Stock Market Commentary -

The S&P 500 Index fell 3.30% during the third quarter of 2023, with growth stocks losing slightly less than value stocks. Interest rate–sensitive stocks in the utilities and real estate sectors fell the most as the Federal Reserve indicated rates may remain higher for longer to combat recent upticks in inflation. The energy sector rallied over 12.22% as oil prices climbed back above $93 during the quarter, contributing to the increasing inflation. The U.S. stock market remains highly concentrated, with returns centered around a narrow group of high-flying tech stocks. Just seven stocks contributed nearly 82% of the S&P’s year-to-date return.