March 2024 Monthly Recap

March 2024 Monthly Recap

2-3 minute read


March in Review:

Markets continued to climb in March. The S&P rose 3.2%, while the DOW and NASDAQ followed at 2.2% and 1.9%, respectively. Small caps performed particularly well, with the Russell 2000 rising 3.6% in March alone.

We all know about the Mag 7 from last year and are likely aware that it is quickly becoming the Mag 6, 5, 4… this means that there is an opportunity for the rest of the S&P to drive returns.  Inflows for equal-weighted S&P funds continue to rise as well.


While the Tech giants are still figuring out if they’re going to boom or bust for the year energy led all categories in March with a 10.5% gain.

Our increased position in XLE did great, up just shy of 10.5% in March, up 13.9% since doubling our portfolio allocation for it on Feb 6th.


Microsoft (MSFT) and Apple (AAPL) are trending in exactly opposite directions. Microsoft’s share price has steadily risen 11.9% in 2024 and surpassed $3 trillion in market cap. Apple, on the other hand, tumbled below the $3 trillion market cap threshold due to a 10.9% decline in Q1 2024.

Aided by an 82.3% surge in Q1 2024, NVIDIA (NVDA) blew past the $2 trillion mark to a market cap of $2.26 trillion. Both Alphabet (GOOGGOOGL) and Amazon (AMZN) have had a solid start to the year and are nearly tied in market cap.

Meta Platforms (FB) 37.2% run in Q1 2024 helped welcome the technology conglomerate back into the $1 trillion market cap club. Tesla (TSLA) shares sank 29.3% in Q1, pushing the EV manufacturer down to a market cap of $560 billion.


China introduced another affordable electric car, increasing competition for both TSLA and Rivian.  Domestically, Ford has increased its emphasis on electronic cars. Tesla’s outlook is murky, to say the least.


Ukraine & Israel aid packages stalled in DC as strife within the republican party continued and an election looms.  Both sides are keenly aware of the electorial implications of any new legislation.


Fed kept rates unchanged at their March meeting; the consensus is now for two cuts, with a June rate cut unlikely.

This is, in large part, responsible for the retreat in equities at the start of April.


Tax season is wrapping up, and we are happy to review returns for clients via our spring review meeting.

If you haven’t done so already, schedule your review meeting, as our calendar is starting to fill up.



See you next month.