The S&P 500® continued to grind higher in June to finish out a strong first half of 2024 led by a small group of technology titans. The market’s narrow strength, led by the technology sector, comes despite emerging signs of housing and consumer weakness as well as geopolitical uncertainty. Nevertheless, the VIX Index or “fear gauge” remained in complacent territory, tracking sideways through much of June. Meanwhile, the Federal Reserve held interest rates steady at the June FOMC meeting while indicating the possibility of a rate cut later this year. For the full month, the Dow Jones Industrial Average increased by 1.1%, the S&P 500® index was up 3.5%, and the smaller cap-weighted Russell 2000® decreased by 1.1%.