--- title: "Stock Market Recap: February 2024 – Confluence Financial Partners" description: Month in Review Attention to Interest Rates Investors are curious as to when the Federal Reserve will start lowering interest rates. During February… image: https://blog.confluencefp.com/hubfs/Imported_Blog_Media/Insights-3.png --- [![](https://blog.confluencefp.com/hubfs/Blog%20Template%20Assets/cfp-logo-white-green-icon.svg)](https://www.confluencefp.com/) [CLIENT ACCESS](https://clientaccess.rjf.com/) [FORM CRS](https://www.confluencefp.com/form-crs/) - [Our Approach](https://blog.confluencefp.com/insights/stock-market-recap-february-2024#!) - [About](https://blog.confluencefp.com/insights/stock-market-recap-february-2024#!) - [Insights](https://blog.confluencefp.com/insights/stock-market-recap-february-2024#!) - [Careers](https://www.confluencefp.com/careers/) - [Contact Us](https://www.confluencefp.com/contact-us/) × SEARCH THE BLOG - [Our Approach](https://blog.confluencefp.com/insights/stock-market-recap-february-2024#!) - [About](https://blog.confluencefp.com/insights/stock-market-recap-february-2024#!) - [Insights](https://blog.confluencefp.com/insights/stock-market-recap-february-2024#!) - [Careers](https://www.confluencefp.com/careers/) - [Contact Us](https://www.confluencefp.com/contact-us/) Stock Market Recap: February 2024 – Confluence Financial Partners Articles # Stock Market Recap: February 2024 ![Picture of ](https://blog.confluencefp.com/hs-fs/hubfs/Blog%20author%20photos/william_winkeler-e1665068484513-168x303.jpeg?width=100&name=william_winkeler-e1665068484513-168x303.jpeg) by William R. Winkeler Jr. ![](https://blog.confluencefp.com/hubfs/Imported_Blog_Media/Insights-3.png)   **Month in Review** - Rally continued for stocks in February, with the key development of broader participation- for example, US small cap stocks had a strong month. - String of inflation data and commentary from the Federal Reserve pushed bond yields higher during February. - The inflation report released during the month (January CPI) showed prices rising more than expected, driven by higher housing related costs. **Attention to Interest Rates** Investors are curious as to when the Federal Reserve will start lowering interest rates. During February, investors recalibrated expectations once again for the start of rate cuts, believing that the first reduction will be pushed back to June 2024. This change makes sense for various reasons: inflation continues to remain somewhat firm, and the labor market remains very strong. Historically, forecasting the path of interest rates has been notoriously difficult to do and ultimately, introduces unwarranted noise into investors’ outlooks. The chart below shows how even the Federal Reserve struggles to predict its own interest rate decisions. ![](https://blog.confluencefp.com/hs-fs/hubfs/Imported_Blog_Media/image-Apr-04-2024-01-21-23-3987-AM.png?width=600&height=371&name=image-Apr-04-2024-01-21-23-3987-AM.png) *Source: Capital Group, Bloomberg. As of February 23, 2024. Federal funds rate data from January 2016 to February 2024. Forward looking dot plot projections are reported quarterly from September 2016 through December 2023.* **What’s on Deck for March?** - Inflation data will be in focus as investors watch for any signs of continued increases of prices. The February CPI report is released on March 12th and expected to show declining inflation. - The Federal Reserve’s March meeting (FOMC) will be closely watched for commentary around the outlook for growth and inflation. Fed Chair Jerome Powell has already indicated a March rate hike is off the table. - As of February 29th, 97% of the S&P 500 companies had reported earnings, with the remainder wrapping up in March. With 97% of companies reporting, year-over-year earnings growth came in at +4%.  [Feb 2024 Market Recap](https://www.confluencefp.com/app/uploads/2024/03/Feb-2024-Market-Recap-1.pdf) [Download](https://www.confluencefp.com/app/uploads/2024/03/Feb-2024-Market-Recap-1.pdf) SHARE [![](https://blog.confluencefp.com/hubfs/Blog%20Template%20Assets/facebook-green.svg)](https://www.facebook.com/sharer.php?u=https%3A%2F%2Fblog.confluencefp.com%2Finsights%2Fstock-market-recap-february-2024) [![](https://blog.confluencefp.com/hubfs/Blog%20Template%20Assets/twitter-green.svg)](https://twitter.com/intent/tweet?url=https%3A%2F%2Fblog.confluencefp.com%2Finsights%2Fstock-market-recap-february-2024&text=%3Cspan+id%3D%22hs_cos_wrapper_name%22+class%3D%22hs_cos_wrapper+hs_cos_wrapper_meta_field+hs_cos_wrapper_type_text%22+style%3D%22%22+data-hs-cos-general-type%3D%22meta_field%22+data-hs-cos-type%3D%22text%22+%3EStock+Market+Recap%3A+February+2024%3C%2Fspan%3E) [![](https://blog.confluencefp.com/hubfs/Blog%20Template%20Assets/linkedin-green.svg)](https://www.linkedin.com/shareArticle?url=https%3A%2F%2Fblog.confluencefp.com%2Finsights%2Fstock-market-recap-february-2024&title=%3Cspan+id%3D%22hs_cos_wrapper_name%22+class%3D%22hs_cos_wrapper+hs_cos_wrapper_meta_field+hs_cos_wrapper_type_text%22+style%3D%22%22+data-hs-cos-general-type%3D%22meta_field%22+data-hs-cos-type%3D%22text%22+%3EStock+Market+Recap%3A+February+2024%3C%2Fspan%3E) ![Picture