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February 2024 Market Commentary & Outlook


US Stocks led the way through February with several indices crossing all-time highs throughout the month. Corporate earnings season has impressed so far; the majority of larger companies have reported 4Q earnings that beat analysts’ expectations, propelling stocks upward. 

Inflation remained stubbornly above analysts’ expectations and the Fed’s 2% target, all but ending the proposition of a rate cut to occur in March. Higher than expected inflation, and the likely delay in rate cuts drove yields up and fixed income down over the month.

International equities made a strong rebound after a poor start to the year, driven mostly by Japan and China with emerging markets having a stellar month and posting solid gains.   

Index PerformanceFebruaryYear to DateTrailing 12 Months
US Stocks (Russell 3000)5.41%6.58%28.60%
Foreign Stocks (FTSE AW ex US)2.51%1.49%13.27%
US Bond Mkt. (BBgBarc Int. Gov/Cred)-0.99%-0.79%4.38%
Cash (ICE BofA ML 3-Mo T-Bill)0.41%0.84%5.22%