Equities React To Congressional Uncertainty – Global Equity Overview
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Domestic equities were off in September and in the third quarter, as stocks retracted further with shutdown concerns increasing towards the end of the quarter. Rising interest rates and the labor union strike also contributed to market anxiety, as uncertainty drove volatility higher throughout the month.
The energy and communication services sector were the only positive sectors for the third quarter. Elevated fuel prices along with improving technology earnings supported the rise in the sectors. Pessimism amid renewed inflation concerns hindered equity momentum during the quarter.
Developed and emerging market equities also pulled back in September and the quarter as uncertainty surrounding the U.S. dollar and elevated fuel prices drove valuations lower.
Sources: S&P, Dow Jones, Nasdaq, MSCI, Bloomberg
Print Version: Equity Review Oct 2023
