Market Moves: S&P 500 Sets 100 Day Record for First Time Since 2018
Over the past 100 days the S&P has not marked a daily return loss below 1.5% which has not happened in 5 years. Some are citing investor optimism for the lack of big swings as the economy has prevailed during the Fed’s policy tightening efforts. Additionally, investors have not stopped investing as ETFs have seen ~13.4Bn in net inflows in the week through Sept 13th as cited by a recent Bloomberg article.
The S&P is up 16% for the year as June reported its largest monthly return of 6.47% while February came in as the worst month of 2023 so far with a monthly return of -2.61%. Currently, the month of September is sitting at -1.2%. September typically peaks by the 11th, making the inclination for an anticipated down month creep into market minds.
Another FOMC meeting is slated for tomorrow at 2pm EST as investors anticipate Powell to hold rates with the potential of setting expectations for one more rate hike before the end of the year. If expectations are met, the market will likely remain muted on its moves related to the announcement.
As it stands now, 2023 has been shaping up to be a decently positive year given the obstacles it has dealt with as it relates to inflation, Fed policy, political pressures and recessionary speak. However, as inflation cools, and energy prices rise there are still remaining concerns to address and keep in mind as we finish out the remainder of the year.