Stocks ended the week mostly lower, while Treasuries and corporate bonds posted solid gains.
The S&P 500 finished the week at 2,096, a tenth of a percent lower than where it started on Monday. Stocks hit year-to-date highs mid-week, only to give up those gains Friday. Heightened investor uncertainty centers around the "Brexit" vote that will occur on June 23rd and the lowering of global GDP forecasts by the World Bank. Janet Yellen spoke Monday, reiterating her view that the Fed will raise interest rates gradually over time and that the latest jobs report was "disappointing". This Wednesday, the FOMC will release its interest rate policy statement. The market is pricing in a near 0% chance of a rate increase.
Zimmer Biomet (ZBH) purchased LDR, a spine surgery device firm, for $1 billion on Tuesday. While the deal was done at a premium price, it further differentiates ZBH's product mix and provides the company more opportunity in a growing market. Apple (AAPL) will host its World Wide Developers Conference starting June 13th. Expectations are for an improved Siri that will be open for third-party developers to incorporate into their apps, new and improved Apple Music, and much more.