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Global Equities:

Investors continued to rotate out of large-cap technology stocks and into value and small-caps during the week.

Hopes for a first-half 2024 rate cut quickly faded during the second quarter as the Fed repeatedly stressed its desire to see more sustained progress on inflation.

When we penned our Annual Outlook, we noted that markets were beginning to return to a semblance of “normalcy” as the effects of pandemic-era rate cuts and subsequent hikes from the Federal Reserve (the “Fed”) were poised to unwind.

US stocks are on a remarkable run, with both the Nasdaq Composite and S&P 500 trading at all-time highs and the Dow Jones Industrial Average just below the record 40,000 level attained in mid-May 2024.

In recognizing the humanity of our fellow beings, we pay ourselves the highest tribute.
– THURGOOD MARSHALL –

“A truly rich man is one whose children run into his arms when his hands are empty.”
– ANONYMOUS –

“Standing as I do, with my hand upon this staff and under the folds of the American flag, I ask you to stand by me so long as I stand by it.” – ABRAHAM LINCOLN –

On June 6th, the European Central Bank (ECB) cut its key interest rate from 4% to 3.75%.

“These are the men who took the cliffs. These are the champions who helped free a continent. These are the heroes who helped end a war.”
– FORMER PRESIDENT RONALD REAGAN –

“Our debt to the heroic men and valiant women in the service of our country can never be repaid. They have earned our undying gratitude. America will never forget their sacrifices.”
– FORMER PRESIDENT HARRY S. TRUMAN –