The second quarter of 2018 exhibited a much steadier overall rhythm than the eventful cadence evidenced earlier in the year. Volatility, while still below long-term averages, normalized and enabled the market to return 3.4% in aggregate for the quarter. The market had advanced within 3% of its all-time high by mid-June before trade tensions caused an uptick in volatility and a fade in price momentum. Trade tension also manifested itself in the currency markets as the U.S. dollar strengthened, correspondingly weakening the Euro and many emerging market currencies. The U.S. market fared better than the rest of the world in this backdrop evidenced most notably by China’s Shanghai Composite Index falling into a bear market. Outside of trade, the resurgence in the energy complex impacted market performance. Amid the rally in oil prices, energy finished the quarter as the best performing sector, reversing its laggard position from Q1. Technology continued its leadership role, powered by strong performance in several secular growth names.