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

The first half of the year was difficult for investors as the Federal Reserve (the “Fed”) began an aggressive tightening cycle to fight inflation sitting at 40-year highs and risk-off sentiment pervaded.

Here are 3 things you need to know:

  1. The S&P 500 index dropped 20.6%, marking its worst first half of a year since 1970.
  2. Bonds, as measured by the U.S. Aggregate Index, had their worst first half on record falling 10.4%.
  3. Bitcoin fell nearly 60% in the first half but cryptocurrencies like Ethereum, Solana, and Cardano fell between 67-82%.


  1. Sources: J.P. Morgan Asset Management – Economic Update; Bureau of Economic Analysis (; Bureau of Labor Statistics (; Federal Open Market Committee (
  2. Indices:
    • The 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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