Stocks posted gains through the 2nd Quarter of 2023 but there was a clear distinction in performance between large-cap technology stocks—which are benefitting from investor interest in anything related to artificial intelligence (AI)—and the rest of the market. As a case in point, the biggest companies in the S&P 500—Apple, Microsoft and Amazon—outperformed the broad market index for the quarter with gains of 19%, 20% and 28%, respectively. Bond yields inched higher early in the quarter, but were mostly flat in June as investors waited for Fed guidance on future rate increases.
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