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.

Advancements in space travel technology have dramatically reduced the cost of launching payloads into space. From the iconic Apollo missions of the 1960s to today’s cutting-edge innovations, breakthroughs in materials science and propulsion—driven largely by private companies like SpaceX—have brought down what were once astronomical costs. For more insights, click the link above.

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.

The election year is in full swing, bringing with it the usual drama. We all have that one family member who insists they’ll sell everything and go to cash if a certain candidate wins the election. The truth is, letting politics drive our investment decisions can be detrimental. That’s why we believe having a financial professional is crucial they can help remove emotion from investment decisions. In today’s Three on Thursday, we examine past presidential cycles and their implications for investing.

The equity market capitalization of the S&P 500 Index is $44 trillion dollars as of 5/31/24. The forecasted earnings of the index for 2024 is expected to surpass $2.0 trillion dollars. That would be the best ever earnings for the index. It would also be the 4th year in a row where earnings have been significantly higher than the $1.3 trillion earned in 2019, which at the time was the highest ever.

In a market that has been driven significantly by momentum and speculation this year, investors still have an eye on what matters in the end. Earnings! And if that focus continues, future earnings forecasts suggest a further broadening of the market is in order.