Market Commentary June 2019
The stock market hit its first real rough patch of the year in May as trade relations between the US and China continued to deteriorate. Stocks were broadly advancing across the first four months of 2019, with all sectors participating, small-caps joining large-caps in the winner’s cycle, and most investing styles up nicely for the year. Now the market is no longer trading on fundamentals or technicals. We have entered a one-topic market. The topic is tariffs.