July 2024 Market Commentary: US Markets Continue Upward Trend

Major U.S. equity markets continued their upward path in Q2 24, and the early part of Q3 as well. However, various other markets differed greatly in performance in the period, primarily due to size (small versus large), style (value versus growth) or index composition (equal-weight versus market weight).

These differences make guesses as to future performance more difficult than usual. As many of you probably know by now, the well-known S&P 500 index (“S&P 500”) rose 4.28% in the quarter, giving it a total return of 15.29% through June 30th. The NASDAQ Composite Index rose 8.47% in Q2, giving it a total return of 18.57% through the end of Q2. Most of the gains come from companies providing products and services used in Artificial Intelligence, or “A.I.” In some ways it is similar to the “dot.com” market boom of the late 1990s which ended badly in 2000.

There are also several international conflicts with the potential to impact markets.

Market Commentary and review provided by Peter W. Tuz, CFA, CFP®, President & Director, Portfolio Manager, Chase Investment Counsel.

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