Following a strong June, equity markets stayed in bullish territory through July as investors cheered the potential for a soft economic landing. The 2023 rally, which has been led by a handful of technology related issues, broadened during July across multiple sectors. Against this bullish backdrop, the VIX Index or “fear gauge” which started the month at a little under 14 was relatively flat suggesting investor complacency could be high. For the full month, the Dow Jones Industrial Average increased 3.4%, the S&P 500® index was up 3.1%, and the smaller cap weighted Russell 2000® increased 6.1%.