The Rally No One Predicted

By April 1, investors had little reason to be optimistic. The S&P 500 had fallen 4.3% in the first quarter. The Strait of Hormuz was closed, oil was nearing $100 per barrel, and expected rate cuts had disappeared from market pricing. A cautious approach to the second quarter seemed obvious. Instead, the S&P 500 returned 15.2%, its best quarter since the pandemic recovery in 2020, and gains were
remarkably broad. Read more about the unexpected rally in Cardinal Point Capital Management’s second quarter newsletter.