Helping you navigate the market's twists and turns.

The “Santa Claus” rally failed to materialize this year, and stocks slumped to close out 2024. Large-cap growth was a bright spot with modest gains for the month, and they showed clear leadership (once again) for the entire year.

New all-time highs were achieved for the major U.S. equity indices in November. The Russell 2000 Index even participated, passing its prior high from 2021 after market leading monthly gains. See Table 1 for November 2024, YTD, and calendar year 2023 results.

After the major U.S. equity indices posted new all-time highs early in the month, stocks slid lower to close out October in negative territory. Large-cap growth held up the best in what was a challenging month.

The month started off volatile for stocks, but not to the same degree as August. However, as the month progressed, stocks rebounded and turned in solid monthly gains. September closed out a strong quarter and first 9 months of 2024 for stocks. See Table 1 for equity results for September 2024, Q3 2024, year to date (YTD) and calendar year 2023.

Equities moved higher in July, but the nature of the rally changed character. Small-caps and value stocks rallied sharply while large-cap growth struggled, and volatility rose to the highest level since April. For a recap of the month, read our latest Benchmark Review.

Since the modest declines in stocks in April, equities have generally moved higher since that point. However, the character of the rally shifted markedly in July with small-caps staging a move higher and value stocks surpassing growth for the month.