US Equities Stumble as Trade Tensions and Inflation Weigh on Sentiment

Markets faced headwinds last month due to escalating trade tensions and weaking consumer confidence. The S&P 500 Index declined 1.4%, closing below its all-time high in January. Developed international equities showed resilience (+2.3%) with another month among the best performers, followed by US Value (+0.5%) and Emerging Markets (+0.3%). Bonds generally led as US 7-10 Year Treasurys increased 2.8%, Treasury inflation protected notes gained 2.4%, and the US Aggregate Bond Index rose 2.2%. Commodities were mixed, with Gold up 1.8%, Silver fell 0.7%, broad-based commodities posted +0.8%, and Crude Oil was down 3.6%.