Monthly Market Update (June 2024): 3 Things You Need to Know

by | Jul 1, 2024 | Wealth Management

Stock market concentration became more extreme during the quarter. The top 10 stocks in the S&P 500 make up just over 30% of the index which is the highest in history. The catalyst for a change in market leaders likely comes from a regime or market/economic change. Here are 3 things you need to know:

  1. In Q2, the S&P 500 was up 4.28% with the top 10 stocks contributing 5.60%, meaning the stocks outside of the top 10 in aggregate were negative. Of the 15.29% total return of the S&P 500 through the first half of the year, the top 10 stocks in the index have contributed 11.13% or nearly 73%, powered by a +37% advance for the Magnificent 7 and a stunning +149.5% return for Nvidia.
  2. The small-cap Russell 2000 only returned +1.7% in the first half and was down -3.3% in Q2.
  3. The 10 yr. Treasury ended Q2 at 4.37% after starting the year at 3.88%. The bond market continues to price in two rate cuts to end the year in September and December.

Sources: J.P. Morgan Asset Management – Economic Update; Bureau of Economic Analysis (; Bureau of Labor Statistics (; Federal Open Market Committee (; Bloomberg; FactSet.


  • 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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