“Big Short” investor Michael Burry’s bearish stock bets earlier are paying off.
In the second quarter, his management fund Scion held put options on ETFs that track the S&P 500 and Nasdaq.
Since then, the S&P 500 has fallen about 8%, and the Nasdaq has tumbled 9%.
Michael Burry’s bearish equity bets earlier this year have proven correct as the S&P 500 and Nasdaq have sold off sharply.
His spot-on bets against subprime mortgages were portrayed in “The Big Short” and earned him a massive investor following.
On Friday, the S&P 500 entered correction territory, joining the Nasdaq after it made a similar move earlier this week.
By the end of the second quarter, his management fund Scion held put options on two exchange-traded funds — SPDR S&P 500 and Invesco QQQ — that track the major index funds.
Since then, the S&P 500 has fallen about 8%, and the Nasdaq has tumbled 9%.
But he recently admitted to making a mistake this year. In late January, Burry tweeted the word “sell,” ahead of a bull-market run.
Correction: October 27, 2023 — An earlier version of this story was based on tweets that aren’t affiliated with Burry and references to them have been removed.
Meanwhile, S&P 500 (^GSPC) futures were down 0.3% in the wake of the benchmark’s lowest close since May. Dow Jones Industrial Average (^DJI) futures traded flat.
Earnings are in the drivers seat for stocks, as investors punish megacaps whose third-quarter reports turned out more downbeat than hoped. Concerns are growing that valuations are too high in a world of surging Treasury yields, as the benchmark 10-year yield (^TNX) climbed back near 5% on Thursday.
While Meta’s (META) earnings beat on the top and bottom lines, its shares reversed initial gains after the Facebook parent warned geopolitical unrest could drag on its ad business. The flow of earnings resumes Thursday, with Amazon (AMZN), Intel (INTC), Ford (F) and Chipotle (CMG) the highlights on the docket.
“There’s real dispersion,” BlackRock’s Global CIO Rick Rieder said, noting Microsoft and Alphabet earnings. “We’re getting a series of conflicting signs around market. That’s why markets are so jumpy, so uncertain.”
In one positive development, Thursday’s third-quarter GDP reading came in hot with the US economy growing at its fastest pace in nearly two years.
The strong data comes despite the Federal Reserve’s higher for longer interest rate mantra, which has failed to constrain the American consumer. The Fed’s next interest rate decision is scheduled for Nov. 1
Other central banks are beginning to shift their monetary policy. On Thursday, the European Central Bank held interest rates steady for the first time in over a year following ten consecutive rate increases.
The ECB said it would hold its deposit rate at a record high 4%. The bank maintained its previous guidance of steady policy moving forward.
A
GDP: US economy grows 4.9% amid strong consumer spending
The US economy grew at its fastest pace in nearly two years during the past three months as consumers stepped up their spending despite a high interest rate environment.
The Bureau of Economic Analysis’s advance estimate of third quarter US gross domestic product (GDP) showed the economy grew at an annualized pace of 4.9% during the period, faster than consensus forecasts. Economists surveyed by Bloomberg estimated the US economy grew at an annualized pace of 4.5% during the period.
The reading came in higher than second quarter GDP, which was revised down to 2.1%.
The GDP release highlights the resilience of the US consumer despite ongoing concerns of a slowdown. But many economists see this as the high water mark for economic growth before the credit tightening induced by the Federal Reserve’s interest rate hikes and the recent rise in bond yields grabs hold of business development and consumer spending.
Wall Street stocks were on track Thursday to add to the previous day’s sharp losses, as investors looked ahead to fresh earnings releases.
Futures on the Dow Jones Industrial Average (^DJI) were down 0.41%, or 136 points, while S&P 500 (^GSPC) futures shed 0.67%. Contracts on the tech-heavy Nasdaq 100 (^NDX) were 0.95% lower.
Bitcoin (BTC) ATMs have become both convenient and worrying, with scammers taking advantage of unsuspecting victims. Authorities in the US and other jurisdictions are now waging a war against crypto-ATM-based scams.
California takes a stance on new cryptocurrency laws
The state of California has introduced rules for cryptocurrency transactions. Senate Bill 401, signed by Governor Gavin Newsom, means you can only make $1,000 worth of cryptocurrency transactions at ATMs each day, and starting in 2025, the maximum they can charge you is $5, or 15% of the transaction. Whichever is higher.
