Signs of Slowing
There were growing signs of a slowing economy during the 3rd quarter, but markets held stable nonetheless. The US-based S&P 500 finished up 1.7% for the quarter and 20.6% for 2019 year-to-date, while the global MSCI All Country World Index was essentially flat for the quarter at 0.1% and up 16.7% year-to-date. Trends from the first half of the year continued: US stocks outperformed those of most other countries, large company stocks outperformed small, and growth continued to outperform value. Emerging markets, China in particular, lagged on trade pressures, slowing growth rates and increasing conflicts in Hong Kong.