United States

Central banks remained in focus as leaders met in Jackson Hole

MONTHLY MARKET COMMENTARY  | 

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Domestic and international equity indices generally finished the month higher. Global fixed income indices experienced mixed returns as markets were range bound throughout the month. Central banks remained in focus as leaders from around the globe met in Jackson Hole, Wyo., to discuss economic and monetary policy in what has become a widely followed event.

For the month, the S&P 500 Index gained 0.1 percent, while the Russell 2000 Index of smaller companies increased 1.8 percent. The energy, financials, technology and industrials sectors were the top performers, while the utilities, telecommunications and health care sectors were weaker. Across market capitalizations, small-cap securities generally outperformed their large- and mid-cap counterparts. Across styles, value outperformed growth across small- and large-caps.

U.S. fixed income markets were mixed throughout the month. Short-maturity Treasuries outperformed longer-dated issues as the yield curve steepened. Investment grade corporate securities were mixed as financial- and industrial-related issuers were positive while utility-related issuers declined for the month. Lower quality, higher yielding corporate securities experienced gains as well. Municipal bonds ended the month unchanged.

International markets were mostly higher as the MSCI EAFE gained 0.1 percent. Among the largest European markets, France fell 0.5 percent, while Germany gained 2.0 percent. Meanwhile, Italy and Spain added 0.7 percent and 1.3 percent, respectively. Within the Pacific region, Japan increased 0.4 percent, while Australia fell 2.6 percent. In the emerging markets, the MSCI EM Index ended 2.5 percent higher and proved resilient against the declining commodity index. 

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