Initially, some Bitcoin ATMs allowed up to $50,000 in transactions with fees ranging between 12% and 25% above the value of the digital asset. These changes are intended to protect people from scams and high fees, explained Sen. Monique Lemon, one of the co-authors.
Scammers taking advantage of the convenience of Bitcoin ATMs have been a growing concern, with the Federal Trade Commission reporting that more than 46,000 people have lost more than $1 billion to cryptocurrency scams since 2021. New transaction limits give victims more time to spot scams before loss of money. But Charles Bell of the Blockchain Advocacy Coalition worries that these rules could hurt the cryptocurrency industry and small businesses.
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FBI Alerts About Bitcoin ATM and QR Code Scams
The Federal Bureau of Investigation (FBI) has raised the alarm about fraudulent schemes exploiting ATMs for cryptocurrencies and quick response (QR) codes for payments. These schemes take various forms, including online impersonation, romance scams, and lottery fraud, all using cryptocurrency ATMs and QR codes as tools.
QR codes, which smartphone cameras can scan, simplify cryptocurrency payments. However, criminals are now using it to trick victims into paying money. Victims are often asked to withdraw money from their accounts and use a QR code provided by scammers to complete transactions at physical cryptocurrency ATMs.
Once the victim makes the payment, the cryptocurrency is transferred to the scammer’s wallet, making recovery nearly impossible due to the decentralized nature of cryptocurrencies. The FBI offers several tips to protect against these schemes, focusing on caution, verification, and avoiding cryptocurrency ATM transactions that promise anonymity using only a phone number or email.
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Cryptocurrency regulation efforts in California
The passage of Senate Bill 401 in California is part of a broader effort to regulate the cryptocurrency industry while protecting consumers. Another law, scheduled to take effect in July 2025, will require digital financial asset companies to obtain licenses from the California Department of Financial Protection and Innovation. This represents a clear shift towards tightening government regulation and oversight in the world of digital finance.
Gavin Newsom’s decision to sign these bills into law demonstrates California’s commitment to strengthening the cryptocurrency industry and protecting its citizens. Balancing innovation and security remains a challenge, especially in a rapidly evolving digital landscape.
Bitcoin Depot’s historic debut on the NASDAQ
In July, Bitcoin Depot, a leading bitcoin ATM operator, went public on the Nasdaq. This milestone comes after Bitcoin Depot merged with GSR II Meteora, a blank check company.
The move to go public demonstrates the growing legitimacy and acceptance of cryptocurrencies in major financial markets.
Authorities vs. illegal crypto ATMs
The UK Financial Conduct Authority (FCA) is taking a strong stance against illegal cryptocurrency ATM operators. Using its power under money laundering regulations, the Financial Conduct Authority (FCA) has carried out raids on cryptocurrency ATMs suspected of illegal activities across England.
The measures, which follow previous operations in east London and Leeds, are part of the Financial Conduct Authority’s (FCA) efforts to crack down on unregulated cryptocurrency operations. This highlights global pressure for stronger cryptocurrency regulation, mirroring steps taken in California. The balance between innovation and security remains a fundamental concern for regulatory bodies around the world.
Unison Advisors LLC grew its position in Vanguard Mortgage-Backed Securities ETF (NASDAQ:VMBS – Get Rating) by 1.6% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 67,003 shares of the exchange traded fund’s stock after buying an additional 1,063 shares during the period. Unison Advisors LLC’s holdings in Vanguard Mortgage-Backed Securities ETF were worth $3,119,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Sensible Financial Planning & Management LLC. boosted its position in shares of Vanguard Mortgage-Backed Securities ETF by 52.6% in the 1st quarter. Sensible Financial Planning & Management LLC. now owns 104,206 shares of the exchange traded fund’s stock worth $4,851,000 after purchasing an additional 35,939 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings in Vanguard Mortgage-Backed Securities ETF by 12.1% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 523,618 shares of the exchange traded fund’s stock worth $24,374,000 after acquiring an additional 56,697 shares in the last quarter. Bridge Advisory LLC boosted its holdings in Vanguard Mortgage-Backed Securities ETF by 50.1% in the first quarter. Bridge Advisory LLC now owns 61,852 shares of the exchange traded fund’s stock worth $2,879,000 after acquiring an additional 20,643 shares in the last quarter. Pinnacle Bancorp Inc. grew its stake in shares of Vanguard Mortgage-Backed Securities ETF by 320.1% during the first quarter. Pinnacle Bancorp Inc. now owns 4,314 shares of the exchange traded fund’s stock worth $201,000 after acquiring an additional 3,287 shares during the last quarter. Finally, Householder Group Estate & Retirement Specialist LLC acquired a new position in shares of Vanguard Mortgage-Backed Securities ETF during the first quarter valued at about $171,000.
