
Market Summary
- Financial markets (DOW, NASDAQ, S&P500) finished down on the month
- Long-term indicators for an ongoing sector rotation from growth into value remain, but short term indicators favor growth
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
- Investor fears continue as the gap in the yield curve continues to widen
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