AI Drives US Equity Markets to New Highs

June continued the year's trend with US equity markets extending their 20-month bull run, especially in the technology sector, led by AI-related stocks. The S&P 500 and Nasdaq hit record highs, with Nvidia briefly becoming the world's most valuable company. Central banks diverged in their approaches to inflation, with the Fed maintaining patience on rate cuts while the European Central Bank and others reduced rates.

New Zealand saw mixed results, with the NZX50 down 1.3% but the ASX200 up 1%. Despite elevated interest rates, the resilient economy has kept markets calm. The Fed held interest rates steady for the seventh consecutive meeting, and core inflation fell to its lowest in three years. Markets now predict a potential rate cut in September.

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