Daily Market Commentary

June 20, 2023

Bonds & Stocks
Stocks edged down on Tuesday as the second-quarter rally met resistance from economic headwinds and signs of stretched positioning. US equities ticked lower after the S&P 500 Index touched a 14-month high last week.

Economy
US housing starts unexpectedly surged in May by the most since 2016 and applications to build increased, suggesting residential construction is on track to help fuel economic growth. Beginning home construction jumped 21.7% to a 1.63 million annualized rate, the fastest pace in more than a year, according to government data released Tuesday.

World
Secretary of State Antony Blinken said the US-China relationship had taken a "positive step" forward during his two-day trip to Beijing, putting ties between the world's largest economies on more stable footing.

The information represented herein was obtained from various sources, which we believe to be reliable. Neither the information presented nor opinions expressed constitutes an offer to buy or sell any security. And it is not intended to guide the investor on which securities to buy, or when to buy or sell.