Stock Market Commentary -

Trade and interest rates continued to be the headline market movers for the third quarter. In late July, as expected, the Fed cut rates a quarter percent and recommitted to "act as appropriate" to sustain what is now the country's longest economic expansion. However, equity markets fell slightly on the news due to concerns that one cut would not be enough to stave off potential economic slowing resulting from the ongoing trade dispute. In mid-September, the Fed lowered interest rates by another quarter percent. Although a volatile quarter, the S&P 500 ended up 1.7%.