The index rose 15.2% in Q2, driven by gains in large-cap tech and semiconductors, while breadth remained narrow.
The S&P 500 closed Q2 with a 0.79% gain on the final day, capping its strongest quarter since Q2 2020 with a 15.2% total return. Large-cap tech stocks led the advance, particularly the Mag 7 and the Philly semiconductor index, which rose 1.30% and 3.92%, respectively.
Despite the broad index’s strength, market breadth was limited, with only 8 of 25 industry groups posting gains. The equal-weighted S&P 500 fell 0.12%, while the Russell 2000 small-cap index underperformed, rising just 0.46%.
The rally underscores a concentration in tech-driven momentum, contrasting with weaker performance in broader market segments.