The first half of 2023 could be described as a tale of the “haves and the have-nots.” The U.S. equity market was up 16.9% in the first half of 2023 and yet firmly bifurcated, as the index gains were driven by a small handful of mega cap tech stocks. The tech sector continued its rebound with the Nasdaq 100 returning +15.3% in Q2 after its +20.7% Q1 return. The Nasdaq’s +39.1% return year to date is the strongest first half year return since 1983. Meanwhile, financial stocks remained depressed from the turmoil in regional banks that occurred in March.
