• Despite a rocky June characterized by worries about the sustainability of the AI trade and inflation, the S&P 500® gained 15% in Q2, posting its best quarter since Q2 2020. Blockbuster semiconductor earnings helped to assuage investors amid an uncertain macro backdrop.
  • Notwithstanding their recovery on the final trading day of the quarter, mega caps underperformed, with the S&P 500 Top 50 down 5% in June, as part of an ensuing rotation away from tech hyperscalers and toward chipmakers and other defensive segments of the market. The broadening of the rally extended toward smaller caps, with the S&P MidCap 400® and S&P SmallCap 600® up 14% and 20% in Q2, respectively.
  • Except for Energy and Utilities, all large-cap sectors ended Q2 with gains. Information Technology finished the quarter up 32%, despite a 3% pullback in June.
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