Market Commentary

Equities extended their losses into September, with investors continuing to question the pace of global growth as the Chinese economy continued showing signs of weakness. Developed market equities were not immune, losing 2-5%, while emerging market equities lost 3%. In the U.S., consumer discretionary and utility stocks were the only sectors to generate positive results, while energy and materials continued to lag.  WTI crude oil closed down 8% for the month but remains in the $40 range that it has traded in for the last few months. Treasury yields fell on news that the Fed would keep interest rates unchanged and, thus, supported bond markets and provided a safe haven from risk assets.

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