MARKET UPDATE | FOURTH QUARTER 2019

Adam Recker, CFA, CFP® & Michael Furla, CFA, CFP®

The U.S. continues to outperform global markets as Europe and China increasingly show signs of weakness. U.S. equity markets were choppy during the 3rd quarter but ended in positive territory, unlike global equities, which ended slightly down. Falling yields continue to fuel the U.S. bond rally. As market participants anticipated, the Fed cut rates twice and signaled a willingness for more accommodative monetary policy in an effort to support the economic expansion. For the first time, passive U.S. equity funds surpassed active fund strategies, solidifying a paradigm shift towards passive indexing and away from active management. Globally, the same headwinds to market stability linger: the U.S. and China trade impasse, Brexit deal uncertainty, and escalating tensions with Iran.

The Mather Group

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