The US is experiencing painful civil unrest across the country in the aftermath of the Memorial Day death of George Floyd while in Minneapolis police custody as well as the recent deaths of Ahmaud Arbery in Georgia and Breonna Taylor in Kentucky. Yet the stock market hasn’t reacted to any of the tragic events yet.

All three major US stock indexes finished higher on 1 June. The S&P 500 is now down about 5% for the year, while the Dow Jones Industrial Average is still down double digits for the year. Big-tech shares, such as Apple and Microsoft, have performed better than average, pushing the Nasdaq Composite up almost 7%, excluding dividends, so far in 2020.