Equity markets closed out a robust first quarter with continued gains in March as investor fears of a recession have diminished. Market breadth expanded in the quarter as performance spread beyond the Magnificent Seven tech-related equities across sectors and market capitalizations. The economic backdrop has also been cooperative despite ongoing restrictive monetary policy, with investors appearing to lean into the markets in anticipation of potential interest rate cuts later in the year. The VIX Index or “fear gauge” reflected the positive investor sentiment, with the index tracking in the low to mid-teens for much of the month. For the full month, the Dow Jones Industrial Average increased 2.1%, the S&P 500® index was up 3.1%, and the smaller cap-weighted Russell 2000® increased by 3.4%.