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Stock Market Cycles
Source: Bloomberg; Envestnet Quantitative Research Group (QRG).
Housing Bubble Peak
Oct 9, 2007
Financial Crisis
-57%
Mar 9, 2009
Aggressive
Monetary
Policy
0
200
400
600
800
1000
1200
1400
1600
1800
0
1000
2000
3000
4000
5000
6000
7000
8000
09/30/2005 09/30/2010 09/30/2015 09/30/2020 09/30/2025
S&P 500
S&P Small Cap 600 (Right Scale)
Cycle Return
605%
COVID-19 Crisis
-34%
US technology stocks climbed almost
7% last month, and communications
services share rose 6.8%. Consumer
discretionary shares rose over 4% in
September as retail sales rose nicely
in August. Restaurant and travel
purchases also remain resilient.
Utilities stocks enjoyed an aggregate
gain of over 3.9% as power-hungry
data centers push electricity demand
and prices higher. Healthcare,
consumer staples, and materials
shares lost ground in September,
though. Pharmaceutical stocks were
hurt by new regulations, safety
warnings, and tariffs while hospitals
are still navigating Medicaid (and
maybe Affordable Care Act) spending
cuts. Consumer staples and materials
stocks suffered as investors shifted
away from value stocks and back to
growth shares.
20251003-4872948
