| Index | First Quarter 2024 | Year To-Date 2024 |
| S&P 500 | 10.4% | 10.4% |
| Dow Jones Industrial Average | 6.0% | 6.0% |
| Russell 2000 | 5.1% | 5.1% |
| MSCI All Country World Index ex-US | 5.0% | 5.0% |
| Aggregate Bond | -0.8% | -0.8% |
Performance Source: Bespoke Investments Total Return
U.S. Versus International
The S&P 500, Index, an index of large U.S. companies, posted a total return of 10.4% for the First Quarter of 2024. Large U.S. stocks outperformed international for the quarter as measured by the iShares MSCI ACWI ex-US Index, a representation of international stocks outside the U.S. The international ETF return for the First Quarter of 2024 was 5.0%
Solid economic growth and optimism surrounding Artificial Intelligence businesses helped propel the S&P 500 to a new high in the quarter. International stocks continue to move forward, but at a more muted pace as conflict concerns continue to grip international markets.
Japanese stocks were a global bright spot in the quarter, with the Nikkei posting a new high. Forbes reports that strong domestic corporate profits, a favolable outlook for exporters amid a weakning yen and the Bank of Japan’s hesitance to end its negative interest policy as positives for the index.
U.S. Sectors
Top performing U.S. S&P 500 sectors as reported by Bespoke Investments for the First Quarter of 2024 include Energy (13.5%), Communications (12.7%) and Financials (12.4%). Laggards for the First Quarter include Real Estate (-0.7%), Consumer Discretionary (3.1%) and Utilities (4.5%).
Energy stocks were fueled by rising oil prices during the quarter. Rising oil prices were driven by OPEC cuts and ongoing conflict. Energy stocks are also buoyed by attractive valuations following lagging performance in 2023.
Real Estate stocks suffered in the first quarter predominantly due to concerns the Federal Reserve will not bring down interest rates as quickly as hoped. Higher interest rates have significantly slowed real estate inventory and transactions.