In this fourth-quarter summary, we review the key market highlights of the quarter, discussing factors that contributed to the performance of U.S. and international equities, fixed income, and commodities. Actions by the Federal Reserve to shift monetary policy late in the year along with the dramatic performance of the “Magnificent Seven” was the icing on the cake for 2023.

U.S. Equity Investment Environment US equities ended the year with the worst performance since 2008. The S&P 500 was down 18.1% and the Nasdaq was lower by 33.1%. The Dow Jones Industrial Average and the S&P 500 rebounded 16.0% and 7.6%, respectively, during the fourth quarter while the Nasdaq declined by 0.8%, highlighting the vast […]