Helping you navigate the market's twists and turns.

April was shaped by ongoing geopolitical tension and narrow market leadership. Escalation in the Iran conflict early in the month pushed oil prices higher, pressuring equities and reinforcing inflation concerns.

U.S. equity markets declined sharply in March amid a pronounced risk-off environment driven by escalating geopolitical tensions with the war in Iran. With the conflict now entering its second month, the effective closure of the Strait of Hormuz constrained global energy supply and pushed both Brent and WTI crude above $100/barrel, approximately 77% higher than year-end levels.

February was marked by sharp rotation in the markets. Traditional software—particularly SaaS and enterprise names—underperformed as investors questioned whether AI could automate or erode their core value propositions, which raised long-term viability concerns.

The market gained in January, which is historically a bullish signal for forward returns. Signs of a more durable bull market emerged, highlighted by small-cap leadership, cyclical strength, and a value orientation.

Equities continue to benefit from rising earnings and an accommodative Federal Reserve. In mid-December, the Fed cut the short-term rate by 25 basis points (bps) to 3.75%, its third reduction since September, as slowing job gains pushed unemployment to 4.6%.

Markets experienced meaningful volatility in November as investors reacted to the extended government shutdown, uncertainty surrounding Federal Reserve policy, and growing questions about the long-term sustainability of AI-related capital spending.