War Times & The Stock Market

S&P 500 Index

Wars and conflicts have been a constant throughout history, however recent events might cause us to look at how the stock market has performed during past times of war. The chart below shows the S&P 500 Index level since
1927 and several of the major wars and conflicts since then. Though uncertainty may temporarily shape the market, we believe seeing the market’s overall resiliency can help maintain a long-term perspective.

10000 Russia-Ukraine
Kosovo Conflict 2022
Algerian Yom Kippur Bosnian Conflict 1998
Spanish Civil
War 1954 War 1973 Dirty War Conflict 1992
War 1936
1976
Korean War
1950 Arab-Israeli
Sino-Japanese Afghan War
War 1967
War 1937 1978
1000 War of
Attrition 1969 Yemen Civil
S&P 500 I N D E X L E V E L ( LO G A R I T H M I C S C A L E )

World War II War 2014

1939
Chaco War
1932 Vietnam Afghanistan
Arab-Israeli War 1954 War 2001
War 1948
Gulf War Iraq War
100 1990 2013
Iraq War
Greek Civil
2003
War 1944 Six-Day War Falkland Islands
1967 War 1982
Ukraine (Crimea)
Crisis 2014
Syrian Civil
10 Greek Civil War 2011
Iran-Iraq
Russo-Finnish War 1946 War 1980
War 1939
Italo-Ethiopian Arab-Israeli
War 1935 War 1956 Arab-Israeli Arab-Israeli
War 1973 War 1982
1
'28 '31 '34 '37 '40 '43 '46 '49 '52 '55 '58 '61 '64 '67 '70 '73 '76 '79 '82 '85 '88 '91 '94 '97 '00 '03 '06 '09 '12 '15 '18 '21

Source: S&P CapIQ. Bloomberg. Monthly index levels from 12/31/1927 - 2/23/2022. Past performance is no guarantee of future results. This chart is for illustrative purposes only and not indicative of any actual investment. The S&P 500 Index is an unmanaged index of 500
stocks used to measure large-cap U.S. stock market performance. Investors cannot invest directly in an index.
The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any
other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.

First Trust Portfolios L.P. | Member SIPC | Member FINRA | 1-800-621-1675 | www.ftportfolios.com
 Crisis and Events
S&P 500 Index: 1970 – 2022

This chart shows the growth of $10,000 based on S&P 500 Index performance over the last several decades. We believe looking at the market’s overall resiliency through major crises and events helps to gain a fresh perspective
on the benefits of investing for the long-term.

T H E AV E R AG E A N N U A L TO TA L R E T U R N O F T H E S & P 500 I N D E X F O R T H E P E R I O D S H O W N B E LO W WA S 10.83%.

Invasion of First PC
demonstrated First mobile Iraq Invades Oklahoma City EU launches Obama elected First confirmed
Cambodia phone sold (1G) the Euro COVID-19 case
Kuwait Bombing Ukraine (Crimea) Crisis
$2,560,000 Birth of the in U.S. $2,134,944
Fall of Saigon Three Mile Island 9/11 Terrorist iPhone
Nixon Ends nuclear accident Attacks Boston Marathon
Cold War ends AI wins first
$1,280,000 Gold Standard Hurricane bombing
Falkland Chess match Lehman Brothers
Islands War Fall of the Katrina
Birth of files for bankruptcy
Berlin Wall
Concorde’s first Taliban rises Homeland
$640,000 Nixon visits commercial flight Apple launches to power Security
communist Reagan fires air Macintosh Russia invades
China traffic controllers computer Trump Ukraine
$320,000 elected
Space Invaders Reagan and
Logarithmic Scale

Gorbachev meet Maastricht ISIS begins

triggers video Treaty
game craze offensive in Iraq
$160,000 Yom Kippur U.S./Iran Bull Market Ends, H1N1 declared
War Facebook is U.S. Capitol
Contra-Affair Tech bubble starts launched global pandemic
Reagan elected to deflate attack
$80,000 Alan Greenspan
coins term “Irrational Deadliest wildfires
Soviet Union invades Exuberance” Osama bin in CA history
Nixon Afghanistan America goes to Laden killed
$40,000 resigns war in Middle East U.S invades Iraq First NASA
spacecraft to fly First all-civilian
Black Monday Deepwater past Pluto
$20,000 Nelson Mandela Horizon oil crew goes to space
president of spill
Space Shuttle South Africa First U.S. budget
Mexico triggers Challenger explosion Saddam Hussein
$10,000
$10,000 Latin American surplus in 30 years Hurricanes Harvey,
Executed Irma, and Maria
Dirty War debt crisis

$5,000
'70 '72 '74 '76 '78 '80 '82 '84 '86 '88 '90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20 '22

Source: Bloomberg, First Trust Advisors L.P., 12/31/1969 - 2/25/2022. Past performance is no guarantee of future results. This chart is for illustrative purposes only and not indicative of any actual investment. The S&P 500 Index is an unmanaged index of 500 stocks used to measure large-
cap U.S. stock market performance. Investors cannot invest directly in an index. Index returns do not reflect any fees, expenses, or sales charges. Stocks are not guaranteed and have been more volatile than the other asset classes. These returns were the result of certain market factors and events
which may not be repeated in the future.
The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory
framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.

Not FDIC Insured | Not Bank Guaranteed | May Lose Value First Trust Portfolios L.P. | Member SIPC | Member FINRA | 1-800-621-1675 | www.ftportfolios.com