.jpg "A Packed Holiday-Shortened Week Photo")
The S&P 500 Index closed out June up 4.3% for the month and 14.48% for the first half of the year.1 Perhaps more impressive was the lack of any material drawdowns in the market in June. Fixed-income markets were strong as well, with investment-grade corporates capping off its 35th straight week of inflows and Treasuries had its eighth week of inflows.2 Year-to-date fixed income is trailing the strong equity market returns, but high yield is up 2.87%.3 The Bloomberg U.S. Corporate Bond Index is down 0.49% year-to-date.4
This holiday-shortened week is relatively busy, and investors will look for more signs of growth concerns. S&P Global U.S. Manufacturing Purchasing Managers’ Index (PMI) and Institute for Supply Management (ISM) Manufacturing Index will be released today.5 Tomorrow’s lineup includes Federal Reserve Chair Jerome Powell speaking and the Job Openings and Labor Turnover Survey (JOLTS) for May.6 Wednesday is expected to bring the Federal Open Market Committee minutes.7 The U.S. jobs report is slated for Friday morning on what will likely be thin trading following the bank holiday in the U.S. on Thursday.8
We hope everyone has a great week and a safe and happy Fourth of July!
Sources:
1,3-4Bloomberg
2J.P. Morgan; 6/30/24
5-8MarketWatch – U.S. Economic Calendar; as of 7/1/24
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