Investment Review - June 2023
- The major U.S. stock indices posted divergent returns in the month of May. The Dow Jones Industrial Average declined -3.2%, the S&P 500 rose a modest 0.4%, and the technology heavy Nasdaq Composite shot up 7.9% in May. Easing inflation numbers, the possible end of rate increases, and the potential of artificial intelligence (AI) have fueled growth stocks, especially in the technology sector.
- Commodity prices are under pressure as high interest rates and a slowing global economy are impacting demand. Natural gas, oil, and lumber prices are off sharply, and the CRB raw industrials spot price index, which excludes petroleum and wood products, is down 20% from its April 2022 record high.
- A debt ceiling bill was negotiated and passed, thus averting the U.S. defaulting on its debt.
Key Investment Statistics
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