After a blistering five-month rally, the market dipped in September, testing investor confidence with its most significant pullback since March.
It was a volatile month for stocks, punctuated by weakness in big tech, surging COVID infections across Europe, a stimulus stalemate in Washington, and election jitters. While progress continued on the vaccine front, economic data underlined concerns about the recoveries in the labor market and broader US economy. With unemployment still near its highest level in almost a decade and second-quarter GDP down more than 30%, the Federal Reserve committed to holding interest rates near zero for at least the next few years, and Chairman Jerome Powell once again pressed lawmakers for more federal stimulus to help bolster the recovery.1
Here’s a quick rundown of what else happened in the markets last month and what’s on the horizon.
Stocks posted their first monthly loss since March. After