- Powered by optimism surrounding softening inflation alongside strong earnings from Big Tech, the U.S. market rally gained steam in July, with the S&P 500® up 3%. The breadth of the market continued to widen as a result of small-cap momentum, with the S&P SmallCap 600 outperforming the S&P 500® Top 50 by 2%.
- All of our reported factor indices posted gains, led by Enhanced Value, up 6%. High Beta continued to trounce Low Volatility, a sign of sustained risk-on sentiment.
- All sectors posted gains, led by Energy, which staged a strong reversal from the prior quarter’s losses.