Author: Angie Burgess

Diamond Podcast for Financial Advisors: Interview Featuring Brent & Brad Chappell

Posted on by Angie Burgess

Click Here to Listen to the Interview: Brent & Brad Chappell

Insights on Transitions, Independence & Advisor Growth

About this episode…

Many successful people attribute their achievements to having a great mentor.

For Brent and Brad Chappell, their father was a “childhood hero who became their business mentor.”

Robert Chappell founded his wealth management practice at Merrill in 1984, when being part of the “Thundering Herd” was like being part of a much larger family.

The brothers proudly reminisce about the influence Robert and his work at Merrill had on them, so it was no surprise when Brent and Brad joined the firm in 2002 and 2006, respectively.

The Chappells’ early experience at Merrill was one of two families blended together. Yet that kinship diminished after the firm’s sale to Bank of America, and the team’s ability to serve clients and conduct daily business became challenged.

Like many successful wirehouse teams, the Chappells credit the firm for being the foundation of their family business. But they saw the handwriting on the wall, and it said that they owed it to themselves and their clients to explore their options.

In February 2023, Brent, Brad, and their team left the firm their father retired from and launched Chappell Wealth Management as one of the largest teams on the Sanctuary Wealth supported independence platform.

In this episode with Louis Diamond, Brent and Brad talk about their journey and motivations, including:

  • Growing up with Merrill—and what changes they witnessed over the years.
  • Their unique perspective as next gens in a family business—and when it became clear that “what got them here wouldn’t get them there.”
  • The economics of a move to independence—and how they reconciled the fact that they would owe money back on their father’s CTP agreement.
  • Their exploration and transition process—and why “education” was one of the most valuable facets.
  • Plus, what it really takes to build a $1B+ business.

Listen in as they candidly share a unique narrative about a changing wirehouse world, family dynamics, succession, and building a strong business designed to achieve long-term enterprise value.

March 2026 Monthly Market Update

Posted on by Angie Burgess

Market Summary: Yields Rise Sharply as S&P 500 Posts Worst Month Since September 2022

 

Markets fell hard in March, with Emerging Markets posting the worst month, down 13%. The S&P 500 and Nasdaq both dropped by nearly 5%, and all major indices were negative for the month.

Sector performance followed a similar path, with all but one sector falling by more than 3% in March. The lone exception was Energy, which advanced 10.3% due to energy constraints resulting from the U.S. strikes on Iran in late February. This marks two consecutive months of near 10% gains in this sector.

The Federal Reserve’s next meeting is scheduled for April 29th, though expectations for any rate cut remain muted at less than 1%. Nonfarm payrolls fell by a worrisome 92,000 jobs in the same period which the unemployment rate ticked up by 0.1 percentage points to 4.4%.

The Median Sales Price of Existing Homes increased modestly to $398,000, though US New Single-Family Home Sales experienced its worst MoM decline in nearly 13 years, falling 17.56% in January. The US inflation rate remained unchanged in February at 2.40%, as did core inflation at 2.50%.

Treasury yields rose sharply in March, with the 1-month the lone exception, remaining unchanged at 3.74%. The 3-year saw the biggest advancement, up 42 bps to 3.81%. The 2-, 5-, 10-, and 20-year all ticked up by more than 30 bps.

 

Chappell Wealth Watch! Oil Surges on Iranian Conflict

 

March unveiled the full effects of the United States’ strikes on Iran in late February, resulting in the worst month for the S&P 500 since September 2022. While global indices, asset classes, and equity styles all felt the shockwave, none reacted quite as heavily as oil.

The most immediate effects of Middle Eastern conflicts are seen in oil prices, as markets quickly factor in the risk of disrupted supply and transportation. This became evident in March, as the price of Brent crude reached over $100 per barrel for the first time since August 2022.

 

 

In March alone, Brent crude rose by 70.9%, as WTI increased by 50.4%. To contextualize this leap, during the opening month of the Gulf War in 1990, Brent Crude rose only as high as 45% at its peak.

The energy sector was a beneficiary as well, up 9.6%, and the only sector not to retreat in March. While equity markets trended downward for most of the month, the final trading day brought some reprieve. On rumors that Iran and the United States had made progress towards a deal, the S&P posted its second-best end-of-quarter day in history.

 

For advisors, history continues to favor those who have stayed disciplined through periods of geopolitical stress. This period can feel uniquely consequential in real time for clients, but markets have repeatedly moved beyond the initial shock period.

Oil prices, international equities, and sector-level moves all deserve attention as they influence broader economic sentiment, but it is key to help clients understand that remaining invested through uncertainty has mattered more than reacting to it.

 

Equity Performance: Energy Benefits Greatly, All Other Sectors, Indices, and Styles Negative

 

 

Value vs. Growth Performance

 

 

US Sector Movement

 

 

Top 10 S&P 500 Performers of March 2026

 

 

10 Worst S&P 500 Performers of March 2026

 

 

Economic Data Overview: Unemployment Picture Worries, Inflation Unchanged, Oil Skyrockets on Iran Conflict

 

Employment

The unemployment rate increased by 0.1 percentage points to 4.4%, and the U.S. economy lost 92,000 jobs according to the most recent nonfarm payrolls report. This came in well below the Dow Jones estimate of 50,000. The US Labor Force Participation Rate decreased by 0.1 percentage points to 62.00% in February.

Consumers and Inflation

The US inflation rate remained unchanged in February at 2.40%, as did core inflation at 2.50%.The CME FedWatch tool indicates less than 1% chance of the first rate cut in 2026 during the FOMC’s next meeting on April 29th. Rates were held steady at 3.50-3.75% in March, as Jerome Powell’s term winds closer to an end.

