Weekly Market Bullets

for the week ending 9/27/2024

• US Equity Markets generally marched higher last week as positive inflation data and a new stimulus plan out of China helped equities. The S&P 500 was up 0.6% for the week to bring its gains for the year to 20.3%. The Nasdaq rose 1.0% for the week and is now up 20.7% for the year, while the Russell 2000 (small cap stocks) fell 0.1% for the week to bring its gains for the year to 9.8%.

• Global Equity Markets rallied last week on the significant stimulus measures announced in China which raised hopes for a boost to the global economy. Developed Markets rose 3.3% for the week and are now up 12.1% for the year. Emerging Markets surged 6.2% for the week thanks to the strength in China to bring its gains for the year to 14.7%.

• Inflation Data were generally positive last week and remain supportive of future Fed rate cuts. The Personal Consumption Expenditures (PCE) Price index for August rose 2.2% from a year ago, better than expected and down from 2.5% in July. The Core PCE Price Index, which excludes food and energy prices, was up 2.7% from last year, in line with expectations but up from 2.6% in July.

• Consumer Confidence for September had its largest monthly decline in over three years. The Conference Board's Consumer Confidence Index for September came in at 98.7, down from 105.6 in August, its largest decline since August 2021. The sharp decline was due to concerns about the US economy, particularly around job prospects, as a higher percentage of consumers anticipate worse business and job conditions ahead.

Market Data

for the week ending 9/27/2024