August 2024 Market Quick Hit

• After an initial drop to start the month, the S&P 500 index rallied in the final few weeks to finish the month in positive territory.

• Small and mid-cap stocks paused the rotation started in July, posting slightly negative returns for August.

• GDP was revised upward for Q2 2024 and inflation data continued to moderate boosting the probability that the Federal Reserve will lower rates in September.

• Also contributing, and potentially more influential to the Fed’s thinking, unemployment has been steadily increasing over the past several months.

• Bonds rallied during the month, fueled by expectations of a rate cut Job data has been deteriorating with rising unemployment over the past few months, which may pressure future economic growth. 

Positioning & Outlook

• We continue to favor maintaining a diversified approach within the equity markets which would include allocations to small, mid, and non-US.

• With a September rate cut increasingly likely, we see bonds as providing modest return potential and recommend a balance of interest and credit sensitivity.

• We continue to be proponents of adding strategies for income and growth potential that have less exposure to traditional stock and bond markets, thus providing increased diversification, downside mitigation potential, and complementary attributes, particularly with the potential for short-term volatility to increase as we near the November election.

Investment Advisory services are provided through Bison Wealth, LLC located at 3550 Lenox Rd NE, Ste 2550 Atlanta, GA 30326 or Bison Advisors, LLC located at 140 Cateechee Trail, Hartwell, GA 30643. Securities offered through Metric Financial, LLC. located at 725 Ponce de Leon Ave. NE Atlanta, GA 30306, member FINRA/SIPC. Bison Wealth, LLC and Metric Financial, LLC are not affiliate entities. More information about Bison Wealth or Bison Advisors  and its fees can be found in their respective Form ADV Part 2, which is available upon request by calling 404-841-2224. Bison Wealth and Bison Advisors are independent investment advisers registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. 

The statements contained herein are based upon the opinions of Bison and the data available at the time of publication and are subject to change at any time without notice. This communication does not constitute investment advice and is for informational purposes only, is not intended to meet the objectives or suitability
requirements of any specific individual or account, and does not provide a guarantee that the investment objective of any model will be met. An investor should assess his/her own investment needs based on his/her own financial circumstances and investment objectives. Neither the information nor any opinions expressed herein should be construed as a solicitation or a recommendation by Bison or its affiliates to buy or sell any securities or investments or hire any specific manager. Bison prepared this Update utilizing information from a variety of sources that it believes to be reliable. It is important to remember that there are risks inherent in any investment and that there is no assurance that any investment, asset class, style or index will provide positive performance over time. Diversification and strategic asset allocation do not guarantee a profit or protect against a loss in a declining markets. Past performance is not a guarantee of future results. All investments are subject to risk, including the loss of principal.

Index definitions: “U.S. Large Cap” represented by the S&P 500 Index. “U.S. Small Cap” represented by the S&P 600 Index. “International” represented by the MSCI Europe, Australasia, Far East (EAFE) Net Return Index. “Emerging” represented by the MSCI Emerging Markets Net Return Index. “U.S. Aggregate” represented by the Bloomberg U.S. Aggregate Bond Index. “Treasuries” represented by the Bloomberg U.S. Treasury Bond Index. “Short Term Bond” represented by the Bloomberg 1-5 year gov/credit Index. “U.S. High Yield” represented by the Bloomberg U.S. Corporate High Yield Index. “Real Estate” represented by the Dow Jones REIT Index. “Gold” represented by the LBMA Gold Price Index. “Bitcoin” represented by the Bitcoin Galaxy Index