Quarterly win streak ends at nine for the S&P 500. The S&P 500 slipped 0.8% during the volatile first quarter that saw the index suffer its first 10% correction since early 2016. Weakness was driven by several factors, including Federal Reserve rate hike fears, which were sparked by evidence of wage pressures and the change in leadership at the central bank; and escalating trade tensions with China. Winners in the quarter included: growth, small caps, technology, consumer discretionary, and emerging markets. (LPL)

Market fundamentals remain favorable. The down quarter does not necessarily mean fundamentals have deteriorated. While risks associated with protectionist U.S. trade policy should be acknowledged, we continue to expect economic growth to accelerate this year, in large part due to the effects of the new tax law, which should give earnings a significant boost. (LPL)

The Institute for Supply Management index of national factory activity fell to 59.3 in March.  Seventeen industries including fabricated metal products, computer and electronic products, machinery and chemical products reported growth last month. Apparel, leather and allied products was the only industry reporting a decrease.

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.