On August 31, 2018, the S&P 500 index closed at 2901.52. One year later, on August 31, 2019, the S&P 500 stood at 2926.46, a gain of 0.85 percent with some significant swings in volatility along the way.
On July 31, 2019, the Federal Open Market Committee (FOMC) cut interest rates for the first time following nine rate hikes between 2015 and 2018. The S&P 500 was 2980.38 at that time. Over the next few weeks the S&P 500 had three daily declines that were greater than 2.5 percent, and it closed down 1.8 percent in the month of August. Clearly there is a lot going on, and interest rate cuts are not a panacea.
The ongoing trade war, questionable Federal Reserve policy, slowing global growth, drastic currency moves, and an economic crisis in Argentina are but a few of the major issues weighing on the markets.