Second Quarter 2023 Market Newsletter

Markets

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EXECUTIVE SUMMARY

Global stocks produced a positive performance in the second quarter. Credit sensitive bonds rose but interest rate sensitive bonds fell.

The hype surrounding Artificial Intelligence helped about 10 stocks to contribute almost all the performance of the S&P 500 index.

Rising interest rates have curtailed inflation but have adversely impacted the manufacturing sector. The services sector is continuing to grow. A strong job market has supported consumer confidence and retail sales.

Chasing the performance of the largest stocks has not been a good decision historically. The performance of these stocks after becoming the largest is significantly worse than before. An investor’s best bet to profitably capture the performance of these stocks is to invest in a diversified portfolio.

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