Good morning!

September has usually been a down month in the markets, but not this year. Not only is this the sixth month in a row of gains in the S&P 500, but last week the U.S. stock markets surged to record highs, driven by the Federal Reserve’s first interest rate cut of 2025. Here's what's happening this week...

• Unless a government shutdown throws a wrench in things, the Bureau of Labor Statistics is set to release its monthly jobs report this Friday. Expectations? The unemployment rate should hold steady at 4.3%, same as August, with payrolls ticking up slightly—about 26,750 new jobs added. That’s a solid rate, even as some companies slow hiring or cut staff due to cooling growth and rising tariffs. And if the numbers disappoint, the Fed is expected to cut interest rates again—first at its Oct. 28–29 meeting, and likely in December too. After September’s quarter-point cut, the Federal Funds Rate now sits between 4% and 4.25%. *

• Contract signings for U.S. homes rose 4% in August, significantly outpacing economists’ expectations of a 0.4% increase, according to the National Association of Realtors. The Pending Home Sales Index climbed to 74.7, with activity strongest in the Midwest, where affordability continues to attract buyers. The uptick comes as 30-year mortgage rates have eased to around 6.3%, down from 6.7% earlier this year. While overall home sales remain on track for a 30-year low, the recent rate drop may signal renewed momentum heading into fall. **

• September is shaping up as a standout month for U.S. equities, with the S&P 500 posting its strongest performance for this time of year since 2013. Investors are buoyed by solid economic growth—currently tracking at a 3.9% annualized pace—alongside expectations of Federal Reserve rate cuts and continued enthusiasm around AI-driven innovation. At the same time, gold has surged past $3,800 an ounce, marking its best annual gain since 1979, as investors seek safety amid rising geopolitical tensions and concerns over a potential government shutdown. ***

The financial advisors at Miramontes Capital diligently keep up with anything that can impact our clients' finances and tap into more than 175 years of combined investment experience. We do our all to keep your money protected and growing. If you think you might benefit from our financial experience and oversight, contact us today for a FREE, no-obligation consultation. Just call (800) 460-1595. Until next week...

Investment Advisory Services offered through Miramontes Capital, LLC. Securities offered through Balanced Security Planning, Inc. Member FINRA/SIPC. Miramontes Capital, LLC and Balanced Security Planning, Inc. are separate companies affiliated through common control. This newsletter is solely for informational purposes. Advisory services are only offered to clients or prospective clients where Miramontes Capital, LLC and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Miramontes Capital, LLC unless a client service agreement is in place.