Since our last update on May 1st, all three major domestic equity indices bounced back from near double digit declines to produce positive returns, most notably the NASDAQ as investors flocked to the tech heavy index to buy shares of companies such as Facebook, Amazon, Google, Netflix and Nvidia. Smaller companies saw a resurgence in price as well with the widely followed Russell 2000 currently showing a gain of nearly 8%. As for domestic sectors, consumer cyclicals, technology and energy lead the way with strong performance while telecom, defense and utilities have shown the worst performance. Fixed income as measured by nearly any benchmark has also performed poorly.

 

July 2018 Market Commentary
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