Vanguard Mortgage-Backed Securities ETF Trading Up 0.4 %
VMBS stock opened at $46.11 on Friday. Vanguard Mortgage-Backed Securities ETF has a 52 week low of $43.33 and a 52 week high of $49.33. The firm has a 50 day moving average of $46.12 and a 200 day moving average of $46.28.
The business also recently disclosed a dividend, which was paid on Tuesday, June 6th. Stockholders of record on Friday, June 2nd were paid a dividend of $0.1254 per share. This is an increase from Vanguard Mortgage-Backed Securities ETF’s previous dividend of $0.11. The ex-dividend date of this dividend was Thursday, June 1st.
Vanguard Mortgage-Backed Securities ETF Company Profile
Vanguard Mortgage Backed Securities ETF (the Fund) seeks to track the performance of a market-weighted, mortgage-backed securities index. The Fund employs a passive management or indexing investment approach designed to track the performance of the Barclays Capital U.S. MBS Float Adjusted Index (the Index).
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In celebration of Juneteenth, CBS News national correspondent Jericka Duncan will host a special marathon of BET’s “America In Black” series which features prominent Black voices including Michael B. Jordan, LL Cool J, Taraji P. Henson and more. Stream it on the free CBS News app starting at 6 p.m. ET on Monday, June 19.
Monday, June 19, marks the third time Juneteenth will be observed nationwide as a federal holiday.
A commemoration of the end of slavery in the United States, Juneteenth is also called Freedom Day or Emancipation Day, and its roots date back more than 150 years. The origins of Juneteenth stem from an important date after the Civil War — June 19, 1865 — when the Union General Maj. Gen. Gordon Granger arrived in Galveston, Texas, to inform the country’s last enslaved people that they had been freed under the Emancipation Proclamation. Even though the proclamation had passed years before, that day in 1865 is remembered as the effective conclusion to centuries of slavery in America.
As the Black Lives Matter movement gained renewed momentum in 2020, so did public interest in the significance of Juneteenth and calls for its recognition on a national scale. The following summer, President Joe Biden signed legislation that officially declared Juneteenth a federal holiday, which falls annually on the 19th of June.
With the law’s passage, Juneteenth became the 12th federal holiday formally recognized by the U.S. government. And, while people across the country attend parades and festivals held to celebrate Juneteenth over the upcoming long weekend, a number of government agencies, including some state governments, will be closed in observance.
A Juneteenth flag hangs on one of the vendor tents during a Juneteenth celebration.
Aimee Dilger/SOPA Images/LightRocket via Getty Images
Banks
All non-essential federal offices will be closed on Monday, as they typically are during other federal holidays, meaning federal courts and banks will not operate as usual. State governments and related non-essential offices in places like New York, where Juneteenth is recognized as a state holiday in addition to a federal one, will close as well. Although most ATMs should remain open for normal use, the largest banks, like JP Morgan, Wells Fargo and Bank of America will not because they follow the yearly calendar set by the Federal Reserve Bank, and that complies with the national holiday schedule.
Wall Street
Neither will the stock market, which remained open during the inaugural Juneteenth federal holiday in 2021. Wall Street acknowledges the holiday this year, with NASDAQ confirming last month that the stock market will be closed to observe Juneteenth on Monday, like it was in 2022. The New York Stock Exchange will not be open for regular trading, either.
Mail and postal services
Some postal services pause operations on Monday to observe Juneteenth, but not all. The U.S. Postal Service is closed Monday, so mail sent through the carrier will not be delivered before Tuesday at the earliest, but UPS will continue to operate as usual, despite acknowledging Juneteenth on its latest annual holiday calendar. FedEx will also continue services during regular hours on Monday.
