U.S. equity indexes posted strong returns in 2024. The S&P 500 and the NASDAQ indexes led the way up 25% and 30%, respectively. Large technology stocks propelled these indexes due in part to substantial spending on artificial intelligence (AI). Developed international indexes have modest technology weightings and are populated with economically sensitive industries which generally did not perform well, leading to low single-digit returns. Finally, the emerging market index performed poorly in the fourth quarter due to concerns over the prospect of higher tariffs in the upcoming Trump presidency, leading to a still respectable 8% return

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