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Weekly Commentary Summary

The extremely valid question regarding the impact of war in the Middle East on the global economy simply cannot be well answered at this time. Several immediate areas of concern are clear — oil and gas supplies and prices, transportation flows and costs in the Red Sea (headed to the Suez Canal) and the Persian Gulf (Straits of Hormuz), and the involvement of additional countries — yet the magnitude of the concern will depend upon, among other things, the still-uncertain duration of the conflict. The S&P 500 Index declined -0.8% in February, but the headline masked broad underlying strength. The equal-weighted S&P 500 gained +3.5%, Large Cap Value rose +2.6%, and the Russell 2000 added +0.8%, as the rotation toward smaller and more value-oriented companies continued. In contrast, Large Cap Growth declined -3.4% and the Nasdaq fell -2.3% as technology stocks came under pressure. On the wealth planning front, we...

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