The only negative sector in June was the Consumer Staples sector, which slipped 1.6%. The top three sectors were Technology (+9.9%), then Consumer Discretionary (+7.3%), followed by Energy (+4.9%).
Oil prices soared as much as 25% within the month of June amid concerns of lower output stemming from the Israel-Iran conflict. US New Single-Family Home Sales activity logged its largest monthly decline in three years, though Existing Home Sales rose 0.8% MoM and the Median Sales Price of Existing Homes advanced to within 1% of its all-time high. The Federal Reserve maintained its key Fed Funds Rate target range of 4.25%-4.50% at the FOMC’s June 18th meeting, marking the fourth consecutive meeting in which it has left the key benchmark rate unchanged.
Treasury Yields declined across the curve in June, with the exception of the 3-month Treasury Rate, which increased five basis points. The 3-year logged the largest decline of any treasury duration at 19 basis points, followed by the 2-year, 5-year, and 10-year, all of which fell 17 basis points. Lower yields pushed bond funds higher, especially the iShares 20+ Year Treasury Bond ETF (TLT), which added 2.7% in June.
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