Jon Eilers - Financial Planner, Sun Life

Weekly Market Data
• After dropping nearly 2% the week before, the S&P 500 retraced much of the drop during the first half of the week to start the new quarter on a positive note. It faltered a bit on Thursday heading into the weekend, but managed to close the week in the green.
o The S&P 500 rose 1.78%.
o The NASDAQ gained 2.12%.
o The S&P/TSX increased 0.94%.
• Stocks kicked off the holiday-shortened trading week with a strong Monday as the Magnificent 7 staged a broad relief rally.
o News that the US and Iran had agreed to another temporary ceasefire fueled the bullish sentiment.
o Aside from the Magnificent 7, space stocks were also a bright spot.
• On Tuesday, stocks pushed higher again as tech stocks continued to recover.
o The Nasdaq gained another 1.52% and the S&P 500 added 0.79% to close the quarter.
• Overall, the S&P 500 and Nasdaq finished Q2 up approximately 14.9% and 21.4%, respectively, their strongest quarterly performances since 2020.
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o Fed Chair Warsh also announced he was forming a task force to evaluate whether the Fed should begin reducing its large balance sheet holdings of Treasury securities, adding additional upward pressure on yields.
• On Thursday, however, yields pulled back as the market digested a weaker-than-expected June nonfarm payroll report.
• Oil prices saw significant movement throughout the week, largely dictated by the latest developments regarding the Iran conflict.
o WTI crude opened Monday with a price gain, but by Tuesday, it had settled near $70 per barrel as the market digested a roughly 30% drop in crude during Q2, driven by a surge in supply as traffic through the Strait of Hormuz accelerated following potential progress toward a peace deal.
• By Wednesday, crude had fallen below $69 per barrel, its lowest level since late February, as US-Iran talks continued to advance.
• Gold spent most of the week under pressure, bouncing around the $4,000 per ounce level.
o On Monday, prices dipped to around $4,052 as a stronger labor market backdrop and easing geopolitical tensions dampened safe-haven demand.
o On Tuesday, gold slipped further on the heels of a new jobs report, stoking expectations that the Fed could raise interest rates later in the year.
o On Wednesday, prices briefly staged a modest recovery as the market digested new comments from Fed Chair Warsh.
o Then on Thursday, they jumped as the market digested a weaker-than-expected jobs report.

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