Market Review: The Leaders and Laggards of Q2 2024
By Robert Rapier
The S&P 500 wrapped up the second quarter of 2024 with a gain of 3.9%, setting a new record high in the process. For the half of 2024, the index was up 14.5%.
All three major U.S. indices recorded quarterly advances. This climb was fueled by optimism surrounding artificial intelligence (AI) stocks and speculation about potential interest rate cuts by the U.S. Federal Reserve in the coming months.
During the first half of the year, the Nasdaq, heavily influenced by technology stocks, surged by 18.1%. The Dow Jones Industrial Average, focusing on established blue-chip companies, saw a more modest gain of approximately 3.8%.
The sector picture was more negative, with seven of eleven S&P 500 sectors in negative territory in Q2. However, for the first half, all sectors are in positive territory except for real estate.
Let's dive into Q2 2024 performance, sector-by-sector. Note that all returns discussed here are total returns, which include the effect of dividends paid during the quarter.
11 Sector Review
Select Sector SPDRs are targeted exchange-traded funds (ETFs) that divide the S&P 500 into 11 sector index funds. These sectors are Communication Services, Consumer Discretionary, Consumer Staples, Energy, Financials, Health Care, Industrials, Materials, Real Estate, Technology, and Utilities. Furthermore, the 11 Select Sector SPDRs represent the S&P 500 as a whole.
Overall, four of eleven sectors turned in a positive return in Q2. In addition, three of those sectors beat the S&P 500 return.
Here was the sector breakdown for the quarter.
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