Friday marked a pivotal day for investors, bringing the conclusion of the month, second quarter and first half. The last six months saw 2022's beaten-down growth names make a broad comeback as the promise of artificial intelligence and hope of an end to the Fed's rate campaign lifted major tech players to astonishing heights.
"The technicals are telling us that this ubercap-led rally has just been overextended," she said. "It's been hitting those overbought levels and we believe it's time for that trade to kind of take a pause."For June: The S&P 500 gained 6.5% for its best monthly performance since October. The Nasdaq advanced 6.6%. Both indexes notched a fourth consecutive positive month. The Dow climbed 4.6%, for its best month since November.
For year to date and the first half: The S&P 500 has popped 15.9% for its best first half since 2019. The Nasdaq surged 31.7%, for its best first half since 1983. The 30-stock Dow added a modest gain of 3.8%.Wall Street also got another hint ofnews as the core personal consumption expenditures price index, a closely watched gauge by the Federal Reserve, rose less than expected in May.
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