During the month of February adverse readings amongst multiple economic indicators contradicted market expectations for an accommodative Federal Reserve during 2024. Despite a more hawkish tone, which sent interest rates higher and bond prices lower, equities continued to maintain their momentum. Stocks spiked higher during the back half of the month following another awestriking earnings report from NVIDIA, resuming a resurgence in excitement around artificial intelligence. As the month concluded, investors seemed a bit more perplexed on the economic picture, yet even more bullish on the near-term opportunity around artificial intelligence. This has resulted in a market that remains narrow, with increasing focus on not just technology stocks but artificial intelligence beneficiaries.
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