Companies handing out dividends, especially growing dividends are good signs of companies generating free cash flow. This will also be reflected in capital gains for the stock as pe ratio expands.
Therefore, dividends and capital gains does goes together. Of course, there are exceptions, like Berkshire Hathaway. It does not give dividends but grows its free cash flow. Instead, the money is used to invest in companies paying dividends with capital gains.
Ulti...

It will be an interesting 5 weeks to trade due to the earnings season, us election and fed meeting in November.
If geopolitical conflict erupts, it will be even more challenging..

Oil price is rising again and that could disrupt federal reserve 's plan for rate cuts. The falling treasuries price is already reflecting that possibility.
If iran - Israel conflict gets worse, all bets are off. Not even the fed can save the market from falling. This will be 1970s market deja vu. Stagflation.