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The S&P 500 Index (SPX) had a remarkable August 2024, achieving a 2.28% gain, which marks its best August performance since the launch of SPDR ETFs in 1998. The sectors that performed exceptionally well include Consumer Staples (XLP), Real Estate (XLRE), and Health Care (XLV), all posting gains of over 5%. However, Technology (XLK), Consumer Discretionary (XLY), and Energy (XLE) sectors lagged behind, performing below average. Historically, SPX averages a -0.58% return in August. Additionally, 54 out of the 73 S&P 1500 GICS Industry indices were positive in August, with Residential REITs and Pharmaceuticals leading the gains, while Construction Materials and Energy Equipment were the worst performers. Despite the strong performance in August, the SPX is tracking for its second-best year since 1998, but the outlook for September remains uncertain.
