Halfway through October and stocks are rebounding from their September losses, let’s do a mid-month checkup, next.
The S&P 500, as of Friday’s close, is up 3.67% so far for the month of October, after falling 3.80% last month with stimulus headlines continuing to drive its action.
The Russell 2000 or small-cap stocks are easily outperforming their larger counterparts, returning over 8% for the month. Looking outside the U.S., and emerging markets have returned just under 4% with international developed stocks returning one-and-a-half percent thus far this month. Just keep in mind, that with a volatility reading in the high 20s, these return numbers can easily change as we go through the second half of the month.
For the week ahead, we get a good amount of housing data this week – from homebuilders’ confidence to housing starts to existing home sales. Most of the housing data have already surpassed their pre-covid highs making housing one of the bright spots of our economy. So, let us see if this economic bright spot continues or if there is a cooling in the data.
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