Production and Sales

The US ISM Manufacturing PMI increased MoM for the second consecutive month to 52.7. The Services PMI increased sharply MoM to 56.1, as both are signaling continued expansion. The YoY US Producer Price Index rose 3.40% in February, while the US Retail and Food Services Sales increased by 0.60% on the month.

Housing

Existing Home Sales increased by 1.74% MoM in February, following its largest monthly decline since April of 2020. The Median Sales Price of Existing Homes increased modestly to $398,000, a second consecutive reading below $400,000.

Mortgage rates upticked in March, ending the month at 5.75% for the 15-year and 6.38% for the 30-year. US New Single-Family Home Sales experienced its worst MoM decline in nearly 13 years, falling17.56% in January.

Commodities

Gold experienced an 11% drop in March, leaving SPDR Gold Shares ETF (GLD) trading at $430.29 per share. Silver was hit harder, down 19.8% to end the month, following a run-up of more than 100% in the six months prior.

Oil prices were the standout story in March due to the conflict in Iran. Geopolitical tension in the Middle East has strained oil supply, sending Brent crude over $100 per barrel for the first time since August 2022. Brent crude rose by 70.9%, as WTI increased by 50.4% to $104.69.

 

Fixed Income Performance: Insights into Bond ETFs & Treasury Yields

US Treasury Yield Curve

 

 

Bond Fund Performance

 

 

February 2026 Monthly Market Update

Posted on by Angie Burgess

Market Summary: Software and Growth Stocks Tumble, Internationals Continue to Push Higher

 

Markets posted a mixed February, as international equities finished in first once again. Emerging markets led the way, up 5.5% for the month, as the S&P 500 fell 0.8%. The Nasdaq posted the worst month of all indices for the second consecutive month, falling 3.3%.

Sector performance diverged, with Utilities soaring 10.4% and Energy advancing 9.5%. Four sectors finished negative, with Financials lagging hardest for the second straight month, down 3.8%.

The Federal Reserve’s next meeting is scheduled for March 18, though expectations for any rate cut remain muted at 2%. Nonfarm payrolls greatly exceeded expectations by 75,000 jobs in January, as the unemployment rate fell by 0.1 percentage points to 4.3%.

Housing prices continued to fall, but existing home sales activity experienced its sharpest decline since the COVID-19 lockdown, down 8.43% MoM. Inflation continues moving closer to the 2% target, down to 2.40% in January.

Treasury yields fell sharply in February, with the 1-month the only one to increase, up just 2 basis points to 3.74%. The 10-year saw the sharpest decline, down 29 bps to 3.97%, while the 3-, 5-, 20-, and 30-year all dropped by more than 20 bps.

 

Chappell Wealth Watch! Software Industry Suffers

 

February revealed a growing divergence beneath the surface of the market. While the S&P 500 remained relatively steady, software stocks sold off sharply, highlighting renewed pressure across the SaaS landscape.

 

AI’s expanding influence has increased investor scrutiny around software companies’ long-term defensibility. Investors are increasingly evaluating which platforms can integrate AI effectively and which may face margin compression or displacement risk.

This was not a collapse in fundamentals, but a reset in expectations. Revenues and earnings generally held up across the industry. However, valuations had been priced for near-perfect execution, and even modest guidance adjustments accelerated this repricing.

For advisors, the divergence helps illustrate how quickly leadership can shift when sentiment turns. February reinforced an important reminder that index stability can mask meaningful internal rotation, and thoughtful positioning will continue to matter in 2026.

 

Equity Performance: International Markets Continue to Lead, Utilities Surge as Growth and Technology Fall

 

 

Value vs. Growth Performance

 

 

US Sector Movement

 

 

Top 10 S&P 500 Performers of February 2026

 

 

10 Worst S&P 500 Performers of February 2026

 

 

Economic Data Overview: Inflation and Labor Conditions Improve, Housing Activity Falls Sharply

 

Employment

The unemployment rate decreased by 0.1 percentage points to 4.3%, and 130,000 jobs were added to the U.S. economy, according to the most recent nonfarm payrolls report. This came in well above the Dow Jones estimate of 55,000. The US Labor Force Participation Rate also increased by 0.1 percentage points to 62.50% in January.

Consumers and Inflation

The US inflation rate fell to 2.40% in January, approaching the Fed’s 2% target, though core inflation rose to 3.09%. The CME FedWatch tool indicates less than a 3% chance of the first rate cut in 2026 during the FOMC’s next meeting on March 18th. Rates were held steady at 3.50-3.75% in January, the first pause in cuts since September.

Production and Sales

The US ISM Manufacturing PMI increased MoM for the first time since September, up to 52.6, into expansion territory for the first time since February of 2025. The Services PMI remained unchanged in January at 53.8. The YoY US Producer Price Index sits at 2.88% in January, while the US Retail and Food Services Sales fell by 0.02% on the month.

Housing

Existing Home Sales fell sharply by 8.43% MoM in January, the largest monthly decline since April of 2020. The Median Sales Price of Existing Homes decreased to $396,800, the first reading below $400,000 in 11 months.

Mortgage rates were largely unchanged in January, ending the month at 5.44% for the 15-year and 5.98% for the 30-year. The US New Single-Family Home Sales fell by 1.72% in December, following growth of 15.55% in November.

Commodities

Gold posted another great month, increasing by 7.93%, leaving SPDR Gold Shares ETF (GLD) trading at $483.75 per share. Silver had a volatile February, though it ultimately advanced another 12.66% on the month.

Oil prices moved slightly as geopolitical tensions continued to raise concerns. Brent crude fell by 0.48% for the month to $71.90 per barrel, as WTI increased by 2.88% to $66.36.

