{"id":6302,"date":"2019-04-12T13:33:05","date_gmt":"2019-04-12T18:33:05","guid":{"rendered":"http:\/\/schenkelberg.investments\/?p=6302"},"modified":"2019-04-12T13:37:05","modified_gmt":"2019-04-12T18:37:05","slug":"market-update-first-quarter-2019","status":"publish","type":"post","link":"https:\/\/schenkelberg.investments\/?p=6302","title":{"rendered":"Market Update – First Quarter 2019"},"content":{"rendered":"\n

U.S. Versus International<\/strong><\/h2>\n\n\n\n

The S&P 500, an index of large U.S. companies, posted a total return of 13.6% for the First Quarter of 2019. U.S. stocks outperformed international for the quarter as measured by the All Country World Index ex-U.S. stocks, a representation of international stocks outside the U.S. Total return for the First Quarter of 2019 was 10.4%.<\/p>\n\n\n\n

The performance gap between U.S. and international stocks was relatively\nmuted in the first quarter. However, some concerns remain in international\nmarkets. Indications of slower growth in European and Japanese markets weighed\non international shares. Trade tensions regarding China and the U.S. weighed on\nother countries that rely heavily on exports. The United Kingdom continues to\nstruggle with Brexit, which creates a major distraction to economic activity.\nOverall, valuation of international shares remain less expensive than U.S. shares\nwith a price to earnings ratio of 13.0x versus 16.4x for the U.S.<\/p>\n\n\n\n

Latin America and Russian markets performed better than other parts of the world. The economies of Latin America and Russia are closely tied to oil markets. Energy related assets performed well in the first quarter, with West Texas Intermediate Oil prices rising above $60. This rise in oil prices was primarily driven by falling inventories due to a decrease in production by Organization of the Petroleum Exporting Countries (OPEC).<\/p>\n\n\n\n

 <\/h2>\n\n\n\n

U.S.\nSectors<\/strong><\/h2>\n\n\n\n

Top performing U.S. sectors as reported by J.P. Morgan for the first quarter of 2019 by total return included Technology (19.9%), Real Estate (17.5%) and Industrials (17.2%). Laggards for the first quarter include Healthcare (6.6%), Financials (8.6%) and Basic Materials (10.3%). A sharp turnaround in the market opened the door for growth stocks to gain sharply versus more defensive sectors.<\/p>\n\n\n\n

All major\nU.S. sectors achieved positive performance in the first quarter for the first\ntime since the second quarter of 2014. Positive performance was primarily\ndriven by a Federal Reserve announcement that called for a near-term halt to\ninterest rate increases. Additionally, trade discussions between the U.S. and\nChina showed signs of positive progress. Fourth quarter earnings growth\nremained positive, helping drive sector performance, particularly in\ntechnology.<\/p>\n\n\n\n

Investors\nremain cautious regarding economic and earnings growth going forward. First\nquarter earnings results will have more difficult comparisons versus first\nquarter 2018. Tax rate advantages that corporations enjoyed in 2018 will no\nlonger have the positive impact they did the past year. Current estimates call\nfor negative year-over-year earnings growth. \n<\/p>\n","protected":false},"excerpt":{"rendered":"

