Investment Review - September 2023
- The major market averages traded down in the month of August. The Dow Jones Industrial Average fell 2.4%, the S&P 500 declined 1.8%, and the Nasdaq Composite dropped 2.2%. The major US indices are positive on the year, led by the Nasdaq. The Dow Jones Industrial Average rose 4.8%, S&P 500 rose 17.4%, and Nasdaq rose 34.1%.
- The price of oil increased to $84 per barrel and is trading at calendar year highs. Higher oil prices will contribute to inflation and can lead to lower discretionary spending.
- Higher interest rates are starting to have an effect on the housing market. With 30-year fixed mortgages over 7%, applications for a mortgage declined to the lowest level since 1996. Higher mortgage payments and low inventory have put many home buyers on the sidelines.
Key Investment Statistics
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