Market Commentary
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The CPC Team
August 19, 2024
June 2024 Economic & Market Highlights
- US large cap stocks continued their positive trend in June with information technology sector stocks further exerting influence on market returns. Just five tech-oriented stocks account for more than half of the S&P S00's year-to-date total return.
- The U.S. Federal Reserve's preferred inflation gauge moved closer to the Fed's longterm target of around 2.0%. The core Personal Consumption Expenditures {PCE) Index, excluding energy and food prices, rose at an annual rate of 2.6% in May, marking the slowest price growth in over three years.
- Bond markets experienced positive returns, with the Bloomberg Aggregate Bond Index rising as Treasury yields fell. This was partly due to the Federal Reserve's cautious stance and the anticipation of future rate cuts, which supported bond prices.
- Ongoing geopolitical tensions paired with new developments in overseas elections contributed to market uncertainty across the globe.
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