On June 30th the second quarter and first half of 2023 came to a close. The S&P 500 returned 8.3% for the quarter, but that performance was highly uneven. As in Q1, eight of 11 sectors underperformed the S&P 500 in Q2. This is primarily because the S&P 500 has a high concentration of technology holdings. That sector — after a miserable 2022 — pulled out excellent returns in Q1 and Q2, and that skewed the S&P 500 average. The Dow Jones Industrial Average, by contrast, is lagging the S&P 500 by more than 10% on the…
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