June 2026 Monthly Market Review

An excerpt from our June 2026 Monthly Market Review:

Global equity markets gave up a modicum of their previous strong gains in June. The U.S. market’s modest June decline reflected a retrenchment in mega cap tech stocks and mild concern over the prospect of a more hawkish Fed. Non-U.S. advanced economy equity markets were little changed, while emerging equities lost ground. Both have recorded strong returns in the first half of 2026. AI-generated demand for computer chips has sent chip manufacturers’ share prices soaring so far this year, boosting global equity markets. After its blockbuster IPO, SpaceX shares closed the month 26% higher than their IPO price, making it the sixth largest company in the U.S. with a market capitalization of about $2 trillion. The Fed left rates unchanged in June, as expected. The U.S. Treasury yield curve flattened slightly. With hopes rising for an end to the Iran war, Brent crude prices returned to pre-war levels and U.S. gasoline prices fell. The U.S. dollar index rose. The Japanese yen fell to 40-year lows against the dollar.