After a good stock market performance in the first quarter, second quarter marked the start of new bull market as stocks grew more than 20% from the last year lows. Relief came after the US avoided default by increasing the debt ceiling in June, while big tech companies continued to benefit from the enthusiasm surrounding anything AI related.

Markets started 2023 on a good note after positive inflation and jobs reports in January. However, when Fed’s chair Jerome Powell made several public comments about the need for high interest rates and when Silicon Valley Bank failed in March, the volatility and fears of deep recession quickly returned.