ACG’S March 2024 Capital Markets Review

(Download the full report HERE)

Market Highlights

  • March continued a strong first quarter for US equities on the back of solid economic data and improved market breadth outside of the Magnificent 7.
  • The S&P 500 was up +3.22% for the month and finished Q1 up +10.56% to set new all-time highs.
  • Small Cap stocks enjoyed a strong month with the Russell 2000 Index rising +3.58%.
  • Energy, Materials, and Utilities were the best performing sectors for the month.
  • Growth stocks continued to lead Value over the course of the quarter, but Value outperformed in March.
  • Developed International and Emerging Markets equities were positive for the month, although they still trailed domestic markets. The MSCI EAFE Index rose +3.29% while the MSCI Emerging Markets Index was up +2.48% for the month.
  • The 10-year Treasury yield was little changed and ended the month at 4.21% while credit spreads tightened. The Bloomberg US Aggregate Index was up 0.92% in March and finished the quarter slightly negative.


  1. Morningstar Direct, MSCI

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