September 2024
30/10/24 14:48
S&P500
In September 2024, the S&P 500 index experienced a modest gain, closing the month with a 2.02% increase. This performance marked a slight decrease from its 2.28% gain in August, yet remained significantly better than the -4.87% loss seen in September 2023. Despite market volatility and ongoing economic pressures, the index maintained its upward trajectory, supported by factors like strong earnings from technology and financial sectors and relatively stable economic indicators. For the year-to-date period, the S&P 500 posted an impressive cumulative gain, nearing 23% by the end of October
CRUDE OIL
Crude oil prices saw significant declines. Both Brent crude and U.S. West Texas Intermediate (WTI) futures fell, with Brent crude dipping below $69 per barrel for the first time since May 2023 and WTI reaching around $65 per barrel, its lowest since March 2023. This decline was influenced by OPEC’s reduction in its demand forecast for 2024, primarily due to economic concerns in China, one of the world’s largest oil consumers. Weakness in China’s real estate sector and increased use of alternatives like LNG trucks and electric vehicles have raised concerns about future oil demand from the region.
OPEC’s decision to limit production increases, combined with recent volatility in global markets, has also contributed to supply-side uncertainty, especially amid ongoing geopolitical tensions. However, demand from U.S. consumers remains relatively stable, driven by strong household consumption, which has helped mitigate some of the downward pressure on oil prices. Looking ahead, analysts predict that while there may be some stabilization, oil prices could remain vulnerable to fluctuations depending on global economic and geopolitical developments.
BITCOIN
Bitcoin defied its traditionally poor performance during this month, closing with a notable gain of around 8-10%, marking one of its best September performances in a decade. This increase was driven by a favorable economic environment with interest rate cuts by major central banks, including the Federal Reserve and the People’s Bank of China, spurring risk appetite and positive sentiment in financial markets. The “Coinbase Premium”—a metric reflecting increased buying pressure on U.S.-based Coinbase versus Binance—also showed heightened demand in the U.S., contributing to the asset’s price rise to over $66,000 in late September.
Analysts are optimistic about Bitcoin’s performance in the upcoming fourth quarter, with historical patterns indicating strong Q4 gains when September is positive. Bitcoin’s upward trend through September and its resilience amid volatility have many investors watching closely, as Q4 has often proven bullish following gains in September
In September 2024, the S&P 500 index experienced a modest gain, closing the month with a 2.02% increase. This performance marked a slight decrease from its 2.28% gain in August, yet remained significantly better than the -4.87% loss seen in September 2023. Despite market volatility and ongoing economic pressures, the index maintained its upward trajectory, supported by factors like strong earnings from technology and financial sectors and relatively stable economic indicators. For the year-to-date period, the S&P 500 posted an impressive cumulative gain, nearing 23% by the end of October
CRUDE OIL
Crude oil prices saw significant declines. Both Brent crude and U.S. West Texas Intermediate (WTI) futures fell, with Brent crude dipping below $69 per barrel for the first time since May 2023 and WTI reaching around $65 per barrel, its lowest since March 2023. This decline was influenced by OPEC’s reduction in its demand forecast for 2024, primarily due to economic concerns in China, one of the world’s largest oil consumers. Weakness in China’s real estate sector and increased use of alternatives like LNG trucks and electric vehicles have raised concerns about future oil demand from the region.
OPEC’s decision to limit production increases, combined with recent volatility in global markets, has also contributed to supply-side uncertainty, especially amid ongoing geopolitical tensions. However, demand from U.S. consumers remains relatively stable, driven by strong household consumption, which has helped mitigate some of the downward pressure on oil prices. Looking ahead, analysts predict that while there may be some stabilization, oil prices could remain vulnerable to fluctuations depending on global economic and geopolitical developments.
BITCOIN
Bitcoin defied its traditionally poor performance during this month, closing with a notable gain of around 8-10%, marking one of its best September performances in a decade. This increase was driven by a favorable economic environment with interest rate cuts by major central banks, including the Federal Reserve and the People’s Bank of China, spurring risk appetite and positive sentiment in financial markets. The “Coinbase Premium”—a metric reflecting increased buying pressure on U.S.-based Coinbase versus Binance—also showed heightened demand in the U.S., contributing to the asset’s price rise to over $66,000 in late September.
Analysts are optimistic about Bitcoin’s performance in the upcoming fourth quarter, with historical patterns indicating strong Q4 gains when September is positive. Bitcoin’s upward trend through September and its resilience amid volatility have many investors watching closely, as Q4 has often proven bullish following gains in September