Stock Markets Shuffle Sideways in June – Doubts Cast on Consumer and Construction Financing

North America’s four major stock market indices shuffled sideways in June. The only month-end to month-end gainer versus May was NASDAQ, at +3.4%. The other three indices stayed flat. Stock markets usually try to get out front of economic activity and profit levels by six months. Indications that much of the negative news was slowing, and in some cases reversing, caused up-ticks in stock prices over the previous several months. However, this momentum has dissipated and uncertainty has set in.