After a stormy 2022, US stocks gained during the first quarter of 2023 in a surprise show of resilience despite a banking crisis, cryptocurrency meltdowns and uncertainty about what’s ahead for the economy
. Still, nothing about the first quarter’s performance was linear. The broad-based S&P 500 seesawed throughout the quarter, ending January on a high note before tumbling in February, rising again in March and ultimately ending the quarter up about 7%. The tech-heavy Nasdaq made a remarkable resurgence, soaring nearly 17% in its best quarterly gain since the fourth quarter of 2020.
What’s next? Despite the first quarter’s strong performance, investors say that celebrating a Fed victory against inflation would be premature. Rising prices remain a key factor driving markets and could cause turbulence ahead, even if it’s not cataclysmic. Earlier this month, the collapse of three financial institutions — Silicon Valley Bank, Signature Bank and Credit Suisse — set off a banking meltdown that sent markets teetering.
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