Will 'Sweet September' lead to 'October Pains'?
Investing.com -- As September 2024 wraps up on a bullish note with gains across major indices, many investors are turning their attention to the historically volatile month of October.
October has been known for volatility, often marked by sharp declines and even crashes, particularly in election years. The economic backdrop heading into October remains cautiously optimistic. The second quarter GDP growth met expectations at 3%, while Atlanta Fed’s GDPNow model is forecasting 2.9% in the third quarter.
However, the concern remains that aggressive rate cuts—more than 2% in a year—can indicate deteriorating economic conditions and lead to market declines. Market breadth indicators suggest that while many stocks are moving higher, the gains are not evenly distributed, with technology stocks leading the charge.
The 2024 U.S. election looms large over the markets. Historically, the market tends to stabilize once the election is over and a clear outcome is established.
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