Q2 review

Big Tech fueled the market during the second quarter, pushing inflation worries and rate speculation aside.

Why it matters: Without the gains from Nvidia, Apple, Microsoft, Alphabet and Broadcom, the broad market would have fallen in Q2, Morningstar notes.

Stunning stats: Morningstar's U.S. Market Index, which measures the performance of the top 97% of the investable universe by market cap, gained 3.5%.

• Nvidia alone contributed 1.6 percentage points of that return.
• The stock added roughly $812 billion in market cap during the quarter and joined the $3 trillion club for the first time on June 5.

The big picture: Apple, Microsoft and Alphabet were the next biggest contributors.

• Tech and communication stocks led the market in terms of sector performance, while energy, industrial and real estate names struggled.

What we're watching: July is expected to deliver more fireworks (sorry, not sorry).

• Historically, it's been the best month of the year for the S&P 500, according to Bespoke Investment Group.