Markets Open 2024 with Commodities Leading, Property Stocks Lagging
James Picerno | Feb 01, 2024 13:25
Global markets were mixed in January following a strong finish in 2023 that lifted nearly all corners. Commodities bounced back last month, leading the major asset classes, while property shares led the losers, based on a set of ETFs.
The iShares S&P GSCI Commodity-Indexed Trust (NYSE:GSG) was the top performer in 2024’s opening month. The fund’s 4.4% gain in January marks the first monthly advance since September.
US stocks (VTI), cash (SHV), inflation-indexed US Treasuries (TIP) and US junk bonds (JNK) also posted gains in January. The rest of the field retreated in the new year’s opening month.
The deepest loss in January: US property shares. Vanguard Real Estate ETF (NYSE:VNQ) fell 5.1% in January, its first monthly setback since October.
The Global Market Index (GMI) rose for a third straight month in January, edging up 0.1%. GMI is an unmanaged benchmark (maintained by CapitalSpectator.com) that holds all the major asset classes (except cash) in market-value weights via ETFs and represents a competitive benchmark for multi-asset-class portfolios.
GMI’s one-year performance remains strong at 13.1%, thanks in part to the strong rally in US stocks (VTI). Meanwhile, the US bond market (BND) has been rebounding lately, but the recovery has been sluggish over the trailing 12-month window.
Get The App
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.