• In spite of weak macroeconomic data and fears of a resurgence of COVID-19, U.S. equities continued their rally in July, aided by Fed stimulus and strong earnings results  The S&P 500® gained by 6%, while the S&P MidCap 400® and the S&P SmallCap 600® gained by 5% and 4%, respectively. The total return for the S&P 500 is now modestly positive year to date. Volatility declined, with the VIX® closing the month at 24.46.
  • International markets also gained, with especially strong performance in the emerging markets. The S&P Developed Ex-U.S. BMI and S&P Emerging BMI were up 3% and 8%, respectively.
  • With the exception of Enhanced Value, all factor indices posted gains, with Momentum and Low Volatility in the lead. Consumer Discretionary and Utilities were the top performing sectors.