Market Commentary September 30, 2023
Global equities reversed course during the quarter, trading back to the closing levels of early June. Rising bond yields growing concerns over the prospects of the Federal Reserve engineering a soft landing for the U.S. economy weighed on global equity markets during the quarter.
Dissecting the U.S. equity market performance for the quarter, energy was the best performing sector recoding a 12.3% gain as supply constraints for crude oil remain in place for the foreseeable future. Utilities and Real Estate, which have historically been more interest rate sensitive sectors of the equity market, were the worst performing sectors with both recording declines of -9.0%.
