September 01, 2023

August 2023 Recap

Latest Publications August 2023 Recap

The S&P 500 recorded its first down month since February, hurt by weakness among banks, automakers, and Big Tech firms. Energy was the only S&P 500 sector to preserve an August gain, bolstered by rising oil prices. A rare four-day rally in late August helped narrow deeper earlier losses of over 4.5%. Solid earnings amongst the largest chipmakers revived interest in AI (artificial intelligence) companies. Favorably, the S&P 500 finished August above its 50-day moving average.

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The Monthly Recap is published by Cetera Investment Management LLC, an SEC registered adviser owned by Cetera Financial Group. Cetera Investment Management provides market perspectives, portfolio guidance, model management, and other investment advice to its affiliated broker-dealers, dually registered broker-dealers and registered investment advisers.