U.S. Versus International The S&P 500, an index of large U.S. companies, posted a total return of 13.6% for the First Quarter of 2019. U.S. stocks outperformed international for the quarter as measured by the All Country World Index ex-U.S. stocks, a representation of international stocks outside the U.S. Total return for the First Quarter […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[119,123],"tags":[],"class_list":["post-6302","post","type-post","status-publish","format-standard","hentry","category-market-commentary","category-market-performance"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p7kXxe-1DE","jetpack-related-posts":[{"id":6623,"url":"https:\/\/schenkelberg.investments\/?p=6623","url_meta":{"origin":6302,"position":0},"title":"Market Performance Update. First Quarter 2022","author":"J.J. Schenkelberg, CFA","date":"April 12, 2022","format":false,"excerpt":"Performance Source: Koyfin U.S. Versus International The S&P 500, an index of large U.S. companies, posted a total return of -5.0% for the First Quarter of 2022. U.S. stocks marginally outperformed international again for the quarter as measured by the iShares MSCI EAFE ETF, a representation of international stocks outside\u2026","rel":"","context":"In "Market Commentary"","block_context":{"text":"Market Commentary","link":"https:\/\/schenkelberg.investments\/?cat=119"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/schenkelberg.investments\/wp-content\/uploads\/2022\/04\/image-5.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":6182,"url":"https:\/\/schenkelberg.investments\/?p=6182","url_meta":{"origin":6302,"position":1},"title":"Market Performance Breakdown – Fourth Quarter 2017","author":"J.J. Schenkelberg, CFA","date":"January 9, 2018","format":false,"excerpt":"U.S. Versus International The S&P 500, an index of large U.S. companies, posted a total return of 21.8% for 2017 and 6.6% for the 13 weeks ending December 31, 2017. U.S. stocks lagged behind international for the quarter as measured by the All Country World Index ex-U.S. stocks, a representation\u2026","rel":"","context":"In "Market Commentary"","block_context":{"text":"Market Commentary","link":"https:\/\/schenkelberg.investments\/?cat=119"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6921,"url":"https:\/\/schenkelberg.investments\/?p=6921","url_meta":{"origin":6302,"position":2},"title":"U.S. Versus International\/U.S. Sectors","author":"J.J. Schenkelberg, CFA","date":"January 5, 2026","format":false,"excerpt":"Performance Source: Koyfin.com Price Return U.S. Versus International The S&P 500 Index, an index of large U.S. companies, posted a price return of 2.8% for the fourth quarter of 2025. Large U.S. stocks underperformed international for the quarter as measured by the iShares MSCI ACWI ex-US Index, a representation of\u2026","rel":"","context":"In "Financial Planning"","block_context":{"text":"Financial Planning","link":"https:\/\/schenkelberg.investments\/?cat=122"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/schenkelberg.investments\/wp-content\/uploads\/2026\/01\/image-4.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":6485,"url":"https:\/\/schenkelberg.investments\/?p=6485","url_meta":{"origin":6302,"position":3},"title":"Market Performance Update – 3Q 2019","author":"J.J. Schenkelberg, CFA","date":"October 7, 2019","format":false,"excerpt":"U.S. Versus International The S&P 500, an index of large U.S. companies, posted a total return of 1.2% for the Third Quarter of 2019. U.S. stocks outperformed international for the quarter as measured by the Morgan Stanley Composite Index EAFE, a representation of international stocks outside the U.S. Total return\u2026","rel":"","context":"In "Market Commentary"","block_context":{"text":"Market Commentary","link":"https:\/\/schenkelberg.investments\/?cat=119"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6558,"url":"https:\/\/schenkelberg.investments\/?p=6558","url_meta":{"origin":6302,"position":4},"title":"Market Update – Second Quarter 2021","author":"J.J. Schenkelberg, CFA","date":"July 6, 2021","format":false,"excerpt":"U.S. Versus International The S&P 500, an index of large U.S. companies, posted a total return of 8.2% for the Second Quarter of 2021. This performance almost matched the first quarter for a year-to-date return of 14.4%. U.S. stocks outperformed international again for the quarter as measured by the iShares\u2026","rel":"","context":"In "Market Commentary"","block_context":{"text":"Market Commentary","link":"https:\/\/schenkelberg.investments\/?cat=119"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/schenkelberg.investments\/wp-content\/uploads\/2021\/07\/image.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":6453,"url":"https:\/\/schenkelberg.investments\/?p=6453","url_meta":{"origin":6302,"position":5},"title":"Market Update – 2019 Second Quarter","author":"J.J. Schenkelberg, CFA","date":"July 8, 2019","format":false,"excerpt":"U.S. Versus International The S&P 500, an index of large U.S. companies, posted a total return of 4.3% for the Second Quarter of 2019. U.S. stocks outperformed international for the quarter as measured by the All Country World Index ex-U.S. stocks, a representation of international stocks outside the U.S. Total\u2026","rel":"","context":"In "Market Commentary"","block_context":{"text":"Market Commentary","link":"https:\/\/schenkelberg.investments\/?cat=119"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/schenkelberg.investments\/index.php?rest_route=\/wp\/v2\/posts\/6302","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/schenkelberg.investments\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/schenkelberg.investments\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/schenkelberg.investments\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/schenkelberg.investments\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6302"}],"version-history":[{"count":5,"href":"https:\/\/schenkelberg.investments\/index.php?rest_route=\/wp\/v2\/posts\/6302\/revisions"}],"predecessor-version":[{"id":6308,"href":"https:\/\/schenkelberg.investments\/index.php?rest_route=\/wp\/v2\/posts\/6302\/revisions\/6308"}],"wp:attachment":[{"href":"https:\/\/schenkelberg.investments\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6302"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/schenkelberg.investments\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6302"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/schenkelberg.investments\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6302"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}