Well, that wasn’t the start to the fourth quarter that the bulls wanted. The S&P 500 Index has dropped at least 1% on consecutive days to start the fourth quarter for the first time in history. It was down about 3% after two days, the worst start to the fourth quarter since 2009.

So, what has happened or changed? There are still headlines on the impeachment inquiry, protests in Hong Kong, weakening manufacturing data, and trade tensions. As we discussed on October 2, September was historically calm and October tends to be quite volatile. So maybe it was simply “time” for some seasonal volatility.

Just like that, the S&P 500 Index fell more than 1% on the first day of October. The rough start has many investors on edge, as October is known for spectacular crashes—specifically 1929, 1987, and 2008.

On the flipside, September 2019 was historically calm for equity markets, as the S&P 500 didn’t fall 1% on a single day the entire month.

“The lack of any volatility in September could mean the usually volatile month of October could be due for some big swings,” said LPL Financial Senior Market Strategist Ryan Detrick. “The good news, though, is while October has had a bad rap fo

U.S. manufacturing activity fell to a 10-year low, dragged down by a weakening global economy.

The Institute for Supply Management’s (ISM) Purchasing Managers’ Index (PMI) fell to 47.6 in September, the lowest level since June 2009. As shown in the LPL Chart of the Day, the gauge stayed in contractionary territory (below 50) for a second straight month.

Underlying data in the ISM report showed tepid global demand continued to weigh on domestic manufacturing. ISM’s gauge of new orders was largely unchanged, but new export orders dropped to the lowest level of the economic cycle.

&nbs

Speaker of the House Nancy Pelosi announced last week that she would support an impeachment inquiry into President Donald Trump. We’ve received many requests from our LPL advisors asking what exactly this may mean for the stock market, and here’s what we found.

Impeachment inquiries can cause a good deal of volatility, as stocks fell as much as 20% ahead of President Bill Clinton’s impeachment inquiry that began in October 1998, and we saw the vicious bear market of 1973–74 during the impeachment process against President Richard Nixon.

Of course, the Russian ruble crisis and the failure of he