Welcome to our September 2024 Market Update!
Stocks began the month of August with significant declines that I feel lead economists and headlines to share that we may be entering a worse economy than previously thought. Following that tough test, they bounced back to close higher by 2.4% on the month.1
This marked the fourth positive month in a row for the S&P 500, which leads me to believe a pullback in prices could simply be due.1
The U.S. Dollar was weaker as the price against other currencies declined 2.3%.2 I mention this because I believe it may continue. I feel it creates a nice tailwind to support not only higher prices in U.S. stocks but also international stocks. The MSCI EAFE, a common benchmark for international stocks outpaced the S&P 500 as it returned 3.3% for the month.1
Looking ahead at the Fall, the Federal Reserve has all but assured us they will cut rates.3 If they follow through, this may mark a change in what assets perform better moving ahead.
I feel that the next few months may present us with some volatility. The reason includes seasonality that can occur every September and October; the previously mentioned Federal Reserve change in interest rates and of course the upcoming elections.
As always, I am here to field any questions or concerns that may arise and I want to offer many thanks for your trust in me! See you next month.
Successfully,
Tim Truebenbach, CFP®
Senior Vice President – Financial Advisor
Disclaimers and Sources
1 Source: LPL Research, Daily Market Update, 9/3/2024, Jeffrey Buchbinder, CFA
2 Source: Marketwatch, DXY Index, 9/3/2024
3 Source: Reuters, Fed Policymakers agree on need for rate cuts, 9/3/2024
The economic forecasts set forth in this material may not develop as predicted and there can be no guarantee that strategies promoted will be successful.
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.
There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
The NASDAQ Composite Index measures all NASDAQ domestic and non-U.S. based common stocks listed on The NASDAQ Stock Market. The market value, the last sale price multiplied by total shares outstanding, is calculated throughout the trading day, and is related to the total value of the Index.
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