Q2 2023 Review and Second Half Outlook

A Great First Half. The S&P 500® Index gained 17% in the first half of 2023, its second strongest first half performance this century. Though welcome, this occurrence strayed far from most strategists’ predictions back in January; the consensus then was a weak first half and a stronger back half of 2023. At that time, the landmarks on the investment landscape were mostly gloomy: high inflation, rising interest rates, and poor returns from both stocks and bonds in the just-ended 2022; the S&P 500® had dropped by approximately 19% last year and the Aggregate Bond Index had fallen by approximately 15%.

Download Commentary