 

Fixed Income Performance: Insights into Bond ETFs & Treasury Yields

US Treasury Yield Curve

 

 

Bond Fund Performance

 

 

January 2026 Monthly Market Update

Posted on by Angie Burgess

Market Summary: All Indices Advance, Technology Remains Flat as Rates Go Unchanged

 

Markets pushed higher in January as internationals finished in first once again. Emerging markets led the way, up nearly 9% for the month, as the S&P 500 advanced 1.5%. The Nasdaq posted the worst month of all indices, though still growing 1%.

Sector performance was mostly positive, with Energy soaring 14.2%, almost twice as much as the next-best, Materials. Financials posted the worst month, down 2.4%, as Technology and Healthcare finished virtually flat.

The Federal Reserve paused rate cuts after three consecutive 25-basis-point rate cuts to end 2025. Nonfarm payrolls missed expectations by 23,000 jobs in December, though the unemployment rate has continued to trend lower for the second month in a row. Housing prices continue to fall, and existing home sales activity spiked up 5.1% MoM. Looking ahead to the next FOMC meeting, markets expect just an 11% chance of resumed rate cuts as Chairman Jerome Powell closes out his term at the Fed.

Treasury yield movements were small in January, though almost the entire curve ticked higher. The 1-month was the lone decliner, down just 2 basis points to 3.72%. The 3-month and 1-year rates went unchanged, while all others increased between 2 to 8 basis points.

 

Chappell Wealth Watch! Standout Month for Precious Metals

 

January 2026 will be remembered for extreme moves in assets that are typically far less volatile. In the lead-up to the final trading day of the month, precious metals had posted incredible gains and were still gaining momentum.

 

Silver had climbed as much as 301% since the start of 2025, while gold was up more than 105% over the same period. That momentum abruptly reversed on the final day of January, producing declines rarely seen for these otherwise defensive assets.

  • Gold fell nearly 10%, its worst one-day drop since 1983

  • Silver plunged more than 28%, marking its worst single-day loss since 1980

Despite this last-minute move in January, the US dollar has declined more than 10% since the beginning of last year, a key factor in this precious metal resurgence. Ongoing trade tensions and a rising national debt add another layer of uncertainty, which has benefited these assets.

This unique set of circumstances has led to more pronounced moves as seen in January, reinforcing that volatility is not limited to equities alone. YCharts helps advisors clearly explain these dynamics to clients, emphasizing the importance of diversification and the role each asset class plays in a well-constructed portfolio.

 

Equity Performance: International Markets and Value Continue to Lead, Energy Sector Soars

 

 

Value vs. Growth Performance

 

 

US Sector Movement

 

 

Top 10 S&P 500 Performers of January 2026

 

 

10 Worst S&P 500 Performers of January 2026

 

 

Economic Data Overview: Precious Metals Continue Surging, Fed Pauses Rate Cuts, and Housing Improves

 

Employment

The unemployment rate decreased by 0.1 percentage points to 4.4%, and 50,000 jobs were added to the U.S. economy, according to the most recent nonfarm payrolls report. This came in below the Dow Jones estimate of 73,000.

Over the whole year, total nonfarm payrolls increased by just 584,000 in 2025, the weakest annual job growth outside of a recession since 2003, when just 125,000 jobs were added.

Consumers and Inflation

The US inflation rate increased to 2.71% in December, as core inflation fell slightly to 2.66%. The CME FedWatch tool indicates just an 11% chance of the first rate cut in 2026 during the FOMC’s next meeting on March 18th. Rates were held steady at 3.50-3.75% in January, the first pause in cuts since September.

Production and Sales

The US ISM Manufacturing PMI decreased further to 47.9 in December, its third consecutive monthly decrease. The Services PMI increased 1.8 points to 54.4, further extending the divergence between the two. The YoY US Producer Price Index sits at 2.98% in December, while the US Retail and Food Services Sales increased by 0.61% on the month.

Housing

Existing Home Sales increased sharply by 5.07% MoM in December as the Median Sales Price of Existing Homes decreased to $405,400, its lowest since March of 2025. Mortgage rates were largely unchanged in January, ending the month at 5.49% for the 15-year and 6.10% for the 30-year.

While US New Single-Family Home Sales remain unreported, the NAHB Housing Market Index can be used to measure homebuilder confidence, providing an early indication of construction sentiment and future building activity.

Commodities

Gold posted another incredible month, increasing by 13.3%, leaving SPDR Gold Shares ETF (GLD) trading at $444.95 per share. Silver posted a fantastic December, ending 2025 up over 102% at $62.34 per ounce.

Oil prices increased as geopolitical tensions continued to raise concerns. Brent crude rose 10.4% for the month to $67.70 per barrel, as WTI increased by 5.59% to $60.46.

 

Fixed Income Performance: Insights into Bond ETFs & Treasury Yields

US Treasury Yield Curve

 

 

Bond Fund Performance

 

 

December 2025 Monthly Market Update

Posted on by Angie Burgess

Market Summary: Financial Sector Leads, Inflation Data Resumes as Rate Cuts Continue in 2025

 

Markets were split in December as international markets finished 2025 the strongest. Emerging markets led the way, up 3% for the month, as the S&P 500 ended virtually flat. The Russell 2000 posted the worst December of all indices, down 0.6%.

Sector performance was also split for the month, as Financials led, advancing 3.1%. Communication Services, Materials, and Technology were all positive in December. Utilities took the most significant hit, ending down 5.1%, followed by Real Estate, which was down 2.1%.

