Stock markets continued their upward trend through September, bringing to +14.4% the year-to-date gain for the broad U.S. market. Foreign stocks gave no ground with an impressive year-to-date return of +26.6%. Within the U.S. market, large cap technology again exerted dominance over all other sectors. Perhaps as indicators of slowing economic activity, three sectors sold off in September – energy, materials and consumer staples. Among foreign sectors, emerging market stocks far outperformed developed market stocks. Bond markets responded favorably to the Federal Reserve’s first cut in its policy rate for 2025.