Performance across Nasdaq’s suite of indexes in June showcased a pronounced level of dispersion across global markets, with a continuation in outperformance across US Large Caps vs. the rest of the world, and within the US, continued strength in Tech and Thematics related to AI. Subdued US consumer data, a slightly higher unemployment rate, and moderating wage growth led investors to be cautiously optimistic about potential policy easing, with rates markets still indicating two Fed rate cuts by year-end.  The Nasdaq-100® (NDX®) posted a gain of 6.2% in June and is now up 17% through the first half of the year, driven by historically strong earnings growth and AI enthusiasm amongst the mega-cap Tech space. Two other standout performers were the Nasdaq Global AI and Big Data™ Index (NYGBIG™), which gained an impressive 8.6%, and the Nasdaq ISE Cyber Security Select™ Index (HXRXL™), which rose by 8.1%. In a break with recently observed correlations, digital assets were among the biggest decliners in June as volatility and trading volumes reached yearly lows. Indexes tracking energy transition materials such as lithium, uranium, and nickel were the overall worst performers, with broad weakness extending throughout the clean energy and renewables space.

Among the 119 indexes tracked in this report, 58 finished positively, while 61 ended the month with negative returns. The average return across all indexes was -0.3%.

The Nasdaq-100 Technology Sector™ (NDXT™) gained 6.6%, making it the best-performing of the Nasdaq Branded Indexes in June. Conversely, the small-cap Nasdaq Innovators Completion Cap™ (NCX™) lagged, falling 3.8%. Both the Nasdaq-100 Equal Weighted™ Index (up 2.4%) and the Nasdaq-100 Ex-Tech Sector™ (NDXX™) Index (down 0.4%) illustrate how much of the strength in June was concentrated in the largest Tech companies.

The Nasdaq Global Indexes + Benchmarks gained an average of 0.8% in June. The Nasdaq US Large Cap™ (NQUSL™) was the standout performer, gaining 4.0%. However, the Nasdaq Europe™ (NQEU™) fell 2.6%, driven by concerns stemming from political uncertainty in France. Nasdaq Emerging Markets™ (NQEM™) outperformed Nasdaq Developed Markets™ (NQDM™), while Nasdaq US Small Cap™ (NQUSS™) continued to struggle compared to Nasdaq US Large Cap™ (NQUSL™), with the YTD performance gap growing to 17%.

The majority of the Nasdaq Thematic Tech Indexes rose over the last month, posting an average return of 3.2%. The Nasdaq Global Artificial Intelligence and Big Data™ Index was the top performer overall, rising 8.6%. The Nasdaq CTA Global Climate Technology™ Index (CLMTCH™) lagged, losing 3.6% in June. Other areas of strength included cybersecurity and semiconductors.

Overall, June was a weaker month for the suite of Nasdaq Thematic Renewables + Energy Transition Materials Indexes, which fell -8.2% on average. The Nasdaq Future Global Sustainability Leaders™ (NQFGSL™) gained 2.7% and was the only index in this group to finish in positive territory. The laggard of the group (and overall worst performer across all indexes tracked) was the Nasdaq Sprott Lithium Miners™ Index (NSLITP™), falling -22.3%.

Performance was mixed across the Nasdaq Dorsey Wright lineup, which finished June with an average return of -0.2%. The Dorsey Wright Technology Tech Leaders™ Index (DWTY™) led the way in terms of performance, rising 7.3%. The laggard of the relative-strength driven lineup was the Dorsey Wright Basic Materials Tech Leaders™ Index (DWBM™), falling by 5.1%. Healthcare was a particular area of strength, while Utilities and Industrials struggled along with Basic Materials.

Most of the indexes in the Nasdaq Dividend + Income suite fell in June, with an average return of -1.0%. The Nasdaq Technology Dividend™ Index (NQ96DIVUS™) substantially outperformed most of its peers, gaining 5.3%, while the Nasdaq International Buyback Achievers™ (DRBXUS™) fell 3.1%.

Performance was mixed for the suite of Nasdaq Multifactor Indexes, which finished June with an average loss of 0.7%. The top-performing index in this suite was the Nasdaq AlphaDEX Large Cap Growth™ (NQDXUSLCG™), which gained 2.3%. The Nasdaq Victory U.S. Small Cap High Dividend 100 Volatility Weighted™ (NQVWSD™) fell 3.2%, making it the laggard of the group.

On average, the Nasdaq Sector-Specific Indexes fell 1.8% in June. The best-performing of the group was the KBW Premium Yield Equity REIT™ (KYX™), rising 1.0%. The PHLX Gold/Silver Sector™ (XAU™) lagged the group with a loss of 5.4%, mirroring the weakness seen in other metals.

Performance for the Nasdaq Options Index group was overwhelmingly positive in June, as all but one finished in positive territory with an average return of 3.2%. The Nasdaq-100 Quarterly Protective Put 90™ (NQTRI™) was the top performer of the suite with a gain of 6.1%. The Credit Suisse Nasdaq Silver FLOWS106 TR™ (QSLVOTR™) fell -0.1% and was the only index in this group to post a loss.

All four Nasdaq Crypto Indexes posted double-digit losses in June. Both the Nasdaq Crypto™ (NCIS™) and the Nasdaq Crypto Index Europe™ (NCIES™) fell -11.5%, while the Nasdaq Bitcoin™ (NQBTCS™) fell -11.3%. Nasdaq Ethereum™ (NQETHS™) lost -10.9% in June. Massive Bitcoin sales by governments and increased miner transfers exerted further downward pressure on the market. 

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