The S&P 500 and Dow were both down in single digits in December, while the technology-heavy Nasdaq eked out a modest gain. Developed and emerging markets showed small losses during the month, and fixed income also had a weak end of the year. The central factor in these results was rising long-term interest rates, which hit valuations across the board. And although the Fed lowered interest rates in December, it indicated fewer planned interest rate cuts in 2025. 

When kids are young, they don’t ask for much—maybe a toy car or a new puzzle will keep them happy. But as they get older, the requests always seem to get bigger. Those toys and puzzles become more complicated video games, LEGO, or designer clothes and are invariably something we, the adults, never had as kids.

Markets rallied in November as investors poured into U.S. stocks following the 2024 election results. All three major U.S. indices ended the month in positive territory, with the S&P 500 and Dow showing record highs. While it was a great month for U.S. investors, international stocks ended down, and developed and emerging markets fell. On the economic front, personal spending and retail sales growth came in strong, and service sector confidence rose to a two-year high.

From beginning to end, the 2024 election cycle will be looked back on as historic. It was hard fought and contentious on both sides. But at the end of the day, polls and political pundits don’t decide elections—voters do.

Markets were down in October across the board, with stocks falling at month-end. Bonds also dropped as traders dialed back expectations for Fed rate cuts. This pullback was largely due to signs of surprisingly strong economic growth, as solid hiring and rising confidence drove consumer spending growth.

In the most recent Bank of America Global Fund Manager Survey (October 2024), managers were asked what they considered the biggest “tail risk.” Their answer: geopolitical conflict. So, if you’ve been thinking about geopolitical risks and their potential effect on portfolios, you are certainly not alone.

“The wind is rising, and the air is wild with leaves. We have had our summer evenings; now for October eves!”
— Humbert Wolfe

Stocks continued their rally in September, with all three major U.S. indices up for the month and quarter. The S&P 500 gained 2.14 percent in September and 5.89 percent for the quarter, while the Dow was up 1.96 percent during the month and 8.72 percent for the quarter. The technology-heavy Nasdaq Composite gained 2.76 percent for the month and quarter. Improving fundamentals and solid earnings growth supported these results.

Each week, we break down the latest U.S. economic reports, including what the results mean for the overall health of the economy. Here, you will find how economists’ forecasts compare with actual results, key takeaways to consider, as well as a list of what’s on tap for the week ahead. 

Anyone past a certain age knows how much easier it was to do things when they were younger. You could stay up all night to finish a project, play a pickup basketball game without stretching, and eat or drink whatever you wanted without many consequences. As we get older, though, we start to see the effects of our poor decisions but also gain the experience that can help guide us.