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As investment stewards, we at Manchester Capital seek to preserve, protect, and grow client assets given the prevailing market, economic, and political climates. We do not take political positions, believing that doing so could unduly influence our financial decision making. Instead, we focus solely on our mission of helping clients achieve their financial objectives. It is through this lens that we review the market’s response to the first 100 days of the second Trump Administration—beginning January 17th, the final market close before inauguration, and ending 100 days later with the market’s close April 30th. While the first 100 days is an arbitrary metric, it is instructive in understanding the market’s attitude toward the administration’s actions. Market Performance and Volatility During this 100 day period, there have been 78 trading days for the market. Using the S&P 500 as a market proxy, the market closed January 17th at 5,996.66, peaked February...
09.18.2023
The year 2022 was a bloodbath for both equity and bond markets–the S&P 500 was down 18% and the Bloomberg US Aggregate Bond Index had its worst year ever, down 13%. This year, 2023, began with the US debt ceiling standoff, followed by a banking crisis, and continued rate hikes by the major central banks. The economy seemed like it would get worse before it got better, and the consensus was calling for a near-term recession. However, the stock market quickly shrugged off many of these concerns. Year-to-date as of August 31, the S&P 500 is up approximately 17% and NASDAQ is up approximately 34%. The S&P 500 is officially in a bull market (i.e., up at least 20% from its recent lows in October 2022). With the Federal Reserve and some economists no longer forecasting a recession[1], it makes one wonder what has changed in the last few months....
