• U.S. equities continued to march upward in August, climbing above 20% YTD. The S&P 500® posted a gain of 3% for the month, as the Fed’s dovish tone, combined with strong earnings reports, buoyed the market. While mega caps led, mid and small caps also posted gains, with the S&P MidCap 400® and the S&P SmallCap 600® both up 2%. Volatility declined, as the VIX® closed at 16.48.
  • All factors posted gains. “Risk-on” factors (e.g., Momentum and Growth) led in August, with “risk-off” factors (e.g., Low Volatility and High Yield) lagging.
  • All sectors except Energy posted gains, with Financials in the lead, up 5%.


August Market Update