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January 2024 Market Commentary & Outlook


2024 is underway, and the New Year kicked off to a turbulent start as stocks stumbled out of the gates before rallying mid-month, then falling again to end the month.  The good outweighed the bad, however, and US Stocks finished the month at a modest gain. Economic news dominated headlines during January with real GDP and retail sales growth beating expectations.

Core inflation eased to 3.2%, marking its lowest level since March 2021. Despite cooling inflation data spurring optimism over rate cuts, the Fed kept its target interest rate unchanged during the January meeting while also downplaying the possibility of a rate cut in March. International stocks declined as the European Central Bank also urged caution to investors regarding the timing and frequency of rate cuts. Treasury yields rose and fixed income ticked up slightly for the month.

Corporate earnings season is underway, and the Presidential Election looms large as we move into the New Year and try to build on the glowing performance of stocks and bonds in 2023.

Index Performance January Trailing 12 Months
US Stocks (Russell 3000) 1.11% 19.15%
Foreign Stocks (FTSE AW ex US) -0.99% 6.63%
US Bond Mkt. (BBgBarc Int. Gov/Cred) 0.21% 3.53%
Cash (ICE BofA ML 3-Mo T-Bill) 0.43% 5.13%