On January 2nd, 2023, the Wall Street Journal published an article that discussed the fact that more than two-thirds of economists at a collection of large financial institutions bet that the U.S. would have a recession in 2023. These firms said that Americans had spent through pandemic savings, the housing market was starting to decline, and banks were beginning to tighten their lending standards.
The TANDEM Report is our quarterly newsletter to clients that contains our current views and news.
Three quarters of the way through the year and it has certainly been an unusual one thus far. If one were to just look at headline numbers, it would probably be a pretty satisfying picture.
The first half of 2023 is officially in the books, and what a remarkable start to the year it has been. The Nasdaq experienced its best start to the year since the early 80s, surging 32% in the first 6 months of 2023.
The U.S. stock market continues to be extremely volatile, taking its cues from interest rates and the strength of the U.S. Dollar. As evidenced by the chart of the S&P 500 below, the last 12 months have been quite the bumpy ride.
Thankfully, 2022 has come to a close. The severely turbulent year brought an end to the short-lived post-COVID bull market.
The third quarter was a tale of two markets. From June 30th through August 16th, the S&P 500 rallied 14%. Things were actually starting to feel good again for investors.
The first half of the year is now in the books, and with that comes a welcome new quarter. The previous six months have been especially tough for many investors. In fact, 2022 had the worst opening half to a year since 1970.
U.S. equities broke their quarterly winning streak, declining for the first time since the depths of the pandemic. The S&P 500 notched its first quarterly setback since Q1 2020.
Another remarkable year in the stock market has come to a close. Much of the commentary in these pages will address the uncertainty that lies ahead. Before we do that, we should celebrate what 2021 achieved for investors.
For the first time since January, the S&P 500 experienced a down month. While we certainly don’t celebrate down months, they are welcome from time-to-time.