As of today’s close DJIA is up just 1.1% year-to-date. S&P 500 is doing slightly better, up 3.7%. The real star of midterm 2018, thus far, has been NASDAQ up 12.2%. Russell 2000, the small-cap index, is also performing well up 10.2%. Compared to past midterm years, DJIA’s performance is just about average for mid-June going back to 1950. S&P 500, with a larger amount of technology exposure than DJIA, is above its historical average performance for this time of a midterm year and is nearly in line with its average performance in all years. NASDAQ is well above both its historical average performance in midterm years and all years since 1971. NASDAQ’s recent surge higher is somewhat concerning as the two previous surges this year reversed just as quickly.
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