The government resumed most economic data releases, providing more visibility into the broader economy. Nonfarm payrolls for November came in positive once again, although unemployment continued to tick upwards. The Fed Funds Rate was cut an additional 25 basis points, leaving the target range at 3.50-3.75% to end 2025. Expectations are more muted for the January 28th FOMC meeting, at just a 16% chance of a fourth straight cut, according to CME FedWatch.

Treasury yield movement was split in December, as the short end of the curve decreased and the long end increased, with the 2-year remaining unchanged. The largest decline occurred in the 1-month, down 31 basis points to 3.74%. The 30-year had the most significant jump, up 17 basis points to 4.84%.

 

Chappell Wealth Watch! The Volatile Path to a 16.4% Growth Year

 

The S&P 500 finished 2025 up 16.4%, but that headline return masks one of the most volatile stretches of the year. March ultimately marked the index’s worst month of 2025, as selling pressure intensified amid rising uncertainty around tariffs and international trade policy.

Those concerns escalated into early April, when investor anxiety spiked, and the VIX surged above 52. Volatility spiked to such extremes that three of the worst trading days and the single best trading day of the year all occurred within the same week.

  • April 3, 2025: down 4.84%
  • April 4, 2025: down 5.97%
  • April 9, 2025: up 9.52%
  • April 10, 2025: down 3.46%

Markets demonstrated how quickly sentiment could reverse, leading to momentum that carried into May, making it the strongest month of the year. 2025 highlights how sharp drawdowns are a natural part of market cycles, even during prolonged periods of substantial capital appreciation.

Visualizing these swings in YCharts helps advisors contextualize volatility for clients and reinforce why staying invested through turbulent periods remains critical to long-term outcomes.

 

Equity Performance: International Markets Lead, Value Keeps Shining, Utilities and Real Estate Lag

 

 

Value vs. Growth Performance

 

 

US Sector Movement

 

 

Top 10 S&P 500 Performers of December 2025

 

 

10 Worst S&P 500 Performers of December 2025

 

 

Economic Data Overview: First Inflation Read Since September, Unemployment Rises, and Gold Keeps Shining

Employment

The unemployment rate increased by 0.1 percentage points to 4.6%, and 64,000 jobs were added to the U.S. economy, according to the nonfarm payrolls report. This came in above the Dow Jones estimate of 45,000, marking a second consecutive month of exceeding expectations, following five straight months of missing the estimate.

Consumers and Inflation

The US inflation rate decreased to 2.68% in November, as did core inflation to 2.69%. These are the first readings since September, as October’s data was cancelled.

The CME FedWatch tool indicates just a 16% chance for a fourth consecutive rate cut when the FOMC meets next on January 28th. Despite lacking the full scope of key economic indicators, rates were cut by an additional 25 basis points in December, totaling 75 basis points for the year.

Production and Sales

The US ISM Manufacturing PMI decreased to 48.2 in November, its second consecutive monthly decrease. The Services PMI increased 0.2 points to 52.6 in November. The YoY US Producer Price Index has remained unreleased since September due to the federal shutdown, while the US Retail and Food Services Sales increased by 0.03% in October.

Housing

Existing Home Sales increased by 0.49% MoM in November, and the Median Sales Price of Existing Homes decreased to $409,200. Mortgage rates were largely unchanged in December, ending the month at 5.44% for the 15-year and 6.15% for the 30-year.

While US New Single-Family Home Sales remain unreported, the NAHB Housing Market Index can be used to measure homebuilder confidence, providing an early indication of construction sentiment and future building activity.

Commodities

The price of gold increased by 2.1% this month, and the SPDR Gold Shares ETF (GLD) is currently trading at $396.31 per share. Silver has also posted a fantastic year, up 63.9% heading into December. Oil prices decreased, with Brent crude down 1.5% for the month to $63.10 per barrel. WTI was hit a bit less, down by 1.2% to $57.89.

 

Fixed Income Performance: Insights into Bond ETFs & Treasury Yields

US Treasury Yield Curve

 

 

Bond Fund Performance

 

 

November 2025 Monthly Market Update

Posted on by Angie Burgess

Market Summary: Healthcare Surges, Key Economic Data Canceled as Rate Cuts Remain In Play

 

Markets were relatively flat in November despite heightened volatility as the S&P 500 posted a gain of 0.3%. Emerging markets took the biggest hit, ending the month down 2.4%, followed by the Nasdaq, which declined 1.5%.

Sector performance was largely positive in November, led by the Healthcare sector, which advanced 9.3%. Technology lagged, down 4.8%, as Nvidia’s Q3 earnings dominated headlines. Despite a strong report, markets dropped off due to renewed concerns about an AI-driven market bubble. Communication, Real Estate, and Financials were all positive for the month.

The government has canceled several key October economic releases, further limiting visibility into the broader economy. Nonfarm payrolls for September came in surprisingly positive, although unemployment ticked up slightly. The focus turns to the December 10th FOMC meeting, where markets are pricing in a third consecutive Fed Funds Rate cut of 25 basis points.

Treasury yields declined across the curve in November, with the 30-year yield serving as the lone outlier that remained unchanged. The largest decline occurred in the 2-year, which dropped 13 basis points to 3.47%, followed by the 5-year, which fell 12 basis points to 3.59%.

 

Chappell Wealth Watch! Diverging Value in the Same Environment

 

This year has been defined by significant market-moving headlines and economic conditions, which have tested the strength of investor sentiment. Tariffs, rate cuts, AI acceleration, and the longest government shutdown in history, to name a few, have left various asset styles sitting at surprising levels with one month remaining in the year.

Gold has been the absolute standout. Up more than 60% year to date, it has responded consistently to rising money supply, persistent fiscal concerns, and a dollar that has fallen more than 8%. This combination has helped fuel steady demand for the most traditional form of value preservation, which gold has more than reflected throughout the year.

