From Equity Research
The spread of the COVID-19 Delta variant weighed on markets in July with economically sensitive sectors, in particular, lagging. Despite this backdrop, the VIX index or “fear gauge” ended the month at just over 18 having reached a high near 25 mid-month amidst concerns that the surge in the virus could derail the economic recovery. For the full month, the Dow Jones Industrial Average increased 1.3%, the S&P 500® index increased 2.3%, and the smaller cap weighted Russell 2000® decreased 3.7%.