September’s market performance was a pleasant surprise, considering the historically challenging nature of the month. Despite already impressive gains in 2024, most stock indices managed to eke out modest growth, ranging from 1% to 2.7%. The larger indices fared the best, while smaller ones trailed behind.
Sector-wise, Consumer Discretionary and Utilities stole the show, each surging an impressive 7%. Communication Services followed closely, rising 4%, while Information Technology, Materials, Real Estate, and Industrial all posted gains of around 3%. Energy, however, struggled, losing 3%, with Healthcare and Financials also experiencing declines of 2% and 0.6%, respectively.
A closer look at the S&P 500’s top performers reveals a strong presence of Discretionary stocks, with some Industrial players also making a mark. Las Vegas Sands (LVS) led the pack, soaring 29%, followed by Tesla’s (TSLA) 22% jump. Capri Holdings (CPRI) gained 19%, while Under Armour (UAA), Hanesbrands (HBI), and Tapestry (TPR) all rose 16%. Norwegian Cruise Line (NCLH) and Ralph Lauren (RL) also impressed, with gains of 15% and 14%, respectively. Carnival Corporation (CCL) and Kohl’s (KSS) rounded out the list, each posting 12% increases. Notably, four out of six Discretionary stocks on this list were comeback stories, suggesting investors remain confident in consumer spending and the overall economy.
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