The major averages closed the month at or near all-time highs. For 2024 the S&P 500 is up 26.5%, Nasdaq 28.0%, Dow Jones 19.2%, and the small- cap Russell 2000 has gained 20.1%. All very impressive gains.

We anticipated volatility leading up to the election. Instead, asset markets priced in a Trump win in the two weeks leading up to November 5th.

September is historically the most frequent down month in any given investment year, but the bulls continue to run on Wall St.

September is historically the worst for stocks in a typical year; given the returns year-to-date, with only brief drops in market averages, we would be unsurprised by a rocky month or two ahead.

While July has gotten off to its typical strong start, greater volatility can be expected than that experienced so far in 2024.

With a contentious election upon us in six months, we should not be surprised to see some rocky market action this summer.