Q1-2018 Market Results
For the first time in nine consecutive quarters, the equity markets were down almost across the board in the first quarter of 2018. The S&P 500 was down -0.76% and global ex-U.S. stocks were down -1.33%. Only the emerging markets were positive for stocks last quarter, up +1.28%. Bonds were also down, with the Barclays index down -1.46%. Short-term treasuries were up slightly at +0.34%, probably a result of being viewed as a safe-haven destination. Not a terrible quarter by any means, but a significant reversal of the positive trend seen for over the last two years.
Portfolio Thoughts
The U.S. stock market took a breather in the first quarter from its strong, positive trend of the last two years. After all of the three U.S. markets (S&P 500, Dow Jones & NASDAQ) hit all-time highs on January 26, 2018,