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Market Roundup: November 4, 2024

Positive signs from the economy and markets as America heads to the polls

Here’s what we’re looking at this week…

  • Despite last week’s volatility, stocks have gained over 21% year to date through the end of October and about 38% from one year ago, likely driven by economic growth and rising corporate profits.1

  • Earnings season is off to a strong start. Over half of S&P 500® companies have reported and earnings are up 9% overall for the quarter.2

  • It’s not all good news though. A few disappointing reports from some tech companies have led to market volatility.

  • Meanwhile, the US economy continues to show signs of strength, with GDP up by almost 3% over last year.3

  • On the consumer front, optimism surrounding the economy and the job market has also given consumer confidence a bit of a lift.4 Additionally, consumer spending rose, likely supported by a strong job market and rising wages.5

  • The US presidential election could go either way as national and swing state polls remain very close. It may take several days for a clear presidential outcome. In 2020, it took 4 days after the election to determine a winner, yet stocks rose through that period of uncertainty.6
Naveen Malwal

Institutional Portfolio Manager, Strategic Advisers LLC


"With the US elections upon us this week, it may help to remember that stock markets have generally risen during election years. This has also been true for the year following an election. This was even true back in 2020, when it took time to determine the winner of the race. The S&P 500 Index rose by 18% in 2020 and another 29% in 2021. 2024 has been no exception, with US stocks up over 20% for the year so far."7

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More to explore

1. The S&P 500 Index, as of October 31, 2024. 2. Bloomberg, S&P 500 Index earnings, as of October 30, 2024. 3. US Bureau of Economic Analysis, Gross Domestic Product (GDP), released October 30, 2024. 4. The Conference Board, Consumer Confidence Index, released October 29, 2024. 5. US Bureau of Economic Analysis, consumer spending, released October 30, 2024. 6 Based on S&P 500 Index daily returns, November 3, 2020 to November 9, 2020. 7. Fidelity Quarterly Market Perspective Q3 2024, based on S&P 500 Index returns.

Investing involves risk, including risk of loss.

Past performance is no guarantee of future results.

Diversification does not ensure a profit or guarantee against loss.

Indexes are unmanaged. It is not possible to invest directly in an index.

S&P 500 Index is a market capitalization–weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. The views expressed in the foregoing commentary were prepared by Strategic Advisers LLC (Strategic Advisers), based on information obtained from sources believed to be reliable but not guaranteed. Unless otherwise noted, the opinions provided are those of the authors and not necessarily those of Fidelity Investments. This commentary is for informational purposes only and is not intended to constitute a current or past recommendation, investment advice of any kind, or a solicitation of an offer to buy or sell any securities or investment services. The information and opinions presented are current only as of the date of writing, without regard to the date on which you may access this information. All opinions and estimates are subject to change at any time without notice.

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