Heading into the month of June, stock market performance this year was a clear case of the haves and the have-nots. The chart below shows the performance of S&P 500 sectors on a YTD basis through the end of June. As of 5/31, just three sectors – Technology, Communications Services, and Consumer Discretionary – were outperforming the S&P 500 YTD, and the eight other sectors were not only underperforming the S&P 500’s YTD gain of 8.9%, but they were also all down on a YTD basis.

The flip of the calendar to June has also caused the trend of uneven returns YTD to flip a bit. Besides the fact that every sector is up on an MTD basis, the number of sectors outperforming the S&P 500’s 4.6% MTD gains are much more evenly split with five sectors outperforming the S&P 500 MTD and six underperforming. Surprisingly, one of those sectors lagging behind the S&P 500 is Technology! Uneven market returns have been a key complaint of bears all year.If the pattern of June continues, though, what will they blame next?

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