Spring 2024 Investment Commentary

Let the good times roll! The S&P 500 notched its biggest Q1 advance in half a decade, rising 10.2%. This marked the index's fifth gain in the last six quarters and a second straight double-digit quarterly percentage gain. Meanwhile, the Nasdaq narrowly missed what would have been its fourth double-digit percentage gain in the last five quarters. It was about as close to a true "everything" rally as you can get, with all but one of the 11 S&P 500 sectors rising, though momentum and growth factors outperformed. Even gold managed to rise along with stocks, while a nearly 70% surge in the price of Bitcoin underscored the potency of the "risk on" trade.