
Market Summary
- Financial markets (DOW, NASDAQ, S&P500) all finished higher for the past month, even following last weeks volatility
- Long-term indicators for an ongoing sector rotation from growth into value remain
- Short term indicators favor growth as the disparity in performance continues to widen
Factor Analysis

Sector Analysis

Closing Thoughts
- The chart below shows a 3-year performance of DVY (dividend/value) versus the S&P500 (growth)
- Sector rotation from growth into value has slowed in recent weeks,
- performance spread has begun to widen in the short-term
3-YEAR PERFORMANCE DIFFERENTIAL

- Second chart shows a 3-year comparison of the performance spread between the 2-Y and the 10-Y yields;
- Investor fears continue as the gap in the yield curve continues to widen
- narrowing in the shorter term
PERFORMANCE SPREAD DIFFERENTIAL BETWEEN 2-Y BONDS AND 10-Y BONDS

Past Performance is no guarantee of future results
All performance related metrics were gathered from Fidelity Research