ACG’S February 2024 Capital Markets Review

(Download the full report HERE)

Market Highlights

  • US equities again led markets higher during the month with the S&P 500 ending February at an all-time high. Corporate earnings, consumer spending, and continued interest in AI provided tailwinds for equities.
  • The S&P 500 was up +5.34% for the month and is up +7.11% so far this year.
  • All sectors of the S&P 500 were positive in February, led by gains of over +6.00% for Consumer Discretionary, Industrials, Materials, and Information Technology.
  • Growth stocks continued their leadership relative to Value with the Russell 1000 Growth Index up +6.82% for the month compared to +3.69% for the Russell 1000 Value. 
  • Developed International equities measured by the MSCI EAFE Index were up +1.83% while Emerging Markets had a relatively strong month by gaining +4.76% driven by a rebound in Asia.
  • Yields moved higher for the month as expectations for multiple rate cuts by the Fed before the end of the year decreased. The Bloomberg Aggregate US Bond Index was down -1.41% for the month, due to duration, and is now down -1.68% to start 2024. 


  1. Morningstar Direct, MSCI

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Market Index Review February 2024 Investment Advisor

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