November 01, 2024

October 2024 Recap

Latest Publications October 2024 Recap

All three major U.S. equity indices were stung by sharp month-ending losses that more than erased earlier October gains amid disappointing Big Tech forward earnings guidance. Nasdaq stocks led the Halloween downturn, skidding nearly 2.8% to end October with a 0.49% loss. Similarly, the S&P 500 and Dow Industrials capped respective October losses of 0.91% and 1.26%. A pair of Magnificent Seven tech heavyweights were at the center of the October downturn, reporting quarterly results that topped Wall Street estimates while announcing plans to accelerate already high artificial intelligence (AI) infrastructure spending. The insights sparked renewed concerns over lofty tech mega cap valuations, coinciding with heightened nervousness ahead of the impending U.S. elections and the Federal Reserve’s November 7 FOMC rate and policy decisions.

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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.