of William R. Winkeler Jr.](https://blog.confluencefp.com/hs-fs/hubfs/Blog%20author%20photos/william_winkeler-e1665068484513-168x303.jpeg?width=100&name=william_winkeler-e1665068484513-168x303.jpeg) ###### ABOUT THE AUTHOR Bill has more than 12 years of experience in the investment industry, most recently as Managing Director of Investments at a private wealth management firm. In his role at Confluence, Bill chairs the ... [Email William R. Winkeler Jr.](mailto:bill.winkeler@confluencefp.com) LATEST INSIGHT ![](https://blog.confluencefp.com/hubfs/Imagine-That-2023-thumbnail-1024x1024.png) ARTICLES ## [April 23rd](https://blog.confluencefp.com/insights/april-23rd) ![Picture of Mike Roe](https://blog.confluencefp.com/hs-fs/hubfs/pngtree-default-male-avatar-png-image_2811083.jpeg?width=100&name=pngtree-default-male-avatar-png-image_2811083.jpeg) by Mike Roe Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem ... INSIGHTS LATEST PODCAST ![](https://blog.confluencefp.com/hubfs/pngtree-user-avatar-placeholder-black-png-image_3918427.webp) EPISODE ## [April 3rd test post](https://blog.confluencefp.com/insights/april-3rd-test-post) Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem Ipsum Lorem I... ![](https://blog.confluencefp.com/hubfs/pngtree-user-avatar-placeholder-black-png-image_3918427.webp) EPISODES ![](https://blog.confluencefp.com/hubfs/envelope-open-text-solid.svg) Sign up for updates, insights, and notifications for new podcast episodes. [![](https://blog.confluencefp.com/hubfs/Blog%20Template%20Assets/cfp-logo-white-green-icon.svg)](https://www.confluencefp.com/) ### We’re on a mission to help our clients maximize their lives and legacies through thoughtful financial planning, intelligent investing, continual improvement, and exceptional service. Confluence Wealth Services, Inc. d/b/a Confluence Financial Partners is an SEC-registered investment adviser. Registration of an investment adviser does not imply any level of skill or training. Please refer to our Form ADV Part 2A and [Form CRS](https://www.confluencefp.com/form-crs/) for further information regarding our investment services and their corresponding risks. Additional information about Confluence Wealth Services, Inc. is available on the Investment Adviser Public Disclosure (IAPD) website at: [www.adviserinfo.sec.gov.](https://www.adviserinfo.sec.gov/) The content on this site is provided as general information only and should not be construed as an offering of advisory services or a recommendation to buy or sell any security or financial instrument by Confluence Wealth Services, Inc. Investing involves risk; clients may experience a profit or a loss. REQUEST A MEETING ASK AN ADVISOR - [FOR INDIVIDUALS](https://www.confluencefp.com/for-individuals/) - [FOR BUSINESSES](https://www.confluencefp.com/for-businesses/) - [LEADERSHIP](https://www.confluencefp.com/leadership/) - [ADVISORS](https://www.confluencefp.com/advisors/) - [INSIGHTS](https://www.confluencefp.com/insights/) - [CAREERS](https://www.confluencefp.com/careers/) - [CONTACT US](https://www.confluencefp.com/contact-us/) - [CLIENT ACCESS](https://www.confluencefp.com/insights/) #### PITTSBURGH, PA [One PPG Place, Suite 2420 Pittsburgh, PA 15222](https://www.google.com/maps?q=One+PPG+Place%2C+Suite+2420%2C+Pittsburgh%2C+PA+15222) T [412.391.0377](tel:412-391-0377) TF [866.691.6178](tel:866-691-6178) F [412.391.4089](tel:412-391-4089) #### MCMURRAY, PA [732 E McMurray Road McMurray, PA 15317](https://www.google.com/maps?q=732+E+McMurray+Road%2C+McMurray%2C+PA+15317) T [724.271.8801](tel:724-271-8801) TF [844.550.4655](tel:844-550-4655) F [724.271.8814](tel:724-271-8814) #### SEWICKLEY, PA [1605 Carmody Court, Suite 101 Sewickley, PA 15143](https://www.google.com/maps?q=1605+Carmody+Court%2C+Suite+101%2C+Sewickley%2C+PA+15143) T [724.719.6600](tel:724-719-6600) TF [800.497.9990](tel:800-497-9990) F [724.934.1150](tel:724-934-1150) #### NAPLES, FL [999 Vanderbilt Beach Road, Suite 200 Naples, FL 34108](https://www.google.com/maps?q=999+Vanderbilt+Beach+Road%2C+Suite+200%2C+Naples%2C+FL+34108) T [239.422.5410](tel:239-422-5410) © 2024 CONFLUENCE WEALTH SERVICES. ALL RIGHTS RESERVED. [FORM ADV 2A](https://www.confluencefp.com/form-adv-2a/) [PRIVACY POLICY](https://www.confluencefp.com/privacy-policy/) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "William R. Winkeler Jr.", "url" : "https://blog.confluencefp.com/insights/author/william-winkeler" }, "dateModified" : "2024-04-18T18:28:31.992Z", "datePublished" : "2024-04-04T01:33:08.000Z", "headline" : "Stock Market Recap: February 2024 – Confluence Financial Partners", "image" : [ "https://blog.confluencefp.com/hubfs/Imported_Blog_Media/Insights-3.png" ], "mainEntityOfPage" : { "@id" : "https://blog.confluencefp.com/insights/stock-market-recap-february-2024", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://blog.confluencefp.com/hubfs/CFP_Logo_CMYK_Blue-H.png" } } } ```