On June 23, U.S. stocks were approaching new highs and on a trajectory to close the quarter and year-to-date in positive territory. Later that evening, citizens in Great Britain voted to remove their country from the European Union (EU), a politico-economic union of 28 nations.

U.S equities advanced over the final two weeks of May, temporarily dispelling the myth, “sell in May and go away”. The S&P 500 Index increased +1.7%, while the Russell 2000 Index moved +2.2%. The S&P 500 Index now sits +3.3% YTD heading into June. The boost in U.S. equities coupled with positive macroeconomic data has reignited speculation of another rate hike by the Federal Reserve. The U.S.

U.S. equities (S&P 500) opened the year with an almost 6% decline in January, remained flat with a down-then-up February, and have since rallied over 6% in March to end the quarter +1.2% YTD. International equities (ACWI ex-U.S.) experienced even greater gains in March with a +8.1% return, paring earlier losses and sit -0.4% YTD.