By Park-Elm|
2023-04-03T17:49:37+00:00
April 3rd, 2023|Markets, Quarterly Market Review|
- Accompanied by shock waves from the demise of Silicon Valley Bank, Signature Bank and Credit Suisse, the first quarter was characterized by turbulent swings in inflation and rate hike expectations.
- Despite the surrounding chaos, the market managed to rebound in March. Boosted by Information Technology, the S&P 500® posted a gain of 7.5% in Q1, outpacing smaller caps, with the S&P MidCap 400® up 4% and the S&P SmallCap 600® up 3%.
- A flight to quality sentiment meant that Information Technology and Communication Services were the best-performing sectors for the quarter, up 22% and 21%, respectively. Financials was, unsurprisingly, the sectoral laggard. High Beta and Growth led among factors, while defensive strategies lagged.
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