Market Update

September was another positive month for markets, as the S&P 500, Dow, and Nasdaq set new record highs. The international story was similar, with developed and emerging markets gaining for the month. Short-term interest rates also fell in September, as the Fed resumed cutting rates at its mid-month meeting. Markets anticipate one or two additional rate cuts by year-end.

Turning to the economy, second-quarter GDP growth was revised up from earlier estimates of 3.3 percent to 3.8 percent, driven by increased personal consumption growth. But there has been a slowdown in hiring over the past few months, and the unemployment rate has ticked up to its highest level since August 2021.