– International equities and Commodities outperformed. Commodities are on the cusp of positive returns for 2023.
– Sectors were mixed with declines in interest rate-sensitive sectors like Utilities and Real Estate. Technology stocks also declined.
– Developed Europe is the best-performing region in the world, driving international equities to outperformance.
– An inflationary week with strong performance from Commodities as US Treasuries and the US Dollar struggled.
– Stocks were flat, while Commodities and Treasuries rallied.
– The market advance in 2023 isn’t a broad one – it’s Large Growth and Tech move. Four of six factors are down year-to-date.
– The yield curve inverted further matching levels only seen in 1973-74 and 1979-81.
– Oil prices rallied 6.7% on the announcement of a Saudi-led cut in oil production
%
Market Risk Index scales from 0 to 100%. Higher readings correspond with higher risk markets. Scores below 25% are bullish. Scores between 25-75% are neutral, and scores above 75% are markets vulnerable to major drawdowns.
Model Category Readings (Percentiles)
