Monthly Market Update (June 2023): 3 Things You Need to Know

Out of nowhere, equities entered a bull market on June 8th after exiting a 248-trading-day bear market (its longest since 1948). Here are 3 things you need to know:

  1. The Nasdaq Composite surged 32% through the end of June, its best first-half performance in 40 years, far outpacing the Dow Jones Industrial Average, which gained 4%, and the S&P 500, which rose 4.5%.
  2. Three-month U.S. Treasury bill yields hit 22-year highs near 5.60% in June.
  3. The two-year U.S. Treasury yield pushed above 4.90%, pulling the U.S. yield curve near its most inverted level since the early 1980s. 

Sources: J.P. Morgan Asset Management – Economic Update; Bureau of Economic Analysis (; Bureau of Labor Statistics (; Federal Open Market Committee (; Bloomberg; FactSet.


  • The Bloomberg Barclays Aggregate Bond Index is a broad-based index used as a proxy for the U.S. bond market. Total return quoted.
  • The S&P 500 is designed to be a leading indicator of U.S. equities and is commonly used as a proxy for the U.S. stock market. Price return quoted.
  • The MSCI ACWI ex-US Index captures large and mid-cap representation across 22 of 23 developed market countries (excluding the U.S.) and 27 emerging market countries.  The index covers approximately 85% of the global equity opportunity set outside the U.S. Price return quoted.
  • The MSCI Emerging Markets Index captures large and mid-cap segments in 26 emerging markets. Price return quoted (USD).

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