Second Quarter 2024 Review

U.S. stocks, as measured by the S&P 500 Index, posted their fifth best start to a year since 2000. The S&P 500 rose +15.2% and reached 32 new all-time highs, while volatility remained relatively subdued. The index did not have a single day where it rose or fell by more than 2%. While the average stock had a modest but respectable gain in the first half of the year, mega-cap technology companies1 bolstered total returns and overall index earnings.