Second Quarter 2019 – “On the Defensive”

Second Quarter 2019 – “On the Defensive”

Concerns about global growth and tariffs were present throughout the quarter; however, the overall tone for the period was set by a series of statements from central bankers around the world pledging their willingness to implement stimulative measures if economic conditions in their regions deteriorate. After a volatile May and June, equity markets ended the period with positive results; domestic equity markets posted the strongest performance, with the S&P 500 gaining 4.3%, while the MSCI EAFE and the MSCI Emerging indices gained 3.7% and 0.6% respectively. US markets climbed higher from a relatively deep mid-quarter market wobble, with dovishness from the Federal Reserve and indications of progress in trade talks overcoming uncertainty surrounding the US trade stance.