SEPTEMBER 2024

The S&P 500 kept the monthly positive gain streak going, ending September up another +2%. Similar to August, the markets had a rough start to the month, but soon bounced back after the Fed cut interest rates by 50 basis points (the first interest rate cut since the early days of the Covid pandemic!). The move came as GDP continues to rise, with expected growth of +3% in Q3, and with an inflation rate that continues to fall, and is now just over their 2% goal. However, job gains have slowed and unemployment has ticked higher. Policymakers have been balancing the risk of increasing inflation again vs employment concerns that arise with high interest rates, and so far, they have succeeded. Obviously, this balance isn’t the only obstacle, as hostility remains in the geopolitical sphere. Tensions are increasing in the Middle East and Ukraine, and on top of that, we have a presidential election on the horizon, that is sure to create increased volatility in the markets heading into year-end.  

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