1. Mid-Year State of the Market
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3. 1st Half Recap Q1 was one of the best quarters in recent memory
The markets took off
Government shutdown ended
The Fed reversed its rhetoric on raising rates
Optimism for China Trade Deal – later shattered and a trade war with China ensued
S&P 500 & Nasdaq hit all-time highs
Volatility returned in April and May was rough
Nasdaq & S&P 500 – 4 straight weeks of losses
The Dow - 6 weeks of losses
Economic Reports were strong
Earnings were good

4. 1st Half Recap By late May, Markets bounced back
Nearly all S&P 500 companies reported earnings by late April
76% reporting positive earnings per share surprises
59% reporting positive revenue surprises
Unemployment bounced up to 4.0% during the government shutdown; dipped back down to 3.6% in Q2
Q GDP – grew 3.1%
The Federal Reserve shifted its stance on interest rates – now talking about cutting rates.
The Nasdaq and S&P 500 were back to record highs
U.S. equity markets ended the month of June up over 7%
All in all – it’s been a rollercoaster but we’ve come out ahead so far!

5. Mid-Year Outlook + 4 - 6% Predictions: No recession this year
Slower, more volatile 2nd half to the year
Potential for short-term corrections
But overall expecting another 4-6% increase
What could impact this one way or the other?
A deal with China
Interest Rate Cuts
Tension in the Gulf %

6. What Now? Stay disciplined
Review your goals with your advisor – have they changed?
If not, stick with the plan!
As always – Diversify!