V2 Model September 4 2023 Update

Will Interest Rates Change The Trend?

September 04, 2023

Recap

The major market indexes ended higher amid a challenging August. Last month, the large-cap index and the Nasdaq Composite had their first down month since February. Markets have been underpinned by a meaningful rate reprieve, continued traction behind the soft-landing narrative, and growth in artificial intelligence.

Seasonality has been a popular bearish talking point in recent weeks as August and September are the two worst months for both the S&P 500 Index and Nasdaq Composite based on data going back to 1971. That said, September has not typically been a weak month when the S&P 500 Index was already up double-digit percentages year-to-date through the end of August. The S&P 500 Index is currently up over 18% year-to-date, which could help put this narrative to rest.

V2 was up for the week and beat the SP500 in August.

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