quarterly market reports
2026
First Quarter Market Report
War in the Middle East sent oil prices soaring and ended a three-quarter winning streak for stocks, as energy surged and technology lagged. This retrospective review covers the oil shock, the Fed’s steady hand, and the rebound that followed.
Second Quarter Market Report
Stocks posted their best quarter since 2020 as a preliminary U.S.-Iran agreement eased fears and oil prices fell sharply. This retrospective review covers the rally, the jump in inflation, and the Fed’s shift toward higher rates.
Third Quarter Market Report
Stocks reached new highs while oil climbed back above $100 and the Fed raised rates for the first time since 2023. We look at what drove the quarter, why interest rates hit their highest level since 2007, and what we’re watching heading into year-end.
2025
First Quarter Market Report
Stocks fell from record highs as tariff uncertainty grew and large technology companies stumbled. This retrospective review covers why diversification helped, and the sharp April sell-off and recovery that followed.
Second Quarter Market Report
Stocks plunged after sweeping tariff announcements in April, then recovered to finish the quarter at record highs. This retrospective review covers one of the fastest market rebounds in years and what came next.
Third Quarter Market Report
Stocks set a series of record highs as company earnings stayed strong and the Fed resumed cutting interest rates. This retrospective review covers easing trade tensions, rising inflation from tariffs, and the rest of 2025.
Fourth Quarter Market Report
Stocks capped a third straight year of double-digit gains as the Fed cut rates twice more despite a record government shutdown. This retrospective review covers the full year and how 2026 began.
2024
First Quarter Market Report
The S&P 500 posted its best first quarter since 2019, setting a string of record highs as artificial intelligence enthusiasm continued. This retrospective review covers fading hopes for early rate cuts and how the rest of 2024 unfolded.
Second Quarter Market Report
Large technology companies carried the market to new highs while most other stocks lagged behind. This retrospective review covers the Fed’s patient stance, cooling inflation, and the shift in market leadership that followed.
Third Quarter Market Report
The Fed made its first interest rate cut in four years, and stocks reached new highs despite a sharp sell-off in early August. This retrospective review covers the broadening rally and what came next.
Fourth Quarter Market Report
Stocks capped a second straight year of strong gains, while longer-term interest rates rose even as the Fed cut rates. This retrospective review covers the year-end swings and how markets handled 2025.
2023
First Quarter Market Report
Stocks gained despite the failures of Silicon Valley Bank and Signature Bank, led by a rebound in large technology companies. This retrospective review covers the March banking scare, the Fed’s slower pace of rate increases, and what came next.
Second Quarter Market Report
Excitement about artificial intelligence powered a new bull market as the Fed paused its rate increases for the first time since 2022. This retrospective review covers the debt-ceiling deal, falling inflation, and the rest of 2023.
Third Quarter Market Report
Stocks pulled back as the 10-year Treasury yield climbed to its highest level since 2007 and oil prices jumped. This retrospective review covers the higher-for-longer rate outlook and the year-end turnaround that followed.
Fourth Quarter Market Report
Stocks finished 2023 with a powerful rally as inflation cooled and the Fed signaled that rate cuts were ahead. This retrospective review covers a strong year for markets and how 2024 unfolded.
2022
Third Quarter Market Report
Persistent inflation and rapid Federal Reserve rate increases pushed stocks and bonds lower for a third straight quarter. This retrospective review covers what drove the decline and what happened in the months that followed.
Fourth Quarter Market Report
Stocks rebounded as inflation began to cool, capping the market’s worst year since 2008. This retrospective review covers the Fed’s seven rate increases in 2022 and how markets recovered in 2023.