BofA What Seasonality
S&P 500 defies gravity in the seasonally weakest monthThe S&P 500 gained 2.1% on a total return basis, the best September since 2013 and
应用介绍
S&P 500 defies gravity in the seasonally weakest month
The S&P 500 gained 2.1% on a total return basis, the best September since 2013 and
the first positive September in five years. It was the fifth straight month of gains and
the 10th positive month in the past 11 months. All major asset classes rose on lower
rates, led by gold (once again), +4.6%. Long-term Treasuries also outperformed stocks,
+2.4%. Investment-grade corp. bonds rose 1.9%, while cash gained 0.4%. International
equities lagged the S&P 500 in local currency terms (+1.6%), but outperformed in USD
terms (+2.7%) as the dollar weakened. The MSCI Emerging Markets Index jumped 6.4%
in USD terms, led by China (+23.5%), which posted the second best monthly return in
history (the best was +29.6% in Nov. 2022).
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