2nd Quarter 2023 Market Update
June was a strong month for equity markets as resolution of the debt ceiling impasse helped lower uncertainty and supported a risk-on environment. The positive monthly returns capped a solid quarter for stocks.
June was a strong month for equity markets as resolution of the debt ceiling impasse helped lower uncertainty and supported a risk-on environment. The positive monthly returns capped a solid quarter for stocks.
The S&P 500 fell 9.21 percent during the month, which caused the index to lose 4.88 percent during the quarter. The Dow Jones Industrial Average declined 8.76 percent in September, capping the 6.17 percent decline for the quarter.
Equity markets experienced widespread selloffs in June. Fears of a potential recession and high inflation weighed heavily on investors, capping off a challenging second quarter.
Equity markets partially bounced back in March, driven by a strong run in the second half of the month. The S&P 500, Dow Jones Industrial Average (DJIA), and Nasdaq Composite gained 3.71 percent, 2.49 percent, and 3.48 percent, respectively.
Markets rallied to finish out the year, with all three major U.S. indices notching gains for the month, quarter, and year. The S&P 500 gained 4.48 percent in December, which contributed to an 11.03 percent return for the quarter and a strong 28.71 percent gain for the year.
Markets pulled back sharply in September after setting record highs in August. Rising medical risks hit growth expectations at the same time as concerns about inflation and rising interest rates weighed heavily on sentiment in a sort of perfect storm.
