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Key Points
As of September 2023, the S&P 500 index has risen 1.9%, opposing its historical trend of typically declining in September. Over the past 75 years, September has averaged a decline of 0.7%, with losses in four of the last five years.
Recent corporate performances, particularly from tech giants Broadcom and Oracle, have contributed to this upward movement. Broadcom reported a 63% increase in AI revenue to $5.2 billion, while Oracle’s cloud infrastructure revenue rose 55% to $3.3 billion.
The S&P 500’s Shiller CAPE ratio has reached 37, indicating elevated stock valuations. Investors are awaiting the Federal Reserve’s interest rate decision on Wednesday, which may impact market dynamics if a rate cut occurs.
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