Despite early declines, U.S. large cap stocks recovered to end August up 2.4%, but U.S. small cap stocks finished down 1.5%. U.S. intermediate-term bonds rose 1.4%.
The Federal Reserve signaled a likely rate cut in September. Markets are expecting 1% in cuts by year end, implying one 0.5% cut, a move typically only seen in crises.
The broader market rally since August 5 was led by interest-rate-sensitive utilities and real estate sectors.
As we head into the year-end, markets will be focused on potential interest rate cuts, inflation trends, and the upcoming election.
August 2024 Commentary: Those Lazy-Hazy-Crazy Days of Summer
Summary
Read and download the commentary here.
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