MARKET RECAP

• US stocks up by 3.5% and international stocks by 2.8%, bonds by 0.40%.
• CPI was flat for the month, but up by 8.5% for the year.
• Apple now makes up 7.3% of the S&P 500 with a $2.7 trillion market cap.
• The market rally over the last four weeks is based on the thesis that inflation has peaked, that means a less aggressive Fed, lower interest rates, higher stock prices.
• Almost 90% of S&P 500 companies have reported earnings with a 5.2% overall increase.

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