Bitcoin has moved in the opposite direction. Even amid expanding regulation and continued institutional attention, the cryptocurrency is down more than 2% in 2025, despite having been up 35% at one point.

The weaker dollar and rising liquidity that supported gold did not have the same effect on Bitcoin, creating a notable contrast for something often positioned as a modern-day store of value.

This split does not define their long-term roles, but it shows how differently assets can move under the same conditions. One traditional hedge surged while the proposed digital alternative gave back gains, offering advisors a reference point when discussing value preservation, risk tolerance, and how various asset styles may respond to shifting economic forces.

 

Equity Performance: Value Shines Amidst Volatility, Healthcare Surges While Technology Pulls Back

 

 

Value vs. Growth Performance

 

 

US Sector Movement

 

 

Top 10 S&P 500 of November 2025

 

 

10 Worst S&P 500 Performers of November 2025

 

 

Economic Data Overview:  Softening Labor Market Key to Fed Rate Cut, Housing Market Shows Signs of Recovery

Employment

September’s employment data has finally been released following the conclusion of the longest government shutdown in US history. The unemployment rate ticked up to 4.4%, and 119,000 jobs were added to the U.S. economy according to the nonfarm payrolls report. This came in well above the Dow Jones estimate of 50,000, a surprising beat for the first time in five months.

The Labor Department has confirmed the cancellation of October’s reports, although advisors can continue to track labor conditions in YCharts using alternative datasets. ADP Employment Change and ADP Private Employment provide monthly updates on private-sector payroll growth, while the Challenger Report highlights announced layoffs and sector-level shifts.

Consumers and Inflation

The Bureau of Labor Statistics has canceled the release of October’s inflation data, a big decision just before the Federal Reserve’s December rate meeting. In September, the US inflation rate rose to 3.01% and the US Consumer Price Index sits at 0.3% MoM.

The FedWatch tool now indicates an over 85% chance for a third consecutive cut when the FOMC meets next on December 10th. Despite lacking the full scope of key economic indicators, investors are increasingly pricing in another 25 basis point cut to close out 2025.

Production and Sales

The US ISM Manufacturing PMI decreased to 48.2 in November, its second consecutive monthly decrease. The Services PMI increased 2.4 points to 52.4 in October. The YoY US Producer Price Index and US Retail and Food Services Sales have both remained unreleased since September due to the federal shutdown.

Housing

Existing Home Sales increased by 1.2% MoM in October, and the Median Sales Price of Existing Homes remains at $415,200. Mortgage rates increased slightly throughout November, with the 15-year Mortgage Rate at 5.51% and the 30-year at 6.23% to end the month.

While US New Single-Family Home Sales remain unreported, the NAHB Housing Market Index can be used to measure homebuilder confidence, providing an early indication of construction sentiment and future building activity.

Commodities

The price of gold increased this month by 6.2% following what was a volatile October. SPDR Gold Shares ETF (GLD) sits at $387.88 per share. Oil prices decreased, with Brent crude down 0.9% for the month to $64.83 per barrel. WTI was hit a bit harder, down by 4.3% to $59.11.

 

Fixed Income Performance: Insights into Bond ETFs & Treasury Yields

US Treasury Yield Curve

 

 

Bond Fund Performance

 

 

October 2025 Monthly Market Update

Posted on by Angie Burgess

Market Summary: Tech Leads While Materials Lag, All Indices Positive as the Fed Cuts Rates Again

 

Markets moved higher across the board for the second straight month, as the S&P 500 posted a gain of 2.3%. This advance was led by the Nasdaq and emerging markets, which increased by 4.7% and 4.2% respectively. October’s broad-based gains reflect continued investor confidence, as the Fed cut interest rates by 25 basis points for the second consecutive month.

Sector performance was split in October as Technology led the way with another near-7% month. Communication, Real Estate, and Financials were all negative, though none worse than Materials, which slipped 4.4% for the month.

The ongoing government shutdown delayed several key economic releases, limiting visibility into the broader economy. With labor and select inflation reports postponed, the Fed Funds Rate 25 basis point rate cut to a target range of 3.75%–4.00% remains the most significant policy development.

Treasury yields declined across most of the curve in October, with the 1-year serving as the lone outlier to have increased. The largest decline came from the 1-month Treasury, down 14 basis points to 4.06%, followed by the 3-month, which fell slightly less, by 13 basis points to 3.89%.

 

Chappell Wealth Watch! Nvidia Overtakes Entire Nations

 

Nvidia (NVDA) has officially entered uncharted territory. The company’s market capitalization has surged past $5 trillion, making it larger than the entire GDP of every country globally except the United States and China. At this scale, Nvidia alone is worth more than two Canadas and rivals the combined economies of Italy and France.

Its rise, up 28,900% over the past decade, has reshaped modern markets. Nvidia now accounts for 8.5% of the entire S&P 500 Index, an extraordinary level of concentration for a single stock. Once a leading indicator of innovation, the company has become a measure of market sentiment itself, driving major index performance and portfolio returns alike.

With earnings set for November 19th, the stock currently trades at a P/E ratio of 59, leaving investors eager to see whether results can sustain a valuation rivaling that of entire nations. The comparison highlights both the power and potential imbalance of today’s equity landscape, one that advisors can explore, visualize, and contextualize directly in YCharts.

 

Equity Performance: Technology Pushes Higher While Materials Lag, All Major Indices Positive in October

 

 

Value vs. Growth Performance

 

 

US Sector Movement

 

 

Top 10 S&P 500 of October 2025

 

 

10 Worst S&P 500 Performers of October 2025

 

 

Economic Data Overview: Softening Labor Market Key to Fed Rate Cut, Housing Market Shows Signs of Recovery

Employment

With September’s employment report delayed by the ongoing government shutdown, official labor data remains limited. The most recent release from August showed unemployment at 4.3%, reflecting a gradually cooling job market.

