Despite still stubborn inflation, a brief growth scare, less than expected interest rate cuts, and a pullback in December, US equities were up notably in 2024 on the back of a strong economy, accelerating earnings growth, US election results, and AI/megacap-related strength.

Amid the results of the US presidential election and resilient economic data, equities were up in November. Both the Dow Jones Industrial Average and S&P 500 indices produced their best monthly returns of 2024, gaining 7.7% and 5.9%, respectively. US small-caps (+10.9%) were among the best performers, followed by US mid-caps (+9.0%) and US growth (+6.1%).

Amid underwhelming Big Tech earnings, concerns regarding the path for Fed interest rate cuts, election uncertainty, and geopolitical conflict, equities were down in October as the S&P 500 Index and Nasdaq 100 Index fell 0.9% and 0.8%, respectively. International developed equities (-5.0%) were among the worst performers, followed by US small-caps (-2.6%) and emerging market equities (-2.6%). Bonds also struggled as 7-10 year US Treasuries decreased 3.4%, the US Aggregate Bond Index declined 2.6%, and investment grade corporates were down 2.5%. Aside from broad based commodities (-1.3%), silver, crude oil, and gold all produced positive returns, gaining 4.9%, 4.5%, and 4.3%, respectively.

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While $100 may seem like it holds the same value across the U.S., that’s far from the reality. The purchasing power of a dollar can vary significantly from state to state, influenced by factors such as the cost of food, utilities, taxes, housing, and transportation.

Despite pullbacks and acute periods of elevated volatility, major equity indices were up in Q3 amid decelerating inflation, initial Fed rate cuts, increased probabilities of a soft landing, and China’s stimulus measures.

Despite pullbacks and elevated volatility in the earlier days of the month, major equity indices were up in August amid easing inflation, a dovish change in monetary policy, and increased probabilities of a soft landing.

Amid easing inflation, underwhelming technology related earnings, and increased probabilities of Fed interest rate cuts, equity markets witnessed a meaningful rotation in July in which smaller, value oriented stocks outperformed large-cap growth.