Despite June valuation-concerning losses, the S&P 500 and Nasdaq Composite posted their strongest quarterly returns in six years, up 15.2% and 21.6%, respectively amid semiconductor-led gains and declining crude oil prices. Reflecting the strength in chip stocks, the PHLX “SOX” Semiconductor Index surged 88% in Q2, its strongest quarterly gain since its creation in 1993. Meanwhile, a broadening rotation last month helped the Dow Industrials cap its strongest first half performance in five years, up 9.76%.
The Quarterly Recap is published by Cetera Investment Management LLC, an SEC registered adviser owned by Cetera Financial Group. Cetera Investment Management provides market perspectives, portfolio guidance, model management, and other investment advice to its affiliated broker-dealers, dually registered broker-dealers and registered investment advisers.