Quarterly Newsletter for 2023’s 3rd Quarter

After three consecutive quarters of positive returns, stocks pulled back in the third quarter with the S&P 500 Index declining 3.3%. Other asset classes, such as small/mid-cap stocks and international equities posted slightly larger declines. Attributing the quarterly pullback to poor economic data or disappointing corporate earnings results would be difficult.[...] Continue reading

Quarterly Commentary for 2nd Quarter 2023

The Rally Marches On Equity markets posted impressive returns in the second quarter, with the S&P 500 Index advancing by 8.7%, marking the third consecutive quarter of positive returns. Similar to last quarter, the technology sector was the top performer and helped to propel broad equity indices higher. However, market breadth improved dramatically, with nine of[...] Continue reading

Third Quarter Market Update

Equity markets rallied from mid-June through mid-August, with the S&P 500 Index advancing by almost 18% over that two-month stretch. This bounce was primarily attributable to the narrative that the Federal Reserve would pause or pivot away from their aggressive interest rate hiking campaign. However, Fed Chairman Jerome Powell torched the idea of a policy pivot[...] Continue reading

Quarterly Commentary July 2022

Balancing Act Equity markets declined sharply in the second quarter, with the S&P 500 Index falling by 16.1%. When combined with the negative equity market returns in the first three months, the broad market has suffered its worst first half since the Nixon administration. Selling pressure was driven by a host of factors but could be more narrowly attributed to[...] Continue reading

Inflation In the Driver’s Seat – Fort Pitt Capital Group Quarterly Commentary

The nearly two-year winning streak for U.S. equity markets ended in the first quarter of 2022. Broad equity indices registered their first quarterly loss since the depths of the pandemic in early 2020. The S&P 500 Index declined by more than 12% by early March before staging an impressive rally in the closing weeks of the quarter. The S&P 500 finished the[...] Continue reading