– Q2 performance was muted for all asset classes except US Equities. US Equities boomed, carried on the shoulders of Large Cap Tech stocks.
– Incredibly narrow performance for a bull market this young. The bottom seven performing sectors are up only 1.0% on average.
– The second quarter crushed the China re-opening narrative. Their stock market fell almost 10%, now down more than 5% year-to-date.
– Spread between Corporate Bond Yields and US Treasury Bills finished the quarter at the lowest level since 1981.
![Q2 2023 World Wrap](https://www.cypresscapital.com/wp-content/uploads/2023/07/2023_Q2-World-Wrap-pdf.png)