news & insights

Back to News & Insights

Mar 04, 2024

February 2024

Equities rallied across the board as the NASDAQ led the way with a 6.2% gain. Both the Russell 2000 and Russell 1000 posted gains of around 5.5%, and the S&P 500 advanced 5.3%. The Dow Jones Industrial Average was the relative laggard but still rose 2.5%.

All eleven sectors advanced higher in February. Consumer Discretionary led the way with a 7.9% gain, followed by Industrials at 7.2% and Materials which charged 6.5% higher.

Core inflation has gradually decelerated over the last 10 months, down to 3.86% in January. Crude oil rose in February, causing the average price of gas to increase 13 cents to $3.37/g. After a flat January, Bitcoin and Ethereum logged respective gains of 45.9% and 44.2% in February, spurred by ETF inflows and ahead of March’s Bitcoin halving event.

Treasury yields rose across the board even as equities rallied. Intermediate duration instruments posted the largest increases; the 2-year, 3-year, and 5-year all increased by 35 bps or more.

Bond ETFs largely mimicked their January performances in February. The short-term SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) and iShares Boxx High Yield Corporate Bond (HYG) both inched higher. In long-term bonds, the iShares 20+ Year Treasury Bond ETF (TLT) fell 2.3% for the second straight month. 

Cerro Pacific Wealth Advisors LLC is a Registered Investment Adviser. Advisory services are only offered to clients or prospective clients where Cerro Pacific Wealth Advisors LLC and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Cerro Pacific Wealth Advisors LLC unless a client service agreement is in place.