Market Commentary June 30, 2024
Global equity markets added to their already impressive gains for the year with the S&P 500 recording 35 record highs. Better than expected earnings from the technology sector (specifically the magnificent seven (MAG7), steady economic growth, healthy labor market trends and a downward trajectory in inflation all contributed to the record gains.
However, a deeper look into the broader market gainsreveals that almost all the return this year can be contributed to just a hand full of stocks. Indeed, if you back out the top seven names (MAG7), the S&P 500 has gone nowhere this year.
