Q2 2019 Recap07/08/2019

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Second Quarter 2019 Recap

The S&P 500 posted stellar gains last month, recording its best June performance since 1955. And while the S&P 500’s second quarter gain was muted by May’s steep 6.35% loss, the benchmark equity index registered its strongest first half (two-quarter) start to a year since 1997. The Dow Industrials advanced 7.31% last month, its best June performance since 1938. The gains came as investors cautiously balanced concerns that protracted trade tariffs could lead to slower global growth versus optimism that leaders will eventually approve a trade deal. The June rally received a boost from comments from Fed Chairman Jerome Powell, pledging that policymakers will “act as appropriate to sustain the expansion.” The comment lifted market expectations for a July interest rate cut to a near certainty.

At-a-Glance

  • The S&P 500 reached a new all-time high on June 20 at 2,954 –its first new record since April 30.
  • Historically, the S&P 500 posted its 8thstrongest first-half since the end of WWII.
  • Bonds markets rallied with equities, pushing the average yield on U.S. investment-grade debt to 2.49%, the lowest since 2017.
  • Oil prices jumped 9% in June, while Gold prices surged 7.97% last month.
  • The Bloomberg U.S. Dollar Index sank nearly 1.6% in June, its first monthly loss since January.

 

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The Quarterly Recap is published by Cetera Investment Management LLC, an SEC registered adviser owned by Cetera Financial Group. Cetera Investment Management provides market perspectives, portfolio guidance, model management, and other investment advice to its affiliated broker-dealers, dually registered broker-dealers and registered investment advisers.

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