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The first month of 2026 proved to be a high-stakes rollercoaster for U.S. equities. January was defined by a sharp dichotomy: while the S&P 500® reached new all-time highs and closed the month up 1.45%,

Index 1 Month % Year To date % One Year % S&P 500 Total Return 0.06 17.88 17.88 NASDAQ Composite** (0.15) 20.54 20.54 S&P Developed Ex-US BMI* 3.60 35.49 35.49 Dow Jones Commodity (DJCI) (0.41) 13.78 13.78 S&P US Aggregate Bond* (0.01) 7.20 7.20 Despite several headwinds at the start of 2025, the US stock market posted its 3rd consecutive year of gains. Mega-cap stocks led returns, and all large-cap sectors ended 2025 higher. Communication Services and Information Technology

Index 1 Month % Year To date % One Year % S&P 500 Total Return 0.25 17.81 15.00 NASDAQ Composite** (1.94) 21.00 21.58 S&P Developed Ex-US BMI* 0.01 29.84 26.24 Dow Jones Commodity (DJCI) 1.7 14.24 16.85 S&P US Aggregate Bond* 0.66 7.32 6.42 Concerns over the government shutdown, technology sector valuations, low consumer confidence, and a shift in consensus toward a December rate cut dominated headlines in November, driving volatility in the stock market. Investors rotated in

Index 1 Month % Year To date % One Year % S&P 500 Total Return 2.34 22.86 30.07 NASDAQ Composite** 5.47 17.93 27.37 S&P Developed Ex-US BMI* 2.35 29.92 26.45 Dow Jones Commodity (DJCI) 3.31 12.33 14.96 S&P US Aggregate Bond* 0.66 6.66 6.13                                                                                                                                                                                             U.S. equities had another good month with the S&P 50

Index 1 Month % Year To date % One Year % S&P 500 Total Return 3.65 14.83 17.60 NASDAQ Composite* 2.06 17.93 27.37 S&P Developed Ex-US...

It was another strong month for stocks, both U.S. and foreign, as well as bonds. They posted solid gains in August.