– Global financial assets rallied during the third quarter, with real estate and international equities leading the way. Commodities declined on lower oil prices.
– Q3 was good for unloved areas of the mkt. Small caps and value stocks outperformed. Utilities rallied 19.4% to become 2024’s best-performing sector.
– Emerging markets outperformed on strength from China. Its equity market climbed almost 24%, with most gains made in the last week of the quarter.
– Gold prices bounced 12.9%, continuing a steady pace of new all-time highs throughout the quarter.

– Fed chairman Powell’s more hawkish tone led to broad declines across global equities and fixed income.
– There were no safe havens, with all styles, sectors, and factors declining. Small stocks and value stocks suffered the largest declines.
– More than 90% of countries declined last week. Israel was an exception, advancing more than 2.5%. Israel is one of the best performing countries in 2024.
– Treasuries sold off, sending yields to post-election highs. The US Dollar climbed to a fresh 2-year high.