All three major U.S. equity indices ended a volatile September with their first losses since January and worst monthly performances since March 2020. The S&P 500 declined nearly 5% last month, closing at the lowest level since July and ended the quarter below its 50- and 100-day moving averages. Only the S&P 500 finished positive for the quarter, while the Dow and Nasdaq Composite posted negative returns. The S&P 500 rose fractionally in the third quarter, logging its smallest three-month gain since March 2007. As the quarter drew to a close, investors became wary amid heightened viral hospitalization rates, rising inflation and the impending Fed stimulus drawdown, as well as unresolved wrangling in Washington.

For more insights, download our full recap

The Quarterly Recap is published by Cetera Investment Management LLC, an SEC registered adviser owned by Cetera Financial Group. Cetera Investment Management provides market perspectives, portfolio guidance, model management, and other investment advice to its affiliated broker-dealers, dually registered broker-dealers and registered investment advisers.