QQQ - Tech Stocks Soaring Into The Second Half Leading The S&P 500 To New Highs

2024-06-28 16:00:01 ET

Summary

• Stocks had solid gains in the first half of the year, with the S&P 500 rising 4% and the Nasdaq 100 ETF up 7%.
• Tech sectors outperformed in June, with XLK leading the way, while utilities, materials, and energy were notably weak.
• Earnings outlook remains strong, with operating EPS estimate for 2024 up to $245 and a forecast of a 14% jump in non-GAAP per-share earnings for 2026.
• S&P 500 returns are often strong to start to Q3 before volatility tends to increase.

Stocks posted solid gains to round out one of the best election-year first halves in history. The S&P 500 (SP500, SPX) rose 4% to finish June at a fresh all-time high, while the Nasdaq 100 (NDX) represented by Invesco QQQ Trust ETF (QQQ) outperformed with a 7% advance. Small caps, as measured by the iShares Russell 2000 ETF (IWM), actually posted a modest decline as the AI trade was in full steam throughout the back half of the second quarter....

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