– US Equities managed a small advance in a week where all other major asset classes declined.
– Large Cap and Large Cap growth were the only styles to move higher, driven by a bounce in Technology stocks.
– Fairly broad declines across international markets with only seven of 44 countries we track moving higher, including the United States.
– Yield Curve is beginning to steepen, but it’s coming from the long end of the curve. 30Yr Treasury yields are approaching 5% for the first time since 2007.

– Commodities were the only asset class winner for Q3, riding a move by crude oil to $90 a barrel. All other major asset classes declined.
– Small cap value stocks are down year-to-date. They are lagging Large Cap Growth stocks by the most amount since the Covid and Internet bubbles.
– Emerging markets finished the quarter 2.5% lower, just holding on to a positive 2.2% year-to-date return.
– Fixed income struggled as Treasury yields broke to 10 year highs. Crude oil futures were up more than 30% in Q3.