Returns for the stock and bond indices below were all modestly negative for the quarter, with an unusually minimal dispersion of returns. Despite this, stocks have rallied over the past twelve months since the S&P 500 was essentially hitting its lows for the year at this point in 2022. Smaller domestic and emerging markets stocks have lagged on a relative basis. A handful of mega-cap stocks including Nvidia, Apple, Microsoft, Google, Meta (formerly Facebook), Amazon and Tesla, continue to account for a significant portion of those positive returns for the past year and year-to-date time periods.