Despite uncertainty around monetary policy and economic fundamentals raising recession risks, all three major equity indexes were up in the first half of 2023. The Nasdaq Composite Index rose 32% on the back of an AI-technology inspired rally, posting its best first half of the year since 1983.
US growth stocks (+21.1%) were among the best performers, followed by US large-caps (+16.8%) and US value (+12.0%). Bonds also produced positive returns as high yield credits rose 4.5%, investment grade corporates gained 4.3%, and the US Aggregate Bond Index was up 2.3%. Commodities were mixed given gold increased (+5.1%) while crude oil, broad-based commodities, and silver decreased (-9.4%, -8.6%, and -5.1%, respectively).
But we are not out of the woods yet…
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