Market Update
September, which is historically a poor month for stocks, bucked that trend, with each of the benchmark indexes closing the month higher. The Fed's 50.0 basis-point interest rate cut, coupled with signs of resilience in the economy, helped raise investor confidence in the stock market. Consumer discretionary and utilities led the market sectors, which generally performed well in September, with the exception of health care, real estate, and energy, which lagged. Ten-year Treasury yields dipped lower. As aforementioned, the Fed cut interest rates by 50.0 basis points following the conclusion of its meeting on September 18. As a result, stocks moved generally higher, although several of the Fed officials tempered their comments concerning whether or when additional rate cuts may occur. Crude oil prices ended the month lower as weaker demand, coupled with rising surpluses, eclipsed concerns over escalating tensions in the Middle East. Gold prices advanced in September, enjoying several record highs along the way.
International Markets
China's stock market, which had been tumbling for several months, shot higher at the end of September on the heels of the most aggressive stimulus measures since the pandemic, which included interest rate cuts and fiscal support, in an attempt to rejuvenate China's sagging economy. Elsewhere, the annual inflation rate in Germany fell to 1.6% in September, the lowest rate since February 2021. Producer prices in Greece fell by 2.4% since August 2023, marking the sharpest deflation since February. Japan's industrial production fell more than expected in August as motor vehicle output slid 10.6%. For September, the STOXX Europe 600 Index dipped 0.4%; the United Kingdom's FTSE fell 1.1%; Japan's Nikkei 225 Index slipped 2.0%; while China's Shanghai Composite Index jumped 18.7%.
On a Personal Note
Jeff and Peggy went to Salt Lake City to help road crew for their son's 100-mile race. It was a lot of fun, even though they were up for about 40 hours. No complaints though, compared to what Braden did. Drew spent most of September watching his sophomore daughter, Ava, play soccer. As the varsity goalkeeper, she is having a great season. She is leading the league in shoutouts with seven in her team's nine wins. Chris had his first homecoming experience as a parent in September. His oldest daughter went with friends rather than a date, so it made the experience a little easier on him. Lisa and David went to Hocking Hills to celebrate their 30th wedding anniversary. They stayed at a croft at Glenlaurel Scottish Inn and did lots of hiking, visited a winery, and went to a handblown glass studio. It was a great getaway! Sam's family came into town for a weekend in September to celebrate Oktoberfest. It was their first time attending, and many laughs were shared! Taylor and Peter have been trying to enjoy their last few weeks of living in their home before it is time to pass the keys to the new owners. They will miss their first home but are excited to move back to Loveland have some more space.
