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Premia Global Advisors, LLC

Quarterly Market Review: April-June 2024

The Markets (second quarter through June 28, 2024)

Wall Street got off to a slow start to begin the second quarter of 2024. Stocks lagged for much of April, rebounded in May, and were choppy in June. Investors spent the quarter watching economic data, trying to gauge whether the Federal Reserve might lower interest rates. In April, investors were discouraged by the unexpected rise in inflation, which dampened hopes of several interest rate decreases during the year. However, the latest economic data gave some indication that inflationary pressures may be scaling back. The personal consumption expenditures (PCE) price index for May rose at its slowest pace since March 2021. Nevertheless, lowering price pressures has been a slow process and inflation could push higher again. In response, the Federal Reserve has remained cautious in its assessment of inflation going forward and will look for more concrete data confirming downward price pressures before loosening its restrictive monetary policy. Several indexes reached new records throughout the quarter. The S&P 500 and the Nasdaq closed out the quarter at new highs, marking the 32nd record close of the year for the S&P 500 and the 21st for the Nasdaq. Among the market sectors, information technology outperformed, gaining 14.5% in the quarter, followed by communication services, and utilities. Materials, industrials, and real estate lagged. Rising bond yields weighed on prices, with the yield on 10-year Treasuries closing the quarter up nearly 15.0 basis points from the end of the first quarter, while the yield on the 2-year note ended the quarter about where it began. Corporate earnings got off to a good start for the year, with first-quarter earnings exceeding analyst expectations for the fifth consecutive quarter. Roughly 78.3% of S&P 500 companies reported earnings that beat expectations, as companies in consumer staples, financials, health care, real estate, and communication services bested their prior four-quarter average.

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Premia Global Advisors LLC (“Premia”) is a U.S. Securities and Exchange Commission (“SEC”) registered investment advisor located in Coral Gables, Florida. Registration as an investment advisor does not imply any level of skill or training. A copy of Premia’s Form ADV Part 2A Brochure which includes a description of Premia’s services, fees and business practices is filed with the SEC and available by contacting us, or at the SEC’s website (www.adviserinfo.sec.gov).

These materials are not intended to be an advertisement or research and may not be distributed in states where Premia is not registered, or countries or jurisdictions where not permitted by law. Any discussion of investment strategies, products, or services is for information purposes only and should not be deemed to constitute the provision of investment advice, or a recommendation, or offer to purchase, or sell securities or pursue any investment strategy.

Although the information distributed is based on sources believed to be reliable. We do not warrant its completeness accuracy.

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