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SEPTEMBER 2024


Although in recent years election campaigns have begun even before the actual election year, traditionally campaign intensity heats up after Labor Day. However, on average, September of election years 1952 through 2020 ended with losses in 9 of the 18 presidential election years, and the month of October has had the worst average loss during election years. Our first article discusses how the upcoming campaign could impact the markets.  Let us know if this raises any questions regarding your investment options.


The rebound in stock prices coincides with economic readings that are consistent with further economic growth. Signaling a resilient consumer, retail sales jumped 1.0% in July, the most since January 2023, and much stronger than the consensus estimate of 0.3%. The leading contributor was vehicle sales, but most other major retail categories posted gains. On a y/y trend basis, retail sales increased 2.4%. While it has come down substantially from earlier in this cycle, it is now running close to pre-pandemic rates.


In a positive sign for future consumption, consumer attitudes improved slightly in August. The Michigan Consumer Sentiment Index saw its first increase since March, led by a rise in consumer expectations to their best level in four months, with the outlook for both personal finances and the economy strengthening. However, there are signs of slower economic growth ahead. Our second article details indicators that may be relevant for your investment strategy. Give us a call if you would like to discuss how this may impact you.


This month's "What's Happening Now" section shares stories on how rich one needs to be to join the top 1%, the 12 best small towns in Italy, and a picturesque mountain town just named the 'most charming' in the U.S.


We'd like to hear from you. Please feel free to contact us by phone at 614-888-2121, toll-free 877-389-2121 or email jchornyak@janney.com with any questions or comments. 

Sincerely,

And They’re Off


Investors frequently assume that election results determine the stock market’s direction when often it is the reverse.

Read More

Evidence of Economic Resilience but Slower Growth Ahead


Current economic readings remain consistent with further economic growth and lower inflation. However, leading economic indicators continue to signal slower growth ahead.

Read More

What's Happening Now

Are you rich enough to join the top 1% in the US?

12 Best Small Towns in Italy

This U.S. Mountain Town was Named the 'Most Charming'

Market Update


Stocks closed mostly higher in August, buoyed by a strong close to the month. Favorable inflation data and economic reports helped drive stocks higher toward the end of the month as investors took heed of Federal Reserve Chair Jerome Powell's statement that it is approaching time to lower interest rates. The Global Dow led the benchmark indexes, with the S&P 500, the Dow, and the NASDAQ all ending the month higher. The Russell 2000 wasn't able to keep pace as it closed the month lower. Despite the strong finish, stocks rode a bumpy ride, falling lower mid-month as investors worried that the economy was slowing, and the Fed didn't react in time to stem the negative tide. However, as more favorable economic reports emerged and the Fed seemed ready to ease its restrictive monetary policy, investors were ready to jump back into the market. Among the market sectors, only consumer discretionary and energy declined, while real estate and consumer staples advanced the most.


Market update provided by Broadridge Investor Communications Solutions, Inc.

Chornyak & Associates Financial Planning Consultants
at Janney Montgomery Scott

716 Mt. Airyshire Boulevard, Suite 200, Columbus, Ohio 43235

Janney Montgomery Scott LLC Financial Advisors are available to discuss all considerations and risks involved with various products and strategies presented. We will be happy to provide a prospectus, when available, and other information upon request. Janney Montgomery Scott LLC, its affiliates, and its employees are not in the business of providing tax, regulatory, accounting, or legal advice. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any taxpayer for the purpose of avoiding tax penalties. Any such taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor. Market Update Prepared by Broadridge Advisor Solutions.

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