Chart Book September 2025

Sanctuary Wealth – October 16, 2025

U.S. stocks climbed strongly in September, with the S&P 500 up 3.6%, its fifth consecutive monthly gain and best September in 15 years. The index is now up 14.87% year-to-date and 34.2% above its April low. Technology and Communication Services led the rally, while Materials and Consumer Staples lagged amid sticky inflation. The Nasdaq gained 5.7%, and small caps rose 3.1%, with the Russell 2000 hitting its first all-time high since 2021. However, market breadth narrowed as large-cap stocks, particularly the “Magnificent 7,” up 9%, drove most of the gains, leaving the top 10 S&P 500 companies representing over 40% of the index. Emerging markets marked their ninth consecutive monthly gain, primarily driven by key regions like Asia, and improving investor sentiment for the asset class.