July 01, 2024

Second Quarter 2024 Recap

Latest Publications Second Quarter 2024 Recap

The S&P 500 ended the second quarter with a technology-driven rally that spurred a 15.29% return during the first half of the year, its sixth best two-quarter start to a year since 1990. Moreover, the near 15.3% performance is the second strongest election year start since 1944. Unusually, however, only a handful of Big Tech company stocks have fueled this year’s rally. Despite a sell-off at the end of June, the primary bellwether artificial intelligence (AI) chipmaker dominated the twoquarter tech rally, up nearly 150% year-to-date (YTD). Four other so-called Magnificent Seven stocks also eclipsed the S&P 500’s first half performance. All three major U.S. equity indices advanced in June, posting their seventh positive monthly performance in eight months.

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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.