First Quarter 2024 Review

The stock market rally that started last October persisted in the first quarter of 2024. While mega-cap technology and growth stocks in general continued to outperform (save for Apple and Tesla, which fell during the quarter), positive returns were experienced more broadly across style, size, and sector. 195 companies in the S&P 500 outperformed the index’s 10.6% return in Q1, with many outperforming names coming from the Energy, Financials, and Industrials sectors.

All told, the S&P 500 hit 22 new all-time highs in the first quarter alone, with just a 1.7% maximum drawdown in the first three months.