Market Commentary June 30, 2023
Global equities continued to dismiss any concerns of an economic recession in 2023 and have discounted the impact of record monetary policy tightening, declining corporate earnings and persistent inflationary pressures. The S&P Index recorded an 8.7% gain for the quarter, bringing the year-to-date total return to 16.9%. Impressive gains from a select group of technology stocks helped propel equities higher during the quarter. However, if you remove the top seven holdings in the S&P 500, the return year to date was -1.92%.
