Stock Market Commentary -

China’s move to devalue its currency in late August set off a wave of selling and renewed volatility across global markets that continued through September. Enduring its worst quarter since 2011, the S&P 500 slid 6.4%, pulling its year-to-date return down to -5.3%. Within Large-Cap, the Utilities sector attracted investors seeking safety, which gained 5.4% during the third quarter. The next strongest sector was Staples, which shed 0.2%. All other sectors fell, with the most severe losses in Energy and Materials, down 17.4% and 16.7%, respectively. The disparity of returns for Growth versus Value widened further. The Russell 1000 Growth Index holds a positive return of 3.2% for the year versus the Russell 1000 Value Index, down 4.4%. With the appetite for risk declining, the smaller the company, the worse the return in the quarter. The S&P 400 Midcap lost 8.5% and the Russell 2000 plunged 11.9%.