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Weekly Market Recap

September 30, 2022

This week the S&P 500 declined nearly 3%, capping off an up-then-down quarter that resulted in about a 4% loss. This year’s sell-off has been the longest since 2011 and there have been few places to hide, as the aggregate bond index and gold were down even more than the S&P 500 during the third quarter. On a positive note, this week’s unemployment claims dipped to the lowest level since May and this likely sets up a decent monthly jobs report next Friday. However, this gives the Fed room to continue raising rates, with another hike likely in early November. Higher interest rates are among the multiple factors that have pressured stocks. Treasury yields reached new multi-year highs this month, with 2-, 5-, 10-, and 30-year bonds currently yielding around 4.2%, 4.1%, 3.8%, and 3.8% while even 3-month Treasuries are yielding around 3.3%. The final read on Q2 GDP released this week was unchanged at -0.6% and next week’s economic calendar is heavy with updates. Investor sentiment, as measured by the AAII (American Association of Individual Investors) survey, is extremely bearish. While readings this poor have happened only a handful of times in the past 35 years, the average 3-, 6-, and 12-month forward returns have been well above average. We are excited to announce a special virtual event called Achieving Balance: Managing Stress During Your Career and Throughout Retirement, with keynote speaker Dr. Travis Parry. This GoTo Webinar will be on Tuesday October 25 from 6-7pm. Please register here and send the link to someone you know who may be interested: https://mybuckingham.com/events/parry.

Ryan P. Johnson, CFA, CFP®
Managing Director of Investments 

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