Q3 2024 Market Commentary

In our Q3 2024 newsletter, we expressed cautious optimism about the outlook for U.S. equities in 2024. Since then, the bull market has continued its upward trajectory as we anticipated. For the first half of 2024, the S&P 500 increased by 14.5%. Despite concerns over stubborn inflation, robust economic data, and tempered expectations for Fed rate cuts, U.S. stocks maintained their gains in the second quarter, extending the hot streak from Q1.

While our outlook for U.S. equities in 2024 remains positive, we are proceeding with caution. We continue to expect volatility and to navigate this environment, we'll be closely monitoring:

• Economic data: Inflation, growth, and employment figures.
• Corporate profits: Company performance.
• Geopolitical developments: Global events impacting markets.

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