3rd Quarter Market Report

“Quarterly Market Insights: Q3 2023”

Hello. I am Danny Lacey with Kramer Wealth Managers. I am pleased to share 3rd Q Market Report.

Stocks lost a portion of their first-half gains in the third quarter
as a continued tight monetary policy from the Federal Reserve sent
bond yields higher, making stock investors nervous throughout August
and September.

For the three months ending September 30, the Dow Jones Industrial
Average declined 2.62 percent, while the Standard & Poor’s 500 Index
lost 3.65 percent. The Nasdaq Composite fell 4.12 percent.1

The strong price momentum during the first half of the year continued
into the start of the third quarter as stocks rose in July. Cooling
inflation, a better-than-anticipated second-quarter earnings reports,
and a hopeful belief that the U.S. economy may avoid falling into a
recession helped fuel the gains.

However, in August, sentiment turned. Multiple challenges—including
rising bond yields, credit rating downgrades (both U.S. government
debt and corporate debt), and continued economic weakness in
China—dampened enthusiasm. A late-month rally trimmed losses.

Earnings Outlook Brightens

The second-quarter earnings season, which largely ended in August,
helped support stocks with better-than-expected results. As of August
25th, with 485 of the companies in the S&P 500 reporting, 79 percent
posted earnings above market estimates.2

Perhaps more importantly, Wall Street’s outlook for third-quarter
earnings improved during the quarter. Consensus analysts’ forecasts
are estimating a 0.2 percent growth in earnings for the S&P 500
companies. Although this forecast appears slightly underwhelming, it
would mark the first quarter of year trailing earnings growth since
the third quarter of 2022.3

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Despite some hotter than expected inflation data, The Fed elected to
keep interest rates unchanged following the September meeting of the
Federal Open Market Committee (FOMC). Fed has not signaled what it
may do with regards to rates at its upcoming two-day meeting, ending
on November 1st, indicating that its decision will be data-dependent.

With the government shutdown averted in late September, the Fed will
have current data when the FOMC meets.

Expect investors to be especially sensitive to September inflation
data, which is scheduled to be released in mid-October. Should
consumer prices and producer prices be higher than anticipated, the
prospect of a rate hike may potentially jump.

However, if the report data comes in lower than expected it may take
some pressure off the Fed.
Thank you for watching.

Adrianna Rocha

Client Relations Specialist

240-379-6929 V
240-439-6889 VP
512-379-6909 FAX
info@kramerwealth.com

Since joining Kramer Wealth Managers in 2021, Adrianna Rocha has been a client service dynamo, ensuring every client interaction is seamless and delightful. She’s the go-to guru for all things client experience, handling everything from videophone chats to scheduling meetings and processing forms with a smile. Her goal? To make sure every client feels valued and well-cared-for.

Adrianna graduated with a Bachelor of Arts in Communication Studies from Gallaudet University in 2017 and brings nearly a decade of customer service experience to our team. She thrives on personal connections, celebrating both her achievements and those of our clients. When she’s not busy at work, you might find her indulging in her passions—dogs, houseplants, essential oils, and the tantalizing flavors of Mexican cuisine. Proud fur-mama to her adorable Aussie mix, Ziva. Adrianna brings a touch of warmth and enthusiasm to everything she does.

Q: What’s your favorite part of working with clients?

A:  I enjoy client service because it allows me to help people and make a positive impact. Using my listening skills to understand client needs and solve problems is satisfying. I love turning negative experiences positive and the daily variety of challenges.

Adrianna is not registered with Osaic Wealth.

Adrianna Rocha

Client Relations Specialist

240-379-6929 V
240-439-6889 VP
512-379-6909 FAX
info@kramerwealth.com

Adrianna Rocha joined Kramer Wealth Managers in 2021.

Adrianna is responsible for client experiences and service. As part of the customer service team, she strives to help and provide top-notch service to our clients. As part of her role, she communicates with clients through videophone, schedules client meetings, prepares and processes forms, and gathers information for our advisors.

Adrianna Rocha graduated with a Bachelor of Arts in Communication Studies from Gallaudet University in 2017. Before she joined our team, she worked in the customer service industry for nearly a decade. She excels in human-to-human relations and takes pride in not only her own accomplishments, but her clients’ as well. Adrianna enjoys chatting about her slight obsession with dogs, houseplants, essential oils, and food: especially Mexican food! She is also a proud fur-mama to her beautiful Aussie-mixed pup, Ziva.

Adrianna is not registered with Osaic Wealth.

Jack Morley

Client Relations Specialist

240-379-6929 V
240-439-6889 VP
240-379-6909 FAX
info@kramerwealth.com

Jack Morley has been a vital part of the Kramer Wealth Managers team since 2010, starting with various projects and officially joining full-time in 2013. As our go-to Account Service Specialist, Jack is the friendly face and reliable voice who ensures a smooth client experience. He’s the linchpin in client communications, handling account maintenance and bridging connections between clients and our advisory team.

A 1998 graduate of Gallaudet University with a BA in Psychology, Jack brings a wealth of customer service experience from retail and human services. His handyman skills are a bonus, making him the resident problem-solver and DIY enthusiast. Outside the office, Jack enjoys long walks with his dog Bailey.

Married for 25 years to his wonderful wife, Monica, Jack is also the devoted dad to two dynamic daughters who keep him on his toes. When he’s not walking Bailey—he’s likely tinkering on a new project or spending quality time with his family.

Q: What’s your favorite part of working with clients?

A:  I enjoy assisting clients in maintaining their accounts and ensuring there is a smooth transition in between changes being made within their accounts.

Jack is not registered with Osaic Wealth.