Artificial Intelligence
Global equities moved higher as central banks around the world slashed interest rates. Market returns broadened out to include value-oriented stocks and previously lagging sectors. Information technology stocks came under pressure as investors started to question high levels of spending on artificial intelligence applications.
Utilities and real estate stocks rallied as the U.S. Federal Reserve and other central banks cut rates during the quarter and signaled further monetary easing in the months ahead. After posting strong returns in the first half of the year, tech stocks lagged the overall market. Elsewhere, Chinese stocks soared amid new government stimulus measures.
Bonds rose across the board as many central banks ushered in a new era of loose monetary policy. The Fed, the European Central Bank and the Bank of England, among others, lowered rates amid signs of cooling inflation. The Bank of Japan was an outlier, raising rates and sparking a rally in the yen.
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