Monthly Market Update (June 2023): 3 Things You Need to Know

by | Jul 5, 2023 | Wealth Management

Out of nowhere, equities entered a bull market on June 8th after exiting a 248-trading-day bear market (its longest since 1948). Here are 3 things you need to know:

  1. The Nasdaq Composite surged 32% through the end of June, its best first-half performance in 40 years, far outpacing the Dow Jones Industrial Average, which gained 4%, and the S&P 500, which rose 4.5%.
  2. Three-month U.S. Treasury bill yields hit 22-year highs near 5.60% in June.
  3. The two-year U.S. Treasury yield pushed above 4.90%, pulling the U.S. yield curve near its most inverted level since the early 1980s. 
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Sources: J.P. Morgan Asset Management – Economic Update; Bureau of Economic Analysis (www.bea.gov); Bureau of Labor Statistics (www.bls.gov); Federal Open Market Committee (www.federalreserve.gov); Bloomberg; FactSet.

Indices:

  • The Bloomberg Barclays Aggregate Bond Index is a broad-based index used as a proxy for the U.S. bond market. Total return quoted.
  • The S&P 500 is designed to be a leading indicator of U.S. equities and is commonly used as a proxy for the U.S. stock market. Price return quoted.
  • The MSCI ACWI ex-US Index captures large and mid-cap representation across 22 of 23 developed market countries (excluding the U.S.) and 27 emerging market countries.  The index covers approximately 85% of the global equity opportunity set outside the U.S. Price return quoted.
  • The MSCI Emerging Markets Index captures large and mid-cap segments in 26 emerging markets. Price return quoted (USD).

Disclosure: BFSG does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to BFSG’s website or blog or incorporated herein and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. Please remember that different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment or investment strategy (including those undertaken or recommended by Company), will be profitable or equal any historical performance level(s). Please see important disclosure information here.

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