April was a challenging month for both stocks and bonds as US stocks posted their first monthly loss since October of last year. Earnings reports were fairly strong throughout the month, but not strong enough to pull stocks out of the red. Higher than expected inflation data, strong retail sales and unemployment numbers, and increased tensions in the Middle East took a toll on stocks. Decreased confidence from the Federal Reserve (Fed) about interest rate cuts this year pushed yields up, and bonds slumped both domestically and abroad.
On the international side, stocks were down but outpaced their US counterparts, as has been the trend since early February. Emerging markets led the way and were a lone bright spot in an otherwise downcast month.
Despite April showers to begin Q2, stocks have posted solid gains so far in 2024. Inflation and the Fed’s actions will continue to dominate stock and bond performance as we head into the summer.
| Index Performance | April | Year to Date | Trailing 12 Months |
| US Stocks (Russell 3000) | -4.40% | 5.18% | 22.30% |
| International Stocks (FTSE AW ex US) | -1.67% | 2.97% | 10.28% |
| US Bond Mkt. (BBgBarc Int. Gov/Cred) | -1.35% | -1.50% | 0.69% |
| Cash (ICE BofA ML 3-Mo T-Bill) | 0.43% | 1.73% | 5.36% |