Market Commentary - October 2024

• Equity markets declined on the last day of trading for the month as tech sector companies declined despite positive earnings results.

• S&P 500 hit its 47th all-time high for the year on October 18th but saw returns turn negative as concerns over big techs' heavy AI investments showed little return.

• The last week of October saw a raft of economic indicators that are likely to influence the Fed before the next FOMC meeting on November 6th and 7th.

• There is an expectation that the committee will likely continue its ratecutting campaign with a 25-basis point reduction in the lending rate.