Strategic's Q2-2024 Quarterly Investment Report

An excerpt from our Q2-2024 Quarterly Investment Report - Concentrated, overvalued, and AI-obsessed, the 
U.S. equity market extended its gains in the second quarter. NVIDIA, the chief object of the market’s obsession, roared further ahead, briefly capturing the crown of most highly capitalized U.S. company. The Bank of Canada and the ECB cut their policy rates by 25 basis points in June, becoming the first G-7 central banks to do so. Advanced economy non-U.S. equity markets lost ground in the second quarter weighed down by a fall in the Japanese market and the lackluster performance of European bourses. A rally in Chinese equities sent emerging markets higher. U.S. Treasury yields rose marginally in the quarter, but expectations for a September Fed rate cut are firmly entrenched. Together with rising equity prices, narrowing credit spreads have eased financial conditions so far this year, mitigating the lagged effect of Fed rate hikes and contributing to steady economic growth as inflation moderates.

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