Hi, this is Ryan McGuire, Senior Consultant with Oak Wealth Advisors here to present our Monthly Market Update for June 2024.

June followed the strong returns we witnessed throughout the market in May with another solid month overall.

U.S. stocks advanced, outperforming International developed markets stocks but lagging emerging markets over the month. Bond returns have been flat over the year but ticked up a bit in June. Amid persistent but slightly slowing inflation, and renewed expectations for Fed rate cuts, the S&P 500 Index logged its second consecutive quarterly gain and is the highest performing asset class in 2024.

If we move to the middle column, we can see the high returns we have witnessed in the equity markets over the past rolling 1-year period. US Large Cap Stocks led the way realizing a return just shy of 25%. US Small Cap, International Developed, and Emerging Market stocks have all hit double-digit returns over that period as well.

Calling out a few specific points:

S&P 500 sector performance was mixed in June and for the quarter. Information technology was the top sector for both periods, while materials, industrials, energy, and financials were all underperformers over the quarter. Tech stocks were led by NVIDIA.

As of June 20th, NVIDIA had been responsible for around 1/3 of the S&P 500’s gain for the year – and the average stock in the S&P 500 was actually trailing the index by over 10% at that point. Source

The Fed held rates steady in June – annual headline inflation decreased by a tenth of a percent to 3.3% in May. The European Central Bank cut three key rates in June, while the Bank of England left its target rate unchanged. Inflation slowed to 2.5% in Europe.

Thanks for listening.