By Park-Elm|
2023-05-01T17:12:16+00:00
May 1st, 2023|General, Markets, Quarterly Market Review|
- Lingering concerns around inflation, coupled with recession jitters stemming from continued turmoil within the banking space, led to uncertainty over the Fed’s future rate hike trajectory. Despite the ambiguity, better than expected Big Tech corporate earnings managed to sustain the U.S. market in April.
- Boosted by the strength of mega caps, the S&P 500® posted a gain of 2% in April, outpacing smaller caps, with the S&P MidCap 400® down 1% and the S&P SmallCap 600® down 3%.
- A return to defense meant that Communication Services and Consumer Staples were the best-performing sectors for the month, both up 4%. Momentum and Low Volatility led among factors, while High Beta was the laggard.
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