November 2023

Following a weak September, equity markets continued to slide in October as all major indices declined. The surprise attack in Israel, combined with ongoing high interest rates and inflation, provided a challenging backdrop for equities. However, more recently, the Fed’s decision to hold rates steady offered some market support. The VIX Index or “fear gauge” spiked to almost 22 in mid-October before rolling back to around the 18 level at the end of the month. For the full month, the Dow Jones Industrial Average decreased 1.4%, the S&P 500® index was down 2.2%, and the smaller cap-weighted Russell 2000® decreased 6.9%.

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