– Global Equities and US Treasuries declined, and Commodities advanced on a rebound in crude oil futures.
– Six-month performance spread between the S&P 500 and the Dow is the second widest on record – all-time record was set in March 2000.
– China has fallen back into a bear market – speculation increasing about potential stimulus.
– Unemployment rate dropped to 3.6% – keeping pressure on the Fed to raise rates this month.

– Q2 performance was muted for all asset classes except US Equities. US Equities boomed, carried on the shoulders of Large Cap Tech stocks.
– Incredibly narrow performance for a bull market this young. The bottom seven performing sectors are up only 1.0% on average.
– The second quarter crushed the China re-opening narrative. Their stock market fell almost 10%, now down more than 5% year-to-date.
– Spread between Corporate Bond Yields and US Treasury Bills finished the quarter at the lowest level since 1981.