Insights
In the third quarter of 2023, the stock market experienced a modest decline. The S&P 500 Index fell by 3.27%, bringing the year-to-date return to a still solid 13.07%. Large cap growth and value stocks had similar performance for the quarter; however large cap growth stocks continue to significantly outperform value year-to-date. Small-cap stocks still trailed behind large cap stocks, and international and emerging market equities also saw declines during the quarter.
In our Q3 2023 Market Commentary, KAR Co-CIO Doug Foreman, CFA reviews the potential causes for the recent weakness in the market citing the backup in long-term interest rates as the principal cause of the pullback. He also addresses why investors are still concerned about an impending recession, with the inverted yield curve for over 14 months being a prominent factor. Read our Q3 2023 Commentary.
This information is being provided by Kayne Anderson Rudnick Investment Management, LLC (“KAR”) for illustrative purposes only. Information in this article is not intended by KAR to be interpreted as investment advice, a recommendation or solicitation to purchase securities, or a recommendation of a particular course of action and has not been updated since the date listed on the correspondence, and KAR does not undertake to update the information presented. This information is based on KAR’s opinions at the time of publication of this material and are subject to change based on market activity. There is no guarantee that any forecasts made will come to pass. KAR makes no warranty as to the accuracy or reliability of the information contained herein. Past performance is no guarantee of future results.
