Investment Perspectives
Second Quarter 2024 Investment Commentary
During the second quarter, the U.S. economy stayed resilient in an environment where inflation and interest rates remained higher than expected. Tighter monetary policy was offset by accommodative fiscal policy and still-strong U.S. consumers. U.S. stocks continued to hit new highs, as economic growth benefited corporate earnings, and the stock market remains concentrated with the “Magnificent Seven” representing over 25% of the S&P 500. Recession fears haven’t completely abated, however, and the second half of the year could see pockets of volatility given headline risks related to Fed policy, geopolitical events, and the upcoming election.
