Investment Review - July 2023
- In June, the S&P 500 and Nasdaq Composite enjoyed their longest weekly streak of advances in years. The Dow Jones Industrial Average ended the month with a gain of 4.6%, the S&P 500 advanced 5.8%, and the technology heavy Nasdaq Composite jumped 7.9%. It was the best first half in the Nasdaq’s 52-year history.
- Large technology stocks perceived to be leaders in artificial intelligence, such as Microsoft and Nvidia, have thrived this year. Apple stock also touched a record high in June, passing a $3 trillion market value.
- More than 20 big banks passed the Federal Reserve’s annual stress test, which dictates how much capital the industry can return to shareholders via buybacks and dividends. The test simulated a severe global recession, as well as significant real-estate pressures. JPMorgan, Citigroup and Bank of America were among the banks that had capital buffers well above the required minimum. Bank regulators are expected to propose increasing capital requirements among regional banks to mitigate a repeat of this spring’s banking crisis.
Key Investment Statistics
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