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October May Make Scary Sounds But Consumer Not To Be Spooked

Week Ahead Market Commentary – October 14, 2024

Election Inertia & 3Q Earnings Drive Markets Over Coming Weeks

We are officially in 3Q earnings season with the banks kicking off earnings and many of the large banks are surprising to the upside, breaking out the bank index. As of this writing, we are twenty-two days away from the presidential election, which we believe will bring investment inertia—at least until we have the results of who won this apparently neck-and-neck race. Earnings are expected to continue to grow into 3Q24. Yet, with the anticipated inertia and earnings season just getting underway, the equity markets can be choppy. The Bull will buck in October! But we like the behavior of cyclicals stocks, particularly tech and tech-related as well the industrials. These are the leaders of the market and remain favored.

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