The second quarter delivered an exceptionally strong rebound for equity markets, with U.S. stocks posting their best quarterly gains since 2020. While large-cap technology companies once again played a significant role in driving returns, market leadership broadened considerably. Small-cap stocks enjoyed one of their strongest quarters in years, while software companies recovered much of their first-quarter weakness. Strength also extended to several industrial and cyclical areas of the market. In contrast, energy, chemicals, utilities, and several consumer-oriented sectors lagged.