Equities suffer as all major markets decline

As we suspected it might, the US equity market ran into a bit of a headwind in June, with all major market indices posting declines for the month, save for the Nasdaq Composite, which was up a scant one basis point. Investors' primary concerns during the month, in our judgement, were rising interest rates and widening credit spreads, which served to throw cold water on the S&P 500's new all-time high celebration early in the month. The rise in 10-year US Treasury note yields to a high of 5.3% in mid-June put pressure on stocks, which the rally in bond prices through to the end of the mo...