Second Quarter 2024 Review

The S&P 500 hit 22 new all-time highs in the first quarter alone, with just a 1.7% maximum drawdown. While mega-cap technology and growth stocks in general continued to outperform, positive returns were experienced more broadly across style, size, and sector. 195 companies in the S&P 500 outperformed the index’s 10.6% return.

The U.S. presidential election will become more of a distraction as the year progresses, and we’ll discuss it further in future reviews this year. History suggests volatility could increase in the months leading up to Election Day. But the backdrop of solid economic and earnings fundamentals suggests to us that time in the market matters much more than timing the market in 2024.