related stocks rallied while most other sectors remained flat or fell. The S&P 500 gained 0.43 percent while the Dow Jones Industrial Average fell 3.17 percent. The Nasdaq Composite led the way with a 5.93 percent return, supported by a surge in technology stocks due to a rise in investor enthusiasm surrounding AI at month-end.

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Market Update for the Month Ending April 30, 2023

Equity markets experienced continued gains in April, contributing to strong gains to start the year. The S&P 500 gained 1.56 percent, the Dow Jones Industrial Average notched a 2.57 percent return, and the Nasdaq Composite eked out a 0.07 percent increase.

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Market Update for the Quarter Ending March 31, 2023

Markets had a solid March, as a month-end rally helped bring all three major U.S. indices into positive territory for the month. The S&P 500 gained 3.67 percent while the Dow Jones Industrial Average (DJIA) increased 2.08 percent and the Nasdaq Composite notched a 6.78 percent gain. March results helped offset weakness in February and all three indices ended the quarter in the green. The S&P 500, DJIA, and Nasdaq gained 7.50 percent, 0.93 percent, and 17.05 percent, respectively, for the quarter.

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Market Update for the Month Ending February 28, 2023

February was a challenging month for investors as early gains were wiped out by a late-month sell-off. All three major U.S. equity indices ended up in the red. The S&P 500 lost 2.44 percent in February while the Dow Jones Industrial Average dropped 3.94 percent. The Nasdaq Composite held up the best of the three, with the technology-heavy index down 1.01 percent. Rising bond yields pressured equity valuations and performance in February.

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Market Update for the Month Ending January 31, 2023

Markets rallied to start the year, with all three major U.S. indices seeing positive returns in January after experiencing declines in 2022. The S&P 500 rose 6.28 percent, the Dow Jones Industrial Average rose 2.93 percent, and the technology-heavy Nasdaq Composite led the way with a strong 10.72 percent gain. Equity markets were supported by falling long-term interest rates.

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Market Update for the Quarter Ending December 31, 2022

Markets sold off in December, with the negative month contributing to mixed results for the quarter and declines for 2022. The S&P 500 lost 5.76 percent during the month, which held the index to a 7.56 percent gain for the quarter. Despite the fourth-quarter rebound, the S&P 500 lost 18.11 percent over the course of the year. The Dow Jones Industrial Average (DJIA) was similar, with a 4.09 percent decline in December holding the index to a 16.01 percent gain for the quarter. The DJIA still lost 6.86 percent for the year. Finally, the Nasdaq Composite lost 8.67 percent in December, which led to a 0.79 percent decline for the quarter. The technology-heavy index lost 32.54 percent throughout the year as rising rates and slowing growth weighed on investors.

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Market Update for the Month Ending November 30, 2022

November saw continued market gains, as all three major U.S. indices rose for the second consecutive month. The S&P 500 returned 5.59 percent during the month, while the Dow Jones Industrial Average (DJIA) notched a 6.04 percent return. The Nasdaq Composite also had a solid month, with the technology-heavy index increasing 4.51 percent. Equity markets were supported by rising optimism from investors that the Federal Reserve (Fed) is set to start slowing the pace of rate hikes in the near future.

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Market Update for the Month Ending October 31, 2022

Equity markets showed signs of improvement in October, helping offset September losses. The S&P 500 gained 8.1 percent during the month, while the Nasdaq rose 3.94 percent. The Dow Jones Industrial Average (DJIA) experienced the best month of the three major indices, soaring 14.07 percent. Although these solid results were encouraging, all three indices remain down for the year.

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Market Update for the Quarter Ending September 30, 2022

Equity markets saw widespread declines in September, wiping out gains from earlier in the quarter and bringing the major indices to their lowest closing levels for the year. The S&P 500 fell 9.21 percent during the month, which caused the index to lose 4.88 percent during the quarter. The Dow Jones Industrial Average declined 8.76 percent in September, capping the 6.17 percent decline for the quarter. The Nasdaq Composite lost 10.44 percent for the month and 3.91 percent for the quarter. Rising interest rates pressured equity valuations throughout the month and quarter and served as the primary sell-off factor.

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Market Update for the Month Ending August 31, 2022

August was a challenging month for markets, with a late slide bringing all three major indices into the red for the month. The S&P 500 lost 4.08 percent, the Dow Jones Industrial Average (DJIA) dropped 3.72 percent, and the Nasdaq Composite fell 4.53 percent. The sell-off was due to rising interest rates in August, caused in part by comments from Federal Reserve (Fed) Chairman Jerome Powell, who said the central bank planned to keep short-term rates higher for longer to combat inflation. Rising interest rates hurt stock valuations and can lead to slower economic growth.

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