It’s time to review last month’s key events and look ahead to what’s coming in the market and economic landscape. Download the latest edition of the Month-in-Review, developed by the Prime Capital Financial Team!
Quick Takes
- Stocks Continue Higher. U.S. stocks rose in September with the S&P 500 rising 5.5%, the Nasdaq 100 rising 3.6%, and the Dow rising 2.0% on the month as technology earnings, continued AI momentum, and Fed rate cuts on a weaker labor market boosted shares.
- Inflation and Interest Rates. The 10Y treasury yield was flat in September at 4.2% as bond markets had largely priced in the interest rate cut announced at the FOMC meeting on September 17. Headline PCE inflation rose to 2.7% in August while core PCE inflation remained at annualized rate of 2.9%.
- OpenAI & Nvidia Deal. Nvidia and OpenAI entered a $100B agreement to build data centers and other AI infrastructure equipped with 10 gigawatts of power. Nvidia will invest $100B in OpenAI under the deal and OpenAI will in turn build data centers with AI chips from Nvidia. The deal has raised fresh investor concerns about an AI bubble.
- More Tariffs? President Trump imposed 100% tariffs on branded pharmaceuticals in late September, but these will only apply to imported drugs not from the E.U. or Japan, which will be subject to the normal tariff rates for these countries in recent trade deals.
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This article is not to be construed as financial advice. It is provided for informational purposes only and it should not be relied upon. It is recommended that you check with your financial advisor, tax professional and legal professionals when making any investment or any change to your retirement plan. Your investments, insurance and savings vehicles should match your risk tolerance and be suitable as well as what’s best for your personal financial situation.
