Stock markets dropped for the second month in a row in September, closing out a weak quarter for financial markets. The U.S. indices were down in the mid-single digits, which brought markets to low-single-digit losses for the quarter and took the Dow below its 200-day moving average. International markets also pulled back for the month and quarter by roughly the same amounts. Even fixed income was down, with a substantial increase in interest rates. Financial markets were clearly in a risk-off mode.