Though volatility has remained quite elevated, equity markets have moved higher over the last two weeks. This welcomed positive performance came despite very little easing in terms of headwinds coupled with an especially volatile Treasury market.

Normally we start Notes by discussing the market movements of the past few weeks. This week, we are going to change that up just a bit. Instead, we are going to talk about the 800-pound gorilla in the room – banks. In the past week, the 128th, 16th, and then the 29th largest banks (according to the Federal Reserve’s year end list of commercial bank assets) have all shuttered their doors.

On paper, February has been a dull month – the antithesis of January’s exciting surge in asset prices. The S&P 500, through Friday’s close, has gained a whopping six basis points.

2023 has thus far been a pleasant reprieve from its tumultuous predecessor, 2022. Through Friday, the S&P 500 had risen 6+% so far in the month of January.

With just a few more trading days left in 2022, this tumultuous year is finally coming to an end. Through December 16th, this year has seen 118 trading days in which the S&P 500 closed ±1%.

This time of the year is often marked by reflection and thankfulness. Personally, I find myself thankful for having food on the table while surrounded by loved ones. It’s a wonderful thing, sitting around a table with those that we care for.

The major U.S. indices seem to have found their footing a bit over the past few weeks. Through Friday’s close, the S&P 500 was up 7.5% from its October 13th low.

September has been a rollercoaster for stocks. Yet despite that, the S&P 500 has somehow only fallen half a percent through the 14th. After falling nearly 10% from August 16th to September 6th, the S&P put on its rally cap, climbing more than 5% in just four trading sessions.

September has been a rollercoaster for stocks. Yet despite that, the S&P 500 has somehow only fallen half a percent through the 14th. After falling nearly 10% from August 16th to September 6th, the S&P put on its rally cap, climbing more than 5% in just four trading sessions.

U.S. Equities moved lower last week which brought an end to the S&P 500’s four-week winning streak. Small cap stocks fared the worst as the Russell 2000 lost nearly 3%. Tech was not much better than that with the Nasdaq sliding 2.6%.