September is historically the worse month of the year for the S&P 500 and it did not disappoint.\u00a0 It was a tough month for the market and investors are glad to leave September behind.\u00a0<\/p>\n\n\n\n
In the last week of September, there was a rebound attempt that left the Nasdaq and Russell 2000 with slim gains while the Dow Jones and S&P 500 declined 1.3% and 0.7%, respectively.\u00a0 Of course, these results do not reflect any impact from the US Congress approving temporary funding on Saturday to avoid a government shutdown. \u00a0\u00a0<\/p>\n\n\n\n
The yield on the 10-yr US Treasury jumped 13 basis points last week for a total of 48 basis points this month, to 4.57%. \u00a0The rate-sensitive S&P 500 utilities sector saw the largest decline this week by a wide margin, falling 7.0%. The next worst performer was the consumer staples sector (-2.1%). Only the energy (+1.3%) and materials (+0.2%) sectors registered gains last week.\u00a0 The energy sector was driven by the price of WTI crude oil jumping by more than $7.00 per barrel this month, settling Friday’s session at $90.78 per barrel.\u00a0 This has stoked concerns over inflation, and that rising gas prices could spark a slowdown in consumer spending.<\/p>\n\n\n\n
Investors received some economic data last week, including a weaker than expected August new home sales report, a low level of weekly jobless claims, and some better than expected inflation data in the form of the core-PCE Price Index for August.\u00a0 On a year-over-year basis, the headline PCE Price Index was up 3.5% versus an upwardly revised 3.4% in July (from 3.3%). However, the core PCE Price Index decelerated to 3.9% yr\/yr from an upwardly revised 4.3% (from 4.2%) in July.<\/p>\n","protected":false},"featured_media":13178,"template":"","categories":[],"tags":[],"class_list":["post-14823","opinion-article","type-opinion-article","status-publish","has-post-thumbnail","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/opinion-article\/14823","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/opinion-article"}],"about":[{"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/types\/opinion-article"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/media\/13178"}],"wp:attachment":[{"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/media?parent=14823"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/categories?post=14823"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/creandgroup.com\/en\/wp-json\/wp\/v2\/tags?post=14823"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}