3Q In Review: A Quarter of Crosscurrents | Steve Henderly, CFA
Away from the Magnificent 7, September was painful for diversified investors across most asset classes including stocks, bonds, and commodities eroding much of the incremental progress enjoyed during July and August. The divergence was striking: the equal-weight S&P 500 fell 4.8% for the month, while the more widely followed cap-weighted index declined just 0.4%, supported by technology and the largest growth companies. The Magnificent 7 gained roughly 11% during the quarter, with Microsoft, Apple, and Meta accounting for the overwhelming majority of that advance. Energy provided one of the few other bright spots, benefiting from the sharp rise in oil prices.