Advisors can continue tracking labor conditions in YCharts using alternative datasets that remain available throughout the shutdown. ADP Employment Change and ADP Private Employment provide monthly updates on private-sector payroll growth, while the Challenger Report highlights announced layoffs and sector-level shifts. For additional context, LinkedIn’s Jobs Report offers a broader view of hiring activity and workforce trends.

Consumers and Inflation

The US inflation rate rose to 3.01% in September, though core inflation fell to 3.02%. The US Consumer Price Index sits at 0.3% MoM, and US Personal Spending went unreported as a result of the government shutdown.

At the October 29th FOMC meeting, the Federal Reserve cut its key Fed Funds Rate target range by another 25 basis points to 3.75%-4.00%. Fed Chair Powell stated that “job creation is pretty close to zero”, and that a further rate cut in December is “not a foregone conclusion, far from it”. The FedWatch tool still assumes over a 68% chance of a third straight cut when the FOMC meets next on December 10th.

Production and Sales

The US ISM Manufacturing PMI increased 0.4 points in September to 49.1, its second monthly increase in a row. The Services PMI fell by 2.0 points to 50.0, sitting directly on the line between expansion and contraction. The YoY US Producer Price Index and US Retail and Food Services Sales both went unreleased due to the government shutdown.

Housing

Existing Home Sales increased by 1.5% MoM in September, and the Median Sales Price of Existing Homes fell for the third month in a row by 1.7%, with prices sitting at $415,200. Mortgage rates declined throughout October, with the 15-year Mortgage Rate at 5.41% and the 30-year at 6.17% to end the month.

While US New Single-Family Home Sales were unreported, the NAHB Housing Market Index can be used to measure homebuilder confidence, providing an early indication of construction sentiment and future building activity.

Commodities

The price of gold increased slightly this month by 1.8% following a record-setting September, leaving SPDR Gold Shares ETF (GLD) at $368.12 per share. Oil prices decreased, with Brent crude down 4.4% for the month to $65.52 per barrel. WTI was down by 1.7% to $62.13.

 

Fixed Income Performance: Insights into Bond ETFs & Treasury Yields

US Treasury Yield Curve

 

 

Bond Fund Performance

 

 

September 2025 Monthly Market Update

Posted on by Angie Burgess

Market Summary: Tech & Emerging Markets Lead, Housing Stimulated, Labor Softens as Fed Cuts Rates

 

Markets moved higher across the board, as the S&P 500 posted its best September month in 15 years, gaining 3.7%. In what has historically been the worst month for stocks, every major index posted gains, led by emerging markets, which increased by 7.2%. September’s broad-based gains reflect improved investor confidence, as the Fed cut interest rates for the first time this year.

Sector performance was split in September, with Technology leading the way, bouncing back from a negative August, advancing over 7.5%. Consumer Staples, Materials, and Energy all went negative, with Financials virtually flat at 0.1% in September.

The U.S. labor market continued to weaken as the unemployment rate ticked up to 4.3%, and just 22,000 jobs were added to the economy, missing expectations for the fourth month straight. The Fed Funds Rate was cut by 25 basis points, an anticipated move that sparked early signs of stimulation in the housing market. US New Single-Family Home Sales spiked up 20.48% as mortgage rates declined, leaving the 30-year at 6.3% to end September.

Treasury yields declined across the ends of the curve in September, though the 2-year, 3-year, and 5-year all increased slightly. One of the most significant drops came from the 30-year, down 19 basis points to 4.73%, reflecting market expectations of slower growth and easier policy conditions after the Fed lowered its target range.

 

Chappell Wealth Watch! Fed Rate Cuts Take Effect

 

September delivered the Fed’s first rate cut of the year, lowering the target range to 4.00%–4.25%. After months of anticipation, markets were relatively unreactive as the S&P 500 advanced half a percent in the first week following the move, reflecting how well expectations had already been priced in.

The labor market continued to soften in September, while inflation ticked slightly higher to 4.3%. In his remarks following the FOMC decision, Chair Jerome Powell noted, “Risks to inflation are tilted to the upside, and risks to employment are tilted to the downside, a challenging situation.” The updated dot plot shows policymakers projecting two additional cuts in 2025, signaling a continued path toward policy normalization.

This shift underscores the importance of monitoring more than just equity markets. While growth sectors have led recent gains, a changing rate path may alter relative performance and create new opportunities across asset classes. Advisors should consider how fixed income, real estate, and other rate-sensitive areas might respond.

At the same time, clients will seek clarity on how lower rates affect their day-to-day financial decisions. From mortgage affordability to borrowing costs and portfolio income, advisors can differentiate themselves by making these impacts tangible. YCharts’ Fed Rate Cut Deck offers deeper insight into the whole cycle and its implications, with client-ready visuals to guide these conversations.

 

 

Equity Performance: Technology and Communication Drive Growth Stocks Higher, Emerging Markets Soar

 

 

Value vs. Growth Performance

 

 

US Sector Movement

 

 

Top 10 S&P 500 of September 2025

 

 

10 Worst S&P 500 Performers of September 2025

 

 

Economic Data Overview: Softening Labor Market Key to Fed Rate Cut, Housing Market Shows Signs of Recovery

 

Employment

The unemployment rate ticked up once again to 4.3%, as did the labor force participation rate for the first time in five months, up to 62.3%. As of the latest available August nonfarm payrolls report, just 22,000 jobs were added to the U.S. economy. This falls below the modest Dow Jones estimate of 75,000, marking the fourth consecutive month of missed expectations, as the labor market continues to slow down.

