Market Commentary Q4 | 2024
In Review
U.S. equity markets made gains in the 4th quarter of 2024 to round out another strong year for the S&P 500. The 2.4% return in the 4th quarter brought the calendar year total return to 25% after the index returned 26.3% in 2023. The results of the U.S. election acted as a headwind for returns within Eurozone and EM equity markets as investor fears over proposed tariffs and renewed trade wars weighed on sentiment. Global fixed income markets were volatile in the last quarter of 2024 due to potentially inflationary policies from the incoming administration and central bank policy signaling. Heightened geopolitical tensions, policy uncertainty, and renewed inflation fears pose the primary risks to another year of expansion for the global economy.