June 10, 2024 | Investment Review

Investment Review - June 2024

  1. The major U.S. indices all posted strong gains in the month of May, rebounding from the declines seen during April. The Nasdaq Composite increased 7.0%, the S&P 500 added 5.0%, and the Dow Jones Industrial Average rose 2.6%. A combination of strong corporate earnings, especially in the technology sector, and a decline in bond yields led to the positive returns. 

  2. Corporate revenues and earnings came in better than expected in Q1. The S&P 500 posted Q1 revenue growth of 4.1% year-over-year and Q1 EPS growth of 8.4%. The healthy gains were driven by the “Magnificent-8” stocks (Alphabet, Amazon, Apple, Meta, Microsoft, Netflix, Nvidia, and Tesla). Without the strong growth of these eight stocks, S&P 500 Q1 revenues would have increased 3.9% and earnings 5.9%.

Key Investment Statistics

key investment statistics june 2024

Sources: FactSet, Dow Jones Publishing, Bloomberg, Bureau of Labor Statistics, U.S. Federal Reserve, Yardeni Research, National Association of Realtors, Bureau of Economic Analysis, Atlanta Fed.

Disclosure: This commentary reflects the opinions of Welch & Forbes based on information that we believe to be reliable. It is intended for informational purposes only, and not to suggest any specific performance or results, nor should it be considered investment, financial, tax or other professional advice. It is not an offer or solicitation.

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