September Market Review from tru Investment Management (tIM)

    by | Oct 9, 2023

    The first four weeks of the quarter were good for stock investors. The S&P 500 index rose 3.1% in July on good news about slowing inflation, but subsequently dropped 6.6% in August and September on less positive inflation indicators, concerns about a government shutdown and
    debt, and striking unions.

    Interest rates have been the dominant driver of market returns across asset classes. The chart below plots the S&P Index price level (in blue) against the yield for the 10 Year Treasury Bond (in red) during Q3. The inverse relationship between the two is crystal clear through this view. When interest rates rise, the S&P 500 index drops and vice versa.

    To read the rest, click the link below from our partners with tru Investment Management:

    September Market Review from tru Investment Management (tIM) 

    About the author

    Brian Huckstep, CFA, CFP®, Outsourced Chief Investment Officer
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    Brian Huckstep has been in the investment industry for 30 years. He began his career in commercial lending at Bank One for two years. He spent the next nine years doing retirement plan auditing and investment software development at Northern Trust. He spent a majority of his career at Morningstar, where he spent two years as Director in their Mutual Fund Data Team and then fifteen years as a Portfolio Manager and Head of US Asset Allocation, managing over $13 billion of diversified fund-of-fund strategies for large broker/dealers, mutual fund companies, insurance companies and strategist platforms. Bachelors in Economics from The University of Michigan. Master’s in Business Administration (MBA) from The University of Chicago. CFA Charter Holder. CFP Designation.

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