Schools
Public, and many private, schools across the country are closed Monday for the holiday, with the U.S. Department of Education confirming in an announcement earlier this month that all federal offices, most Federal Student Aid processors and contact centers would be closed. Because around half of U.S. states still do not recognize Juneteenth as a state holiday, according to Pew Research Center, school and government office closures can vary locally. In New Jersey, which passed a law declaring Juneteenth a state holiday before the federal law passed in 2021, observes Juneteenth on the third Friday of June, rather than June 19 annually. Because of this, schools, state courts and other government offices are closed there on Friday instead of Monday.
Private businesses
Many employees within the private-sector are also given Monday off from work to observe Juneteenth. Private-owned restaurants and retail venues can decide whether to remain open or not, and, although large brands like Starbucks, Nike and Target announced in previous years their decisions to recognize Juneteenth as an official company holiday, their individual stores will likely continue to operate during regular business hours.
The Dow Jones, the S&P 500 and the Nasdaq closed in the green Friday, as investors reacted to negotiators making progress in the debt ceiling standoff. Javier David, Axios managing editor for business and markets, and J.D. Durkin, host of TheStreet, joined CBS to explain what the numbers mean for investors and the economy.
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The stock market closed in positive territory Thursday despite the latest GDP report from the the Commerce Department showing that the economy grew at an annual rate of only 1.1% in the first quarter of 2023. Lori Bettinger, president of BancAlliance, spoke with CBS News about what the latest GDP figures mean for investors and consumers going forward.
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The Dow Jones closed in the red Wednesday as investors reacted to earnings reports and falling shares of First Republic Bank. Axios markets correspondent Emily Peck joined CBS News to discuss what this means for investors and the economy.
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Stocks closed down slightly on Thursday as investors reacted to mixed earnings reports and new weekly jobless claims numbers. CenterSquare Investment Management senior strategist Uma Moriarity joined CBS news to discuss what the developments mean for investors.
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Stocks closed higher Tuesday as Federal Reserve officials begin meeting to discuss inflation and potential interest rate hikes. Advisors Capital Management portfolio manager JoAnne Feeney joined CBS News to break down what upcoming changes could mean for investors.
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Stocks and oil weakened on Monday as rare protests in major Chinese cities against the country’s strict zero-COVID policy raised worries about the management of the virus in the world’s second-largest economy.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.6% after US stocks ended the previous session with mild losses.
Australian shares lost 0.47% while Japan’s Nikkei stock index was down 0.37%.
South Korea’s KOSPI 200 index retreated 1.35% in early trade and New Zealand’s S&P/NZX50 Index was off 0.4%.
In China, demonstrators and police clashed in Shanghai on Sunday night as protests over the country’s stringent COVID restrictions flared for the third day.
There were also protests in Wuhan, Chengdu, and parts of the capital Beijing late Sunday as COVID restrictions were put in place in an attempt to quell fresh outbreaks.
The dollar extended gains against the offshore yuan, rising 0.74%, and the focus shifts to the opening of China’s markets later in the Asian morning.
The COVID rules and resulting protests are creating fears the economic hit for China will be greater than expected.
“A growing list of cities, including those with large populations, have imposed strong restrictions on movement because of a surge in infections, there will inevitably be a negative impact on economic activity from the restrictions on movement,” CBA analysts said on Monday.
“Even if China is on a path to eventually move away from its zero-COVID approach, the low level of vaccination among the elderly means the exit is likely to be slow and possibly disorderly. The economic impacts are unlikely to be small.”
China’s case numbers have hit record highs, with nearly 40,000 new infections on Saturday.
Fears about Chinese economic growth also hit commodities in Asia trade.
S&P 500 and Nasdaq futures both fell, pointing to possible declines in Wall Street later in the day.
US crude CLc1 dipped 0.25% to $76.08 a barrel. Brent crude LCOc1 fell 0.16 to $83.48 per barrel.
Both benchmarks slid to 10-month lows last week and declined for a third consecutive week
“Mobility data in China is showing the impact of a resurgence in COVID-19 cases,” ANZ analysts wrote in a research note Monday. “This remains a headwind for oil demand that, combined with weakness in the US dollar, is creating a negative backdrop for oil prices.”
