Monthly Market Metrics and Trends

Market Theme: Surprising Strength in Fundamentals

• Recent market volatility has fueled concerns over equity valuations, yet S&P 500 fundamentals remain exceptionally strong.
• Corporate revenues and earnings are at near record levels while corporate profit margins are well above long-term averages, reflecting firms’ ability to convert revenue growth into earnings despite higher interest rates, geopolitical uncertainty, and shifting trade policies.
• While valuation multiples may appear elevated, historically robust earnings and profitability currently underpin U.S. equity markets across a majority of sectors.

Market Metrics

• S&P 500 (Price Index): June close 7,499.36, -1.1% M/M, +9.6% YTD, +20.9% Y/Y
• S&P 500 Sector Total Return Performance:
  • Best = Industrials +7.3% M/M / Industrials +20.2% YTD / Information Technology +37.5% Y/Y
  • Worst = Communication Services -7.8% M/M / Financials -1.3% YTD / Financials +3.9% Y/Y
• Volatility Index (VIX): Monthly average 18.0%; +0.7 pp M/M, -0.3 pp Y/Y
• Equity Average Daily Volume (ADV): Monthly average 23.4 billion shares; +20.5% M/M, +28.2% Y/Y
• Options ADV: Monthly average 73.1 million contracts; +3.2% M/M, +35.9% Y/Y

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