---
title: "Economic & Market Review: Q3 2024 [Webinar Summary]"
description: Here is the webinar recording from October 16th, 2024. You can browse topics discussed and main takeaways using the sections and time stamps below.
---

[Blog | Burney Wealth Management ](https://burneywealth.com/blog)

# [Economic & Market Review: Q3 2024 [Webinar Summary]](https://burneywealth.com/blog/economic-market-review-q3-2024-webinar-summary)

 Written by [Andy Pratt, CFA, CAIA](https://burneywealth.com/blog/author/andy-pratt-cfa-caia) | 10.22.2024

*Presenters:  Lowell Pratt, CFA, Andy Pratt, CFA, CAIA, and Adam Newman, CFA, CFP®, MT, RICP®*

Here is the webinar recording from October 16th, 2024. You can browse the topics discussed and main takeaways using the sections and time stamps below:

*Click the time-stamp in each section title, and you will jump right to that part of the video on a new screen!*

- [00:04 - Introduction and CNBC Recognition](https://burneywealth.com/blog/economic-market-review-q3-2024-webinar-summary?hs_amp=true#Introduction-and-CNBC-Recognition)
- [02:48 - Q3 Market Performance Overview](https://burneywealth.com/blog/economic-market-review-q3-2024-webinar-summary?hs_amp=true#federal-reserve-rate-cuts-and-market-impact)
- [04:22 - Long-term Market Performance](https://burneywealth.com/blog/economic-market-review-q3-2024-webinar-summary?hs_amp=true#Long-term-Market-Performance)
- [06:48 - Recent Bull Market Analysis](https://burneywealth.com/blog/economic-market-review-q3-2024-webinar-summary?hs_amp=true#Recent-Bull-Market-Analysis)
- [12:30 - Election Impact on Markets](https://burneywealth.com/blog/economic-market-review-q3-2024-webinar-summary?hs_amp=true#election-impact-on-markets)
- [14:51 - Federal Reserve Rate Cuts and Market Impact](https://burneywealth.com/blog/economic-market-review-q3-2024-webinar-summary?hs_amp=true#federal-reserve-rate-cuts-and-market-impact)

- [16:35 - The Reason for Rate Cuts Is Important](https://burneywealth.com/blog/economic-market-review-q3-2024-webinar-summary?hs_amp=true#investment-strategy-and-asset-allocation-changes)
- [20:00 - Rate Cuts Don't Predict Size and Style Phase](https://burneywealth.com/blog/economic-market-review-q3-2024-webinar-summary?hs_amp=true#rate-cuts-dont-predict)
- [22:52 - Size and Style Factors in Investing](https://burneywealth.com/blog/economic-market-review-q3-2024-webinar-summary?hs_amp=true#size-and-style-factors-in-investing)
- [24:20 - Momentum](https://burneywealth.com/blog/economic-market-review-q3-2024-webinar-summary?hs_amp=true#momentum)
- [29:24 - Q&A Session](https://burneywealth.com/blog/economic-market-review-q3-2024-webinar-summary?hs_amp=true#Q-A-session)

## Introduction and CNBC Recognition [(00:04)](https://youtu.be/OeCPg-B7hNU?feature=shared&t=4)

- Recognized as the number one Financial Advisor in the State of Virginia by CNBC*
- Jumped from number 9 to number 3 nationally
- Reflection of 50 years of commitment to client service

## Q3 Market Performance Overview [(02:48)](https://youtu.be/OeCPg-B7hNU?feature=shared&t=168)

- Recapped the previous decline, but the market has since recovered
- Most asset classes exceeded their typical quarterly averages
- US equities continued to perform well
- Overseas markets had a resurgence

## Long-term Market Performance [(04:22)](https://youtu.be/OeCPg-B7hNU?feature=shared&t=262)

- Reviewed 1, 5, and 10 year performance numbers
- International markets starting to bounce back
- US equity-driven market over the last 10 years
- Encouraging trends for domestic investments

## Recent Bull Market Analysis [(06:48)](https://youtu.be/OeCPg-B7hNU?feature=shared&t=408)

- Bull vs. Bear market context
- The average bull market lasts about 5.5 years historically
- The current bull market is about 2 years in
- Discussed sustainability of current market trends

## Election Impact on Markets [(12:30)](https://youtu.be/OeCPg-B7hNU?feature=shared&t=750)

- Elections have little impact on the stock market
- No significant difference in market performance during election years
- Economic factors more important than election outcomes

## Federal Reserve Rate Cuts and Market Impact [(14:51)](https://youtu.be/OeCPg-B7hNU?feature=shared&t=891)

- Fed cutting rates marks a turning point in the battle against inflation
- Rate cuts don't necessarily favor one part of the market over another
- Context matters more than the rate cut itself

## The Reason for Rate Cuts Is Important [(16:35)](https://youtu.be/OeCPg-B7hNU?si=LxdOfGCYFzEHcD4r&t=995)

- Over the last 10 rate cut cycles, the reason for the cut was a recession four times, a growth scare three times, and normalization three times
- When the reason was a growth scare or normalization, the market did well
- When the reason was a recession, the market underperformed
- This is something to keep watching, but Goldman Sachs economists only predict a 20% of recession over the next 12 months

## Rate Cuts Don't Predict Size and Style Phase [(20:04)](https://youtu.be/OeCPg-B7hNU?si=CjS9oIzcEOLsUDt6&t=1204)

- A falling interest rate environment does not necessarily predict the size and style phase
- There have been both pro-small cap and pro-large cap phases following the first interest rate cut
- That said, Growth stocks outperformed Value stocks in 4 of the last 5 rate cut cycles and that is where we continue to lean today

## Size and Style Factors in Investing [(22:52)](https://youtu.be/OeCPg-B7hNU?feature=shared&t=1372)

- Much better stock market breadth in the third quarter
- Smaller companies outperformed larger companies and Value had the edge over Growth
- Sign of a healthy market to see this breadth

## Momentum [(24:20)](https://youtu.be/OeCPg-B7hNU?si=W5qkfaL7l75dKmGY&t=1460)

- Momentum has been the best performing factor in 2024
- Definition of momentum and discussion of the academic evidence for the factor
- Consider stock price momentum in your investing strategy

## Q&A Session [(29:24)](https://youtu.be/OeCPg-B7hNU?feature=shared&t=1764)

- Addressed questions about the bond outlook
- Discussed potential changes in estate tax laws
- Explored the impact of political tensions on the global economy
- Answered queries about national debt and its effect on markets

CNBC’s annual FA 100 ranking was published on 10/2/2024 for the year 2024.  The Burney Company did not pay CNBC any compensation for being considered for the list, however, Burney Company does pay a licensing fee to use the CNBC logo in marketing materials.  A link to the CNBC selection criteria can be found by going to[ https://cnb.cx/3Pg6FVh](https://www.cnbc.com/2024/10/02/cnbc-fa-100-ranking-methodology.html). The CNBC award was given to The Burney Company, the parent company which encompasses nine other Affiliated Portfolio Managers, and not Burney Wealth Management.

[View full post](https://burneywealth.com/blog/economic-market-review-q3-2024-webinar-summary)

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