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Hi, I’m Charlie LaRosa, a member of the Value team here at GAMCO, and here is our take “On The Markets” for June 2023.
U.S. stocks were higher in June as encouraging indications of disinflation and optimistic soft landing narratives took hold. Recent economic data has revealed a greater prevalence of disinflationary trends, exemplified by May’s Consumer Price Index (CPI) exhibiting a softer-than-anticipated figure. In fact, the headline CPI recorded its lowest annual increase in over two years. Throughout this month, mega-cap tech stocks displayed notable strength, propelled by sustained optimism surrounding artificial intelligence (AI), despite a few sell-side downgrades and apprehensions that the market may have already overbought AI-related tech names.
