October 2024
A year ago, we called on Taylor Swift to share the message that “Things will change.” We were encouraged by the consistent improvements we were seeing on company income statements and balance sheets, and we were confident that many companies were gaining traction that the economic forecasting numbers were only beginning to capture.
Taylor’s lyrics also included the musical question “Can you feel it now?” And, last October, investors were clearly not feeling it. The Nasdaq and the S&P 500 endured their worst October since 2018. The S&P 500, down for three straight months, had its worst three- month performance since the period ending in June 2022.