July was a strong month for equity markets while fixed income markets were essentially unchanged. The S&P 500 added 3.2% led by Energy (7.4%), Communications (6.9%) and Financials (4.9%). The small cap Russell 2000 index gained 6.1% and Value (3.5%) and Growth (3.4%) ran roughly even. Yields on U.S. Treasuries nudged higher as the 10-Year Treasury rate rose to 3.97% from 3.81% and the 5-Year U.S. Treasury rate ended at 4.2% up from 4.1%. Bond indices were virtually unchanged with the Bloomberg Aggregate Bond Index declining 0.07%, Corporate bonds adding 0.34% and Muni bonds adding 0.40%.


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· U.S. growth surprised to the upside through 2023 and continues to be on solid footing entering 2024, although vulnerabilities...

January 12, 2024

Key Takeaways Global growth bested pessimistic expectations coming into the year and the widely anticipated recession of 2023 never came...

December 8, 2023

· If U.S. investors were feeling anxious about global events it was difficult to detect, as big rallies in U.S....