Yields on benchmark 10-year Treasury notes rose to 3.6905% from its US close of 3.702% on Friday. The two-year yield, which tracks traders’ expectations of Fed fund rates, touched 4.467% compared with a US close of 4.479%.
The dollar rose 0.22% against the yen to 139.4 JPY. It remains well off its high this year of 151.94 on Oct. 21.
The euro was down 0.2% on the day at $1.0371, having gained 4.94% in a month, while the dollar index, which tracks the greenback against a basket of currencies of other major trading partners, was up at 106.3.
In the United States, a speech by Federal Reserve Chair Jerome Powell in Washington on Wednesday to the Brookings Institute on the economic outlook and the labour market will be closely watched by investors.
Gold was slightly lower. Spot gold was traded at $1750.49 per ounce.
Wall Street’s main indexes gained on Tuesday, shaking off an unconfirmed report of Russian missiles crossing into Poland that sparked volatility, as investors seized on softer-than-expected inflation data that raised hopes of a pullback in rate hikes by the US Federal Reserve.
Equities were boosted by Tuesday’s inflation report that showed producer prices rising 8% in the 12 months through October against an estimated 8.3% rise.
The gains built on a rally that was kicked off late last week by a cooler-than-expected report on consumer prices.
“The market has been driven by the inflation number that came out a little bit lower than expected and confirmed last week’s number to some degree that we may have rounded the corner on inflation,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.
The market was “a little bit more volatile this afternoon as news stories came out about the Russian missile landing in Poland,” Tuz said.
The Dow Jones Industrial Average rose 56.22 points, or 0.17%, to 33,592.92, the S&P 500 gained 34.48 points, or 0.87%, to 3,991.73 and the Nasdaq Composite added 162.19 points, or 1.45%, to 11,358.41.
Two people were killed in an explosion in Przewodow, a village in eastern Poland near the border with Ukraine, firefighters said as NATO allies investigated reports that the blast resulted from Russian missiles.
The Associated Press earlier cited a senior US intelligence official as saying the blast was due to Russian missiles crossing into Poland. But the Pentagon said it could not confirm that account.
Stocks pulled back around mid-day after the report, with the Dow turning negative before they steadied.
“The decline was triggered by reports of a Russian missile landing in Poland,” said Steve Sosnick, chief strategist at Interactive Brokers. “This could develop into something far worse, but right now markets are nervous, not panicked.”
Shares of Walmart Inc jumped 6.5% after the top US retailer lifted its annual sales and profit forecasts, benefiting from steady demand for groceries despite higher prices.
Shares of other retailers, including Target Corp and Costco, also rose following Walmart’s report. Target, which is due to report on Wednesday, rose 3.9%, while Costco gained 3.3%.
Home Depot shares rose 1.6% after the home improvement chain’s results showed it tapped higher prices to override a drop in customer transactions for the third quarter.
Advancing issues outnumbered declining ones on the NYSE by a 3.25-to-1 ratio; on Nasdaq, a 2.01-to-1 ratio favored advancers.
The S&P 500 posted 5 new 52-week highs and no new lows; the Nasdaq Composite recorded 85 new highs and 76 new lows.
About 13.1 billion shares changed hands in US exchanges, compared with the 12.2 billion daily average over the last 20 sessions.
US stock futures slipped in Asia on Monday after Beijing denied it was considering easing its zero COVID-19 policy, helping the dollar recover some losses while dealing a setback to oil and commodities.
Risk assets had rallied on Friday amid speculation China was preparing to relax its pandemic restrictions, but over the weekend health officials reiterated their commitment to the “dynamic-clearing” approach to COVID cases as soon as they emerge.
“Despite the denial, notions that China will pivot to living with COVID in the new year are unlikely to be quashed given the very real toll that zero-COVID is having on the economy,” said Tapas Strickland, head of market economics at NAB.
“With China going into winter, most analysts think a change in zero-COVID is unlikely until at least March.”
Speculation that China might open its economy saw copper jump 7% on Friday in its biggest one-day rally since 2009, while a range of resources all benefited from hopes of increased demand.
It also sent the yuan surging and triggered a round of profit taking on long US dollar positions, particularly against commodity sensitive currencies such as the Australian dollar.
