• U.S. equities generally managed to end July in positive territory, with the S&P 500® posting a gain of 2%, despite concerns about slowing economic growth, the possible impact of the COVID “delta variant”, and rising inflation. Mid-caps posted slight gains, with the S&P MidCap 400® up 0.3%, and small-caps declined, as the S&P SmallCap 600® fell 2%. Volatility rose, with the VIX closing at 18.24.
  • Most factors posted gains, with the unlikely combination of Growth and Low Volatility in the lead. High Beta, the leading factor for the first six months of 2021, came last in July.
  • Most sectors posted gains, with Health Care in the lead, up 5%.


July Mar