Stocks and High-Yield Bonds fell last week, while Treasuries posted solid gains.
Investors continue to worry about the "Brexit" vote next week as the S&P 500 finished Friday down to 2,071. Stocks with exposure to the UK performed poorly. The Fed reversed course and determined interest rates will remain lower for longer, citing the weaker jobs report and global concerns. It was a big week for tech as Microsoft (MSFT) bought LinkedIn for $26B, combining the "world's leading professional cloud with the world's leading professional network." This is Microsoft's largest acquisition. Apple (AAPL) held its developers conference, and while no major news came out of it, Apple demonstrated the functionality of its ecosystem across all platforms. Finally in tech, Oracle (ORCL) announced solid quarterly and yearly results on Thursday with cloud bookings growing at a high pace.