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Equities

Can bulls avoid detours and charge ahead?

Saira Malik
Chief Investment Officer
Office chairs and a conference table

Global equities extended their 2023 rally in the first quarter of 2024, with January’s upswing gathering pace in February and March. While the S&P 500 Index posted a double-digit gain, Japanese stocks were the top performer for the period, boosting non-U.S. developed markets over their emerging markets (EM) counterparts. Investors bid up stock prices as they waited for central banks to cut interest rates amid gradually cooling inflation. The U.S. Federal Reserve, European Central Bank and Bank of England all preached patience by remaining on pause, although the Fed signaled easier policy (three likely cuts) in 2024. Meanwhile, the Bank of Japan ended its “yield-curve control” program while also raising rates for the first time since 2007, becoming the last central bank to stop using negative rates as a monetary tool.

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Endnotes

Index Performance: FactSet; European Corporate Earnings: I/B/E/S; U.S. Corporate Earnings: Standard & Poor’s; Employment: RBC Global Asset Management; Russell Indexes: FactSet, Russell Investments.

The views and opinions expressed are for informational and educational purposes only as of the date of production/writing and may change without notice at any time based on numerous factors, such as market, economic or other conditions, legal and regulatory developments, additional risks and uncertainties and may not come to pass. This report contains no investment recommendations and should not be construed as specific tax, legal, financial planning or investment advice. This material may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections, forecasts, estimates of market returns, and proposed or expected portfolio composition. Any changes to assumptions that may have been made in preparing this material could have a material impact on the information presented herein by way of example. This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor's objectives and circumstances and in consultation with their advisors. 

All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such. For term definitions and index descriptions, please access the glossary on nuveen.com. Please note, it is not possible to invest directly in an index. Performance data shown represents past performance and does not predict or guarantee future results.

Important information on risk

Past performance is no guarantee of future results. There are risks inherent in any investment including, but not limited to, interest rate risk, credit risk, market risk and the possible loss of principal, and there is no assurance that an investment will provide positive performance over any period of time. Certain products and services may not be available to all entities or persons. There is no guarantee that the Fund's investment objectives will be achieved. See the applicable product literature for details. 

Economic and market forecasts are subject to uncertainty and may change based on varying market conditions, political and economic developments. This report should not be regarded by the recipients as a substitute for the exercise of their own judgment. It is important to review your investment objectives, risk tolerance and liquidity needs before choosing an investment style or manager. 

Equity investments are subject to market risk or the risk that stocks will decline in response to such factors as adverse company news or industry developments or a general economic decline. 

Non U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and  accounting standards. These risks are magnified in emerging markets. 

Debt or fixed income securities are subject to market risk, credit risk, interest rate/duration risk, call risk, tax risk, political and economic risk, and income risk. As interest rates rise, bond prices fall. Credit risk refers to an issuers ability to make interest and principal payments when due. 

This information does not constitute investment research as defined under MiFID.

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