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Q3 2020 Market Review
Q3 2020 Market Review

SUMMARY TRAILING RETURNS (9/30/2020)

• U.S. equity markets moved higher, up 9.2% (Russell U.S. Equity International Equity Fixed Income

3000) in the third quarter as the economy continued to
recover and markets benefitted from significant fiscal 9.2%

and monetary stimulus.

• International equities rose to a lesser extent, posting a 6.8%

6.3% gain over the quarter (MSCI ACWI ex U.S.). 6.3%
5.4%

• The broad U.S. fixed income market delivered a
modest 0.6% gain for the quarter (Bloomberg Barclays

Aggregate) as interest rates stabilized at low levels.

• After hitting 14.7% unemployment in April, the U.S. 0.6%
labor market continued to improve during the third
quarter with September unemployment dropping

to 7.9%.

• Growth stocks continued their outperformance with the
Russell 1000 Growth outperforming the Russell 1000

Value by over seven percentage points this quarter.

-5.4%
• The Federal Reserve kept rates at nearly zero during Q YTD Q YTD Q YTD

the quarter and signaled their expectation of rates
remaining at these levels for the next few years. Quarterly and year-to-date returns of the following indices: U.S. Equity
(Russell 3000 Index), Fixed Income (Bloomberg Barclays U.S. Aggregate
Bond Index) and International Equity (MSCI ACWI ex U.S. Index)

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