Stock Market Commentary
The S&P 500 Index fell 3.30% during the third quarter of
2023, with growth stocks losing slightly less than value stocks.
Interest rate–sensitive stocks in the utilities and real
estate sectors fell the most as the Federal Reserve indicated rates
may remain higher for longer to combat recent upticks in inflation.
The energy sector rallied over 12.22% as oil prices climbed back
above $93 during the quarter, contributing to the increasing
inflation. The U.S. stock market remains highly concentrated, with
returns centered around a narrow group of high-flying tech stocks.
Just seven stocks contributed nearly 82% of the S&P's
year-to-date return.
International markets fell 4.04% as measured by the MSCI EAFE
Index, while emerging markets were down 2.93% as measured by the
MSCI Emerging Markets Index. China continues to struggle to
stabilize its faltering real estate market. Europe, Canada, and
other developed markets are fighting their own
