Market Commentary - September 2024

• Equity markets finished the month on a strong note, as the S&P 500 returned 2.14%, while the Nasdaq Composite and Dow Jones Industrial Average returned 2.76% and 1.96%, respectively.

• The Federal Open Market Committee (FOMC) cut rates for the first time since the rate hiking campaign began in March of 2022. The benchmark lending rate was reduced by 50 basis points to a range of 4.75 – 5.00.

• Investors welcomed the FOMC’s larger-than-anticipated cut, and risk-on sentiment took hold in the final weeks of September. However, the upcoming U.S. election in November looks to add uncertainty and volatility to the markets as traders weigh the outcomes of differing policy positions.