Yorkville Asset Management

As we reach mid-2024, markets continue to hit new highs, driven by AI enthusiasm and strong macroeconomic and corporate performance. Despite investor focus on the US Federal Reserve's potential rate cuts, no reduction is expected until late 2024 or early 2025 due to the robust US economy. In June, US equity markets, particularly the NASDAQ, saw significant gains led by major technology stocks, while Canadian equities slightly declined due to weaker performance in Materials and Communication Services.