US equity markets posted solid gains in the second quarter, with technology stocks carrying the bulk of the advance. Earnings results came in strong enough to push the market past the concerns that had weighed on sentiment earlier in the year. The combination of sector leadership from tech and broad earnings support drove indices higher across the period.
A technology-led quarter means investors who held broad US equity exposure, particularly through large-cap or tech-heavy ETFs, captured most of the upside. Strong earnings results reduce the near-term risk of a valuation correction, because prices are now better supported by actual profits rather than just expectations. Investors in defensive or international positions likely underperformed domestic tech exposure during this stretch.
Q3 earnings season begins mid-July with major bank reports. Next FOMC rate decision: July 29-30.
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