Global equity segments sharply diverged heading into the second half. The S&P 500 notched its third positive monthly return, locking in a solid second quarter gain of 3.4%. Emerging market stocks were down more than 7% in the second quarter and are down nearly 15% from their all-time high in January. U.S. equity market volatility trended lower as the month wore on; June’s volatility was lower than May’s and was also below its five-year average. The S&P 500 finished June 12% higher than its closing level from a year earlier.