The bulls have been running up the score in the second quarter. Following a rough start to 2026, the S&P 500 index has rallied 19.5% since bottoming on March 30 and closed out May with a year-to date gain of 10.7%.
Tension in the Middle East remains elevated, but the U.S. stock market, energized by robust corporate earnings and runaway enthusiasm for artificial intelligence, continues to climb into record high territory.
Investors expecting a stress-free summer should not get their hopes up. As discussed in earlier commentaries, mid-term election years tend to be choppy, especially during the August-September timeframe. Meanwhile, June promises to be an attention grabber with trading activity dominated by the gigantic initial public offering of SpaceX. The countdown to next week’s launch has begun. Based on current estimates, the company’s valuation could approach $2 trillion – an otherworldly 93 times sales. Investors planning to purchase shares should read Extraordinary Popular Delusions and the Madness of Crowds – Charles Mackay’s epic account of history’s most notorious speculative episodes. SpaceX would certainly deserve a chapter in a modern edition. Whatever happens with the IPO, the lift off will be a blast to watch, but please do not get intoxicated by the celebratory atmosphere.
The views expressed in this commentary are those of the author and may not reflect those of the firm. Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Withum Wealth Management [“WWM”]), or any non-investment related content made reference to directly or indirectly in the presented material(s) will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this presentation serves as the receipt of, or as a substitute for, personalized investment advice from WWM. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her /their individual situation, he/she/they is/are encouraged to consult with the professional advisor of his/her/their choosing. WWM is neither a law firm nor a certified public accounting firm and no portion of the presented material(s) should be construed as legal, accounting or consulting advice.
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CIO Vantage Point | June 2026
The bulls have been running up the score in the second quarter. Following a rough start to 2026, the S&P 500 index has rallied 19.5% since bottoming on March 30 and closed out May with a year-to date gain of 10.7%. Tension in the Middle East remains elevated, but the U.S. stock market, energized by robust corporate earnings and runaway enthusiasm for artificial intelligence, continues to climb into record high territory.
