Stock market outlook 06/2026: Between records and risks

June 8, 2026

What has been the focus in recent weeks

The traditionally volatile month of May showed an unusual side this year: the stock markets continued to rise. Geopolitical hopes were the main driver for this. The technology sector was also very strong. AI continued to keep the markets on their toes.

Our investment solutions and positioning

Our multi-asset solutions continued to grow across the various profiles in May. The higher the equity component, the stronger the growth. This corresponds to the classic behavior in a 'risk-on environment'. Even though the Swiss equity market was somewhat subdued in an international comparison, it was still able to contribute to the positive result. However, the strongest performers over the past few weeks have been US technology stocks, which gained over ten percent in May alone.

In our Cross-Asset Fund Navigator we were also able to benefit from the strong equity markets, while bonds and precious metals only found limited support. Our fund positions, particularly in the US technology sector, performed exceptionally well in May. We remained underweight the so-called 'Magnificent Seven' and favored companies such as Akamai Technologies, Qualcomm, Micron Technology and NetApp, which each gained 40% or more over the course of May.

Also in our equity strategy Global Equity Trends shares from the 'Information Technology' sector were the strongest return drivers. On the other hand, utilities, global energy stocks and real estate-related stocks brought up the rear. As a result, utilities and real estate stocks had to give up their places in the portfolio to global growth stocks and international quality stocks. Due to the strong long-term trend, energy stocks still qualify for our selection.

As mentioned, the Swiss equity market has lagged slightly behind the international market in recent weeks, which has also had an impact on our equity strategy Swiss Equity Selection equity strategy. However, despite the weakness of the three Swiss heavyweights Nestlé, Novartis and Roche, we were able to make gains overall. We owe this to stocks such as the luxury goods group Richemont, UBS and the industrial company ABB. Overall, we see further catch-up potential for the Swiss equity market over the coming months.

Also in the equity strategy Global Equity Selection we can look back on a successful May. We benefited from the performance of technology stocks such as ASML, Nvidia and Microsoft, among others. However, other big names such as the mining company BHP Group and Apple also gave the portfolio a strong boost. For once, Google's parent company Alphabet had to take its place at the bottom of the list of yields. However, after the positive jump in the share price that followed the quarterly figures, we see the current weakness as a healthy breather.

What next? And what needs to be considered?

The situation on the markets remains challenging in many respects. There are some supportive fundamentals such as positive company results and surprisingly good economic data in many places. In addition, AI can be expected to have an increasingly positive impact on the economy and become a real driver of growth. On the other hand, inflation has picked up again worldwide and a truly complete opening of the Strait of Hormuz seems a long way off. And for whom the gigantic investments in AI will really pay off is still completely open. At the same time, there is a 'risk-on' mood on the markets that anticipates many positive things.

' The markets are pricing in a lot of optimism – so it is all the more important to keep a disciplined eye on opportunities and risks. '

Now that the company results have generally been positive, we must also take a look at liquidity on the markets. Both are very important drivers for further development. And the central banks play a central role here. In this context, it will be interesting to hear what the new Chairman of the US Federal Reserve, Kevin Warsh, has to say after the next meeting in mid-June. So far, he has kept a very low profile in terms of communication.

We monitor these issues closely for you and aim to benefit from the opportunities on the one hand and not neglect the risks on the other.

Point Capital Group
8. June 2026

Our experts: Jules Kappeler (CEO) & Christian Sutter (Portfolio Manager)