Summary
We hope you have been staying cool amidst the heat waves. Our investment outlook for the balance of 2024 and a review of markets in the 2nd quarter of 2024 (2Q24) is below. +15.3% total returns year-to-date (YTD) in 2024 for U.S. large cap equities nearly matched the first half of last year, S&P 500 earnings growth consensus forecasts are +10.6% for 2024 and +14.1% for 2025, the unemployment rate of 4.0% remains near the 1-yr low of 3.6%, and the U.S. economy continues to outperform expectations. Unsurprisingly, the highest interest rates in over 15 years are causing problems for heavily indebted businesses and households.
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