After two strong quarters, the S&P 500 Index declined -4.0% in April due to higher market valuation, rising employment costs and persistent inflation concerns.

April 24, 2024 April 24, 2024 Glenn Dorsey, CFA®, CAIA® SVP, Head of Client Portfolio Management

The momentum style factor led the rally as market participation broadened in March with previously weaker sectors like large-cap value and small-caps gaining 5.0% and 3.6%, respectively.

The S&P 500 Index hit several record highs driven by continued strength from Technology, Healthcare, Financials, and Consumer Staples companies.