Equity markets surged higher in June finishing off a strong first half of 2023 with the NASDAQ
posting the best performance in forty years. Although technology stocks continued to pace
the broader market, breadth increased with market leadership rotating to other sectors.
Against this bullish backdrop, the VIX Index or “fear gauge” which started the month at a
little under 18 closed the month under 14 suggesting investor complacency could be high.
For the full month, the Dow Jones Industrial Average increased 4.6%, the S&P 500 index
was up 6.5%, and the smaller cap weighted Russell 2000® increased 8.0%.