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  • The stock market returned slight gains in September as escalating trade tensions halted returns
  • The S&P 500 finished the month with a positive 0.4% return, a historically weak month for the S&P 500
    • Top Sectors: Communication Services (+4.3%), Health Care (+2.8%), Energy (+2.4%)
    • Bottom Sectors: Real Estate (-3.2%), Financials (-2.4%), Materials (-2.3%)
  • Large Cap Growth beat Large Cap Value in September by a slight margin (+0.4%)
    • Growth extended its leadership over Value to 13%+ for the year
  • Small Cap stocks lost 2.3% on the month, underperforming both large and mid-cap stocks
  • International Developed countries slightly outperformed U.S. stocks by 0.4% on the month
  • Emerging Markets lost 0.6% on the month as trade tensions continue to linger
  • Long-Term Treasury yields declined modestly on the month as the Fed rose rates this month
    • The ten-year Treasury yield ended the month at 3.05% and continues to significantly rise


  • The economy created 134,000 jobs in September, coming in below expectations of 168,000
    • However, the jobs created in July and August were revised up by 87,000
  • Unemployment rate was lowered to 3.7% this month
  • Wages slightly fell to 2.8% for all workers in September, lowering from its 9-year high of 2.9% last month
  • Core inflation was lowered to 2.2% in September


*Merrill Lynch**Bloomberg. Charts are shown for illustrative purposes only. Respective services provided by ARGI Investment Services, LLC, a Registered Investment Adviser, ARGI CPAs and Advisors, PLLC, ARGI Business Services, LLC, and Advisor Insurance Solutions. All are affiliates of ARGI Financial Group.