After delivering attractive returns during the first half of 2024, global equity markets continued their upward climb during the third quarter. For the first 9 months of 2024, the S&P was up 20.8%. This marks the strongest first 9-month performance in any year since 1997. They key factors that drove markets higher during Q3 included strong corporate earnings, interest rate cuts from central banks around the world, and reduced fears about a global economic recession. Stock market returns in the quarter were positive across most of the major developed market regions as
shown in the chart below.