Investment Commentary June 2024
Stocks across the globe rallied in May after slumping in April. Bond returns also rebounded, as April inflation data was in line with expectations, and Treasury bond yields were down a little. Below is a brief recap of financial market activity in May:
- With strength from the technology sector and Treasury yields falling the S&P 500 was up close to 5%. Small-cap stocks performed slightly better and were up a little over 5% for the month.
- Foreign stocks were up 4% for the month, with European stocks leading the way up 6.5%.
- All sectors were up in May except energy, which was down slightly. The surprise performer was the utility sector with gains of 8% for the month.
- Annual U.S. headline CPI slowed to 3.4%, while core inflation (excluding food and energy) eased to 3.6%. As expected, Canada and the European Central Bank were the first G7 countries to cut interest rates in early June.
- With Treasury yields down for the month, U.S. core bonds were a solid performer with gains of 1.7%.
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