Consumers and Inflation

The US inflation rate rose to 2.92% in August, as did core inflation to 3.11%. The US Consumer Price Index rose 0.4% MoM, and US Personal Spending ticked up by 0.62%.

At the September 17th FOMC meeting, the Federal Reserve cut its key Fed Funds Rate target range by 25 basis points to 4.00%-4.25%. Fed Chair Powell pointed to a “shift in the balance of risks” and forecasted two more cuts in 2025. The FedWatch tool now assumes over a 96% chance that the first of these will come when the FOMC meets on October 29th.

Production and Sales

The US ISM Manufacturing PMI increased 0.7 points in August to 48.7, just its second increase of the year. The Services PMI jumped by 1.9 points between July and August to 52.0, its largest gain since December 2024. The YoY US Producer Price Index decreased to 2.6%, as US Retail and Food Services Sales increased slightly MoM, sitting at 0.63% growth for August.

Housing

While US New Single-Family Home Sales spiked drastically by 20.48% in August, Existing Home Sales decreased by 0.25% MoM. The Median Sales Price of Existing Homes fell for the second month in a row by 0.73%, with prices sitting at $422,600. Mortgage rates declined throughout September; the 15-year Mortgage Rate was 5.49% as of September 25th, while the 30-year closed the month at 6.30%.

Commodities

The price of gold increased by 12% to new all-time highs in September, leaving SPDR Gold Shares ETF (GLD) at $355.42 per share. Oil prices increased slightly, with Brent crude up 1.72% for the month to $69 per barrel. WTI was flat, decreasing by 0.14% to $64.27.

 

Fixed Income Performance: Insights into Bond ETFs & Treasury Yields

US Treasury Yield Curve

 

 

Bond Fund Performance

 

 

August 2025 Monthly Market Update

Posted on by Angie Burgess

August 2025 Market Summary: Small Caps Lead Broad Rally, Labor Softens, Yields Decline

 

Markets moved higher across the board in August, with every major index posting gains. The Russell 2000 led with a 7.14% surge, while others had more modest advances. Despite macro uncertainty, August’s broad-based gains reflected improving investor confidence and participation, including a 4.27% rise in international developed equities.

Sector performance showed a more balanced tone compared to July. Health Care rebounded strongly, gaining 5.4% to lead all sectors, followed by Materials at 5.2%. Technology and Utilities were the only declining sectors, as Industrials finished flat in August.

The U.S. labor market continued to weaken as the Unemployment Rate ticked up to 4.2% and Labor Force Participation declined for the fourth straight month. Just 73,000 jobs were added in July, missing expectations for the third month running. The Median Sales Price of Existing Homes fell 2.38%, marking the first monthly decline since January. The Fed Funds Rate remained unchanged, but a dovish tone from Fed Chair Powell at Jackson Hole increased speculation that rate cuts could arrive as soon as September.

Treasury yields declined across the curve in August, apart from the 30-year, which finished three basis points above July’s level at 4.92%. The 2-year fell from 3.94% to 3.59%, the month’s most significant drop of 35 basis points, and the 3-year dropped to 3.58%, as markets increasingly priced in Fed rate cuts.

 

Chappell Wealth Watch! Expectations for Rate Cuts Accelerate

 

After months of mixed signals and market impatience, August marked a turning point in the case for rate cuts. At Jackson Hole, Fed Chair Jerome Powell acknowledged the shift, stating, “With policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.”

With rates having held at 4.50% since the end of 2024, markets are now pricing in a 91% probability of a cut in September. This is a sharp reversal from the uncertain sentiment that clouded markets back in April. For advisors, this shift could be a signal to reexamine how portfolios are positioned for a changing rate environment.

 

Equity Performance: Small Caps Drive Market Higher, Health Care Leads Sector Comeback

 

 

Value vs. Growth Performance

 

 

US Sector Movement

 

 

Top 10 S&P 500 Performers of August 2025

 

 

10 Worst S&P 500 Performers of August 2025

 

 

Economic Data Overview: Employment Softens Further as Inflation Holds, Markets Eye September Rate Cut

 

Employment

The unemployment rate rose slightly to 4.2%, while the labor force participation rate fell 0.1 percentage points for the fourth month in a row to 62.2%. According to the most recent nonfarm payrolls report, 73,000 jobs were added to the U.S. economy in July. This falls below the modest Dow Jones estimate of 100,000, marking the third consecutive month of payrolls missing expectations.

Consumers and Inflation

The US inflation rate rose to 2.70% in July, as did core inflation to 3.06%. The US Consumer Price Index rose 0.2% MoM, and US Personal Spending ticked up to 0.53%, falling right in line with its long-term average.

The Federal Reserve maintained its key Fed Funds Rate target range of 4.25%-4.50% at the July 30th meeting; however, Fed Chair Powell delivered a dovish address at Jackson Hole on August 22nd. The FedWatch tool is now assuming over a 91% chance of rate cuts when the FOMC next meets on September 17th.

Production and Sales

The US ISM Manufacturing PMI decreased 1.0 point in July to 48.0, following its only increase of 2025 in June. The Services PMI fell 0.7 points between June and July to 50.1, edging closer to contraction territory. The YoY US Producer Price Index increased sharply to 3.29% in July, following a decline in June. US Retail and Food Services Sales decreased slightly MoM, sitting at 0.51% growth for July.

