--- title: June 2024 Market Update | Sanderson Wealth Management description: Despite underlying market divergence, large mega-cap tech stocks push the stock market upward. image: https://insights.sandersonllc.com/hubfs/Featured%20Image%20June%202024.png --- - [716.566.2420](tel:716-566-2420) - [Client Login](https://www.sandersonllc.com/client-login/) [![Sanderson Wealth Management](https://insights.sandersonllc.com/hubfs/Sanderson_October2019%20Theme/Images/sanderson-logo-stacked@2x.png)](https://www.sandersonllc.com/) - About - [Services](https://www.sandersonllc.com/services/) - [Our Team](https://www.sandersonllc.com/team/) - [John Sanderson](https://www.sandersonllc.com/team/john-sanderson/) - [Justin Sanderson](https://www.sandersonllc.com/team/justin-sanderson/) - [James Warner](https://www.sandersonllc.com/team/james-warner/) - [C. 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The S&P 500 rose by 3.6% in June, contributing to a year-to-date return of 15.3%. However, this headline figure masks the underlying divergence in the market, with the equal-weight S&P, mid-cap, small-cap, and value indices all experiencing declines. Additional divergence between stock market performance and economic indicators adds to the mixed picture. ## Markets June’s stock performance saw a continuation of the trend where a small number of US mega-cap tech stocks like Nvidia drove the majority of the stock market's performance. [For more on Nvidia’s ballooning size, check out John Gullo’s video here.](https://insights.sandersonllc.com/investment-review-q2-2024) Around the world, emerging markets, rising 4.0%, did much better than their foreign developed peers who declined 1.6% for the month.  The bond market also saw positive a return for the month as yields on government bonds dropped. The benchmark 10-year treasury yield dropped 15 basis points to 4.36%. The overall bond market moved about 1.0% higher in June, bringing the quarterly return into the green by 0.1% but still down 0.7% for the year. ## Mixed Economic Indicators Economic indicators presented a mixed picture. Manufacturing data and consumer confidence have shown signs of weakening, suggesting a disconnect between the stock market's performance and the broader economic reality. The Purchasing Managers’ Index (PMI) indicated contraction, and consumer spending was bifurcated, with affluent households benefiting from the stock market's rise, while lower-income households struggled with increased costs. Meanwhile, GDP reports show the economy is still expanding, albeit at a slower pace, and the labor market remains healthy. ## Inflation and Monetary Policy The June release of US headline inflation rate edged lower to 3.3%, with core inflation falling to its lowest in three years at 3.4%. Despite inflation persistently above their 2% target and solid employment figures, the Federal Reserve held off on rate cuts at their June meeting. Meanwhile, the European Central Bank (ECB) commenced its easing cycle, cutting rates by 0.25% to 3.75%. ## Conclusion The market continues to be influenced heavily by the performance of a few large companies, while the broader economic indicators suggest a more cautious outlook. Investors should remain vigilant of the potential disconnect between market performance and economic fundamentals. Diversification across asset classes, sectors, and geographies remains crucial for mitigating risk in this evolving economic landscape. ![Stock Summary 6.24](https://insights.sandersonllc.com/hs-fs/hubfs/Stock%20Summary%206.24.png?width=800&height=351&name=Stock%20Summary%206.24.png) ![Market Indicators 6.24](https://insights.sandersonllc.com/hs-fs/hubfs/Market%20Indicators%206.24.png?width=800&height=426&name=Market%20Indicators%206.24.png)   ## Disclosure © 2024 Sanderson Wealth Management LLC. This information is not intended to be and should not be treated as legal, investment, accounting or tax advice and is for informational purposes only. Readers, including professionals, should under no circumstances rely upon this information as a substitute for their own research or for obtaining specific legal, accounting, or tax advice from their own counsel. All information discussed herein is current as of the date appearing in this material and is subject to change at any time without notice. Opinions expressed are those of the author, do not necessarily reflect the opinions of Sanderson Wealth Management, and are subject to change without notice. The information has been obtained from sources believed to be reliable, but its accuracy and interpretation are not guaranteed. ### Let’s talk about your future. 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