Rock Point Advisors is a wealth advisory firm focused on helping clients make sound financial decisions and take advantage of the benefits of long-term investing. We are dedicated to managing portfolios in the context of plans carefully developed with our clients.
Since our founding in 2004, our financial planning and investment management efforts have been guided by our fiduciary duty to our clients and our belief that doing what’s right matters. We work hard to deliver practical advice and responsible investing to help clients achieve their goals.
Stocks encountered some turbulence before the third quarter closed on a high note. Inflation continued to trend lower and company earnings were generally positive, but markets were on edge over the health of the economy, particularly in July as weaker jobs reports and deteriorating consumer and business confidence indicators factored into a 10% downdraft for US stocks. Skepticism about the Artificial Intelligence craze contributed to a welcome change in market leadership, with large tech giving way to smaller company and foreign stocks.
US stock indexes advanced 3.2% in Q2, again led by large technology names even as most stocks declined. Since their abysmal performance in 2022, a handful of the tech giants have ridden the AI wave and accounted for more than one-half of gains in the major US stock benchmarks.
The first three months of the new year proved to be an extension of 2023 – large technology stocks leading the way with some sizzle provided by companies tied to Artificial Intelligence (AI) and bouts of interest rate volatility keeping markets on edge. Economic data continued to surpass consensus expectations with some experts now suggesting that the US economy might sail past a hard or even a soft landing without a pause – a prospect on no one’s radar until recently.
