Market Update

Market Update: What's Behind the Volatility

Today's Agenda

What's Happening in the Markets and Why What Market Volatility Means for Your Portfolio Dos And Don'ts during Volatile Times Next Steps

What's Happening--and Why

One-Year Returns Are Mixed, with Bonds Leading

Mature economic growth and ongoing trade tensions have periodically weighed on stocks

20%

2019

15%

10% 5% 0% -5%

-10%

Bonds YTD: 7.8% 1Y: 9.6%

U.S. Stocks YTD: 18.6% 1Y: 3.7%

Non-U.S. Stocks YTD: 9.1% 1Y: -4.1%

-15%

-20% Aug-18

Nov-18

Feb-19

May-19

Aug-19

Past performance is no guarantee of future results. Source: Fidelity Investments, Bloomberg as of 8/8/19. U.S. Equity = Dow Jones U.S. Total Stock Market Index; Non-U.S. Equity = Morgan Stanley Capital International (MSCI) All Country World Index ex US (Net MA); Bonds = Barclays U.S. Aggregate 4 Bond Index.

Bonds Have Benefited from Falling Interest Rates

10-YEAR U.S. TREASURY BOND YIELD

3.5% Fed Interest Rate Hike Dates

3.0%

Interest Rate (%)

2.5%

2.0%

1.5%

1.0% Aug-14

Feb-15

Aug-15

Feb-16

Aug-16

Feb-17

Aug-17

Feb-18

Aug-18

Feb-19

Aug-19

5 Source: Bloomberg Finance L.P., as of 8/8/19.

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