Economic Update
Presented by Capstone Investment Financial Group, July 2024
S&P 500 rises 3.5% in June as information technology sector jumps
Large-cap stock indexes rose during June, extending the S&P 500’s rally into a second straight month.
The S&P 500 rose 3.5% during the month, while the Dow Jones Industrial Average gained 1.1%. Smaller-cap stocks, though, struggled as the Russell 2000 index shed 1.1% during the month.
Technology stocks continued to drive the mega-cap S&P 500 higher as investors jump into artificial intelligence and related stocks.
Sector performance
Five of 11 S&P 500 sectors rose during the month.
Information technology stocks led the gains, with a 9.3% rise as shares for most companies in the sectors rose during the month.
Largest gains, drops
Adobe Inc. was the best-performing S&P 500 stock in June, with a 24.9% rise. The company beat earnings expectations in its June 13 report and raised its earnings guidance, owing to what executives said was growth in its cloud products and AI adoption.
Walgreens Boots Alliance Inc. was the worst-performing S&P 500 stock in June, falling 25.4% during the month. Shares plummeted in the last trading days of June after the pharmacy operator missed quarterly earnings expectations, cut its 2024 EPS guidance and revealed plans to close several of its US stores.
Source: S&P Global
Capstone Investment Financial Group