Q3 2023 Quarterly Market Update with Dirk Hofschire

Hello, I’m Dirk Hofschire of Fidelity Investments. On behalf of my colleagues on the Asset Allocation Research Team I want to share with you a few insights that we have on the latest market developments. So, today I’ll review the second quarter of 2023 in the markets, as well as look at what’s ahead. So let’s get started.

The prices of riskier assets rose during the second quarter and posted their third straight quarter of positive returns.

• U.S. large-cap stocks led the way, and the U.S. stock market ended the quarter with double-digit gains for the first half of 2023.
• Stocks in the technology and communications sectors – which dominate the top 10 largest U.S. stocks — received a boost from investor exuberance about the prospects for artificial intelligence.
• Overall, the stock rally was relatively narrow, with the top 10 largest stocks far outpacing the rest of the market.