Housing

While US New Single-Family Home Sales declined by 0.61% in July, Existing Home Sales grew by 2.04%. The Median Sales Price of Existing Homes fell by 2.38% in July, the first monthly decline since January of this year, with prices sitting at $422,400. Mortgage rates declined slightly throughout July; the 15-year Mortgage Rate was 5.69% as of August 28th, while the 30-year closed the month at 6.56%.

Commodities

The price of gold decreased by 0.41% in July. The SPDR Gold Shares ETF (GLD) increased by 4.99% in August to $318.07 per share. Oil prices fell in August, with Brent crude down 7.00% for the month to $68.29 per barrel. WTI dropped by 7.36% to $65.18.

 

Fixed Income Performance: Insights into Bond ETFs & Treasury Yields

US Treasury Yield Curve

 

 

Bond Fund Performance

 

 

July 2025 Monthly Market Update

Posted on by Angie Burgess

July 2025 Market Summary: Stocks Rise to Start 2H 2025, Median Sale Price of Existing Homes Hits New High, Treasury Yields Rise

Equities kicked off the second half of 2025 on a mostly positive note with most indices posting gains in July. The Dow Jones Industrial Average rose 0.2%, the S&P 500 added 2.2%, and the Nasdaq Composite advanced 3.7%. Only Developed EAFE Markets had a negative July, shedding 1.4% in the month.

The most defensive and most cyclically-sensitive sectors topped the list for July: Utilities and Technology, which rose 4.9% and 3.8%, respectively. Industrials came in third place with a 3% gain. Six of the ten worst-performing S&P 500 stocks in July were Health Care names, dragging the sector down by 3.2%, making it the worst performer in July.

The Median Sales Price of Existing Homes rose to $435,500 in June, setting a new all-time high for the first time in twelve months. Oil prices spiked further in July following a volatile June; the price of Brent crude spiked 4% in July, while WTI rose 2.3%. The Federal Reserve maintained its key Fed Funds Rate target range of 4.25%-4.50% at the FOMC’s July 30th meeting, but the majority of investors currently anticipate the Fed will cut the target rate by 25 basis points at its next meeting on September 17th.

Treasury yields rose across the board in July, with the exception of the 3-month Treasury Rate which stayed flat MoM at 4.41%. The 2-year Treasury Rate logged the highest monthly increase of 22 basis points. Higher yields across the curve pushed prices of bond funds lower, such as the iShares 20+ Year Treasury Bond ETF (TLT), which slipped 1.1% in July.

 

Chappell Wealth Watch! Magnificent Seven Q2 Earnings Surprises

 

This earnings season, many eyes were fixed to the Q2 reports of the Magnificent Seven stocks for company-specific guidance and potential market-wide outlooks.

Six of the seven Magnificent Seven companies beat their latest earnings estimates by posting a positive EPS surprise. These names were Alphabet (GOOG), Amazon (AMZN), Apple (AAPL), Meta Platforms (META), Microsoft (MSFT), and NVIDIA (NVDA).

The lone outlier? Tesla (TSLA), which missed its earnings estimates by 1.1%.

 

Equity Performance: Equities Begin Second Half of 2025 On Generally Positive Note; Utilities and Tech Lead, Health Care Lags

 

 

Value vs. Growth Performance

 

 

US Sector Movement

 

 

Top 10 S&P 500 Performers of July 2025

 

 

10 Worst S&P 500 Performers of July 2025

 

 

Economic Data Overview: Oil Prices Climb Higher, Single-Family Home Prices Surpass All-Time High

 

Employment

The unemployment rate remained at 4.2% in July for the fourth month out of the last five, even as the labor force participation rate fell a tenth of a percentage point to 62.2%. The most recent nonfarm payrolls report showed 73,000 jobs were added to the U.S. economy in July, as payroll figures for both May and June were revised significantly down by more than 250,000 combined.

Consumers and Inflation

The US inflation rate logged a slight increase MoM, coming in at 2.67% in June. Core inflation rose to 2.93% between May and June. The US Consumer Price Index inched higher by 0.3% MoM in June, and US Personal Spending grew 0.34% between May and June.

The Federal Reserve maintained its key Fed Funds Rate target range of 4.25%-4.50% at the FOMC’s July 30th meeting, the fifth consecutive meeting in which it has voted to do so. The next meeting will take place on September 17th, at which the majority of investors currently anticipate the Fed will buck its recent trend by cutting the target rate by 25 basis points, according to the CME FedWatch tool.

Production and Sales

The US ISM Manufacturing PMI decreased one point in July to 48.0, while the Services PMI rose 0.9 points to 50.8, putting the latter PMI back into expansion territory. The YoY US Producer Price Index rose slightly to 2.34% in June, and US Retail and Food Services Sales rebounded 0.64% MoM after posting the largest MoM decline in May since April 2023.

Housing

US New Single-Family Home Sales rose 0.64% MoM in June on the heels of a double-digit decline last month, while Existing Home Sales contracted 2.72% in the same month. The Median Sales Price of Existing Homes set a new all-time high in June for the first time since June 2024, climbing 2.74% MoM to $435,300. Mortgage rates were relatively unchanged throughout July; the 15-year Mortgage Rate was 5.85% as of July 31st, while the 30-year ended the month at 6.72%.

Commodities

The SPDR Gold Shares ETF (GLD) rose as much as 3.7% in July before settling at $302.96, a monthly decline of 0.61%. Oil prices increased in July following a volatile June stemming from concerns over diminishing production in the Middle East; the price of Brent crude spiked 4% in July to $70.87 per barrel as of July 31st, while WTI rose 2.3% to $67.81. Despite the higher oil prices, the average price of gas fell four cents to $3.24 per gallon MoM.

 

Fixed Income Performance: Insights into Bond ETFs & Treasury Yields

US Treasury Yield Curve

 

 

Bond Fund Performance