After a strong Quarter 1, US markets became more volatile in Quarter 2 as the old missive of “sell in May and go away” proved to be prescient this year with the S&P 500 peaking on May 1st.
The selloff throughout May ended as soon as June began and June experienced a strong rally that ended with the market just under its May 1st highs.
It’s important to point out that the last 18 months have seen substantial volatility without much upward progress in prices. At the end of the quarter, the S&P 500 is less than 2% above where it was in January 2018 (18 months earlier).
Developed international market indexes (primarily comprised of Europe and Japan) are down over 11% over the same time frame and emerging markets indexes are off over 15%.
Read more on our Second Quarter Market Update
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Q2 Smts and invoices will be uploaded this week.
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