{"id":6696,"date":"2023-04-10T11:50:05","date_gmt":"2023-04-10T16:50:05","guid":{"rendered":"https:\/\/schenkelberg.investments\/?p=6696"},"modified":"2023-04-10T11:50:23","modified_gmt":"2023-04-10T16:50:23","slug":"u-s-vs-international","status":"publish","type":"post","link":"https:\/\/schenkelberg.investments\/?p=6696","title":{"rendered":"U.S. vs International"},"content":{"rendered":"\n
Index<\/strong><\/td>First Quarter 2023<\/strong><\/td>Year          To-Date 2023<\/strong><\/td><\/tr>
S&P 500<\/td>7.0%<\/td>7.0%<\/td><\/tr>
Dow Jones Industrial Average<\/td>0.4%<\/td>0.4%<\/td><\/tr>
Russell 2000<\/td>2.3%<\/td>2.3%<\/td><\/tr>
 <\/td><\/td> <\/td><\/tr>
MSCI All Country World Index ETF<\/td>7.2%<\/td>7.2%<\/td><\/tr>
 <\/td><\/td> <\/td><\/tr>
Barclays Aggregate Bond<\/td>3.3%<\/td>3.3%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Performance Source: Koyfin<\/em><\/p>\n\n\n\n

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

The S&P 500, an index of large U.S. companies, posted a total return of 7.0% for the First Quarter of 2023. U.S. stocks were roughly in line with international for the quarter as measured by the iShares MSCI ACWI ex-US ETF, a representation of international stocks outside the U.S. The International ETF return for the First Quarter of 2023 was 7.2%.<\/p>\n\n\n\n

The U.S. Dollar weakened slightly throughout the quarter as indicators continued to show that the pace of interest rate increases by the U.S. Federal Open Market Committee may slow. On the flip side, the European Central Bank is looking at further tightening and balance of rising rates while being cognizant of growth. When the dollar declines, assets priced in foreign currencies, such as international stocks, rise in value.<\/p>\n\n\n\n

U.S. stocks outpaced international stocks significantly from 2008 through 2021. The tide may be turning. A combination of U.S. dollar weakness, more attractive international stock valuations and stable economic growth may benefit international stocks over U.S. for the next several years.<\/p>\n\n\n\n

<\/h2>\n\n\n\n

U.S. Sectors<\/strong><\/p>\n\n\n\n

Top performing U.S. S&P 500 sectors as reported by Koyfin for the First Quarter of 2023 include Technology (21.6%), Communications (21.1%) and Consumer Discretionary (16.1%). Laggards for the First Quarter include Financials (-5.5%), Energy (-4.3%) and Health Care (-4.3%).<\/p>\n\n\n\n

A strong shift in sector leadership was driven by the banking issues at Silicon Valley Bank and a couple of other banks with company-specific issues. More growth-oriented cyclical stocks took the lead in the first quarter as the prospect of ongoing large interest rate increases diminished.<\/p>\n\n\n\n

Financial stocks performed relatively poorly due to the banking sector news. Energy followed suit as an economic slowdown and diminishing inflation may slow their growth momentum. We are seeing higher numbers of companies laying off workers. However, this can be good for the stock market as it means companies are being prudent and becoming more efficient when it may be needed most. Major recessions are typically driven by a surprise slowdown that catches companies with significant excess that they need to cut quickly.<\/p>\n","protected":false},"excerpt":{"rendered":"

Index First Quarter 2023 Year          To-Date 2023 S&P 500 7.0% 7.0% Dow Jones Industrial Average 0.4% 0.4% Russell 2000 2.3% 2.3%     MSCI All Country World Index ETF 7.2% 7.2%     Barclays Aggregate Bond 3.3% 3.3% Performance Source: Koyfin U.S. Versus International The S&P 500, an index of large U.S. companies, posted a […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_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-6696","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-1K0","jetpack-related-posts":[{"id":6159,"url":"https:\/\/schenkelberg.investments\/?p=6159","url_meta":{"origin":6696,"position":0},"title":"4Q 2016 General Market Performance Breakdown","author":"J.J. Schenkelberg, CFA","date":"January 8, 2017","format":false,"excerpt":"U.S. Versus International The S&P 500, an index of large U.S. companies, posted a total return of 3.8% for the 13-weeks and 12.0% for the full year ending December 31, 2016. U.S. stocks outpaced 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":6571,"url":"https:\/\/schenkelberg.investments\/?p=6571","url_meta":{"origin":6696,"position":1},"title":"Market Update – Third Quarter 2021","author":"J.J. Schenkelberg, CFA","date":"October 15, 2021","format":false,"excerpt":"U.S. Versus International The S&P 500, an index of large U.S. companies, posted a total return of 0.6% for the Third Quarter of 2021. S&P 500 performance was driven by strength in select stocks with large weights in the index. U.S. stocks outperformed international again for the quarter as measured\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":6182,"url":"https:\/\/schenkelberg.investments\/?p=6182","url_meta":{"origin":6696,"position":2},"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":6765,"url":"https:\/\/schenkelberg.investments\/?p=6765","url_meta":{"origin":6696,"position":3},"title":"U.S. Versus International\/U.S. Sectors","author":"J.J. Schenkelberg, CFA","date":"July 10, 2024","format":false,"excerpt":"IndexSecond Quarter 2024Year\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 To-Date 2024S&P 5003.9%14.5%Dow Jones Industrial Average-1.7%3.8%Russell 2000-3.9%0.8%\u00a0\u00a0MSCI All Country World Index ex-US1.0%5.6%\u00a0\u00a0Aggregate Bond0.1%-0.6% Performance Source: Koyfin Price Return U.S. Versus International The S&P 500 Index, an index of large U.S. companies, posted a price return of 3.9% for the Second Quarter of 2024. Large U.S. stocks outperformed\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":6496,"url":"https:\/\/schenkelberg.investments\/?p=6496","url_meta":{"origin":6696,"position":4},"title":"Market Performance Update – 4Q 2019","author":"J.J. Schenkelberg, CFA","date":"January 14, 2020","format":false,"excerpt":"U.S. Versus International The S&P 500, an index of large U.S. companies, posted a total return of 10.7% for the Fourth Quarter of 2019, and 29.7 % for the full year. U.S. stocks outperformed international for the quarter as measured by the Morgan Stanley Composite Index EAFE, a representation of\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":6753,"url":"https:\/\/schenkelberg.investments\/?p=6753","url_meta":{"origin":6696,"position":5},"title":"U.S. Versus International\/U.S. Sectors","author":"J.J. Schenkelberg, CFA","date":"April 3, 2024","format":false,"excerpt":"IndexFirst Quarter 2024Year\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 To-Date 2024S&P 50010.4%10.4%Dow Jones Industrial Average6.0%6.0%Russell 20005.1%5.1%\u00a0\u00a0MSCI All Country World Index ex-US5.0%5.0%\u00a0\u00a0Aggregate 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\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\/6696","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=6696"}],"version-history":[{"count":2,"href":"https:\/\/schenkelberg.investments\/index.php?rest_route=\/wp\/v2\/posts\/6696\/revisions"}],"predecessor-version":[{"id":6698,"href":"https:\/\/schenkelberg.investments\/index.php?rest_route=\/wp\/v2\/posts\/6696\/revisions\/6698"}],"wp:attachment":[{"href":"https:\/\/schenkelberg.investments\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6696"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/schenkelberg.investments\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6696"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/schenkelberg.investments\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6696"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}