Some of that reversed early Monday, with the Aussie down 0.8% at $0.6414 AUD-D3 after jumping 3% on Friday. The dollar gained 0.6% on the offshore yuan.
The US dollar index bounced 0.4% having dived almost 2% at the end of last week. The dollar edged back up to 147.00 yen, while the euro eased 0.4% to $0.9920.
S&P 500 futures ESc1 turned tail and fell 0.7%, while Nasdaq futures NQc1 lost 0.8%. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.4%.
Aiding risk sentiment at the margin were reports the White House is privately encouraging Ukraine to signal an openness to negotiate with Russia.
Dealers were still digesting a mixed U.S jobs report which showed solid gains in the payrolls survey but softness in the less reliable household survey of unemployment.
Four Federal Reserve policymakers on Friday indicated they would still consider a smaller interest rate hike at their next policy meeting, sounding less hawkish than Chair Jerome Powell.
There are at least seven Fed officials scheduled to speak this week, which will help refine the rate outlook with markets now narrowly leaning toward a half-point rate hike next month to 4.25-4.5%.
“We maintain the Fed will see sufficient progress on inflation to pause at 4.75% in February, but the risks are skewed to more hikes that likely bring about a recession sometime later in 2023 or early 2024,” said Bruce Kasman, head of economic research at JPMorgan.
Short-term Treasuries managed a minor rally on Friday with two-year yields edging back to 4.66% and off highs not seen since 2007.
The market faces a major hurdle on Thursday when US consumer prices for October are released, with any upside surprise set to test hopes for a step down in Fed hikes.
Median forecasts are for annual CPI inflation to slow to 8.0% and for the core to dip a tick to 6.5%.
Also of note will be midterm US elections on Tuesday where Republicans could win control of one or both chambers and lead to deadlock on fiscal policy.
In commodity markets, gold eased back to $1,677 an ounce after jumping over 3% on Friday.
Oil futures lost some of their gains with Brent LCOc1 off $1.79 at $96.78, while US crude CLc1 dropped $1.71 to $90.90 per barrel.
The tech-heavy NASDAQ dropped Wednesday after Microsoft and Alphabet released less-than-stellar earnings reports on Tuesday. CBS News anchor Lana Zak spoke with Simeon Hyman, global investment strategist at ProShares, about the larger impact on the markets.
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Apple’s stock ended trading Friday valued at $3 trillion, the only company ever to reach that milestone. It has been riding a Big Tech stock wave that has given the Nasdaq its best first half gain in 40 years.
Shares of Apple rose more than 2% Friday at a record $193.97. With 15.7 billion shares outstanding, that stock price pushed Apple to its historic market value.
Apple has been here once before: On January 3, 2022, Apple hit the $3 trillion mark during intraday trading, but it failed to close there.
The company’s stock closed Thursday at a record high share price for the third-straight day, but it merely budged 0.2% higher. Apple easily surpassed the $190.73 level it needed to break $3 trillion at Friday’s market open.
The sky-high valuation for the tech giant comes on the heels of its risky launch of the Apple Vision Pro earlier this month and a stronger-than-expected quarterly earnings report in May – even though sales and profit slumped.
The Vision Pro, which will go on sale next year, impressed tech journalists who got an early preview of the augmented reality device. But it is entering a nascent market with little mainstream consumer adoption. Apple plans to charge a hefty $3,499 for its headset, which currently has limited apps and experiences, and requires users to stay tethered to a battery pack the size of an iPhone.
Apple’s
(AAPL) stock has skyrocketed 49% this year, boosted by a broader surge in Big Tech stocks as investors have jumped onto the AI bandwagon. Nvidia
(NVDA) leads the S&P 500 with a 190% jump this year, followed by Meta
(META) at 138%.
The Nasdaq grew by 31.7% in the first half of the year, notching its largest first half percentage gain since 1983.
This year’s stock market success for Apple comes in sharp contrast to 2022. At the start of 2023, Apple’s market cap fell below $2 trillion in trading for the first time since early 2021.
Wall Street ended the first half of 2023 on a positive note as the tech rally led markets to close higher for both the month and second quarter of the year.
The S&P 500 gained 6.5% in June, its best monthly performance since January. It also notched its third consecutive quarter of growth, up 8.3% in the second quarter. The S&P 500 is about 15.9% higher so far this year, its best half since 2019.
