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Monthly Market Risk Update: June 2023 [SlideShare]

Posted by Brad McMillan, CFA®, CFP®

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This entry was posted on Jun 14, 2023 12:38:54 PM

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Monthly Market Risk Update My colleague Sam Millette, director, fixed income on Commonwealth’s Investment Management and Research team, helped me put together this month’s Market Risk Update. Thanks for the assist, Sam! Let’s take a closer look.

May was a mixed month for equity markets, as technology-related stocks rallied while most other sectors remained flat or fell. The S&P 500 gained 0.43 percent, while the Dow Jones Industrial Average fell 3.17 percent. The Nasdaq Composite led the way with a 5.93 percent gain, supported by a rise in technology stocks due to an increase in investor enthusiasm surrounding AI at month-end.

Given the concerns about slowing growth and inflation, we have kept the overall market risk level at yellow for now.

View a breakdown of the risks we’re watching in this SlideShare.

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Certain sections of this commentary contain forward-looking statements that are based on our reasonable expectations, estimates, projections, and assumptions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Past performance is not indicative of future results. Diversification does not assure a profit or protect against loss in declining markets.

The S&P 500 Index is a broad-based measurement of changes in stock market conditions based on the average performance of 500 widely held common stocks. All indices are unmanaged and investors cannot invest directly in an index.

The MSCI EAFE (Europe, Australia, Far East) Index is a free float‐adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI EAFE Index consists of 21 developed market country indices.

One basis point (bp) is equal to 1/100th of 1 percent, or 0.01 percent.

The VIX (CBOE Volatility Index) measures the market’s expectation of 30-day volatility across a wide range of S&P 500 options.

The forward price-to-earnings (P/E) ratio divides the current share price of the index by its estimated future earnings.

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