Equity market performance broadened noticeably in July with smaller capitalization
issues leading the market higher as mega cap tech stocks lagged. This performance
coincided with a softening in market interest rates as expectations increased for a more
accommodative Fed. Strength in equity markets during July occurred despite broad
uncertainty in the macro and geopolitical environment including the assassination
attempt on former President Trump. These gains came under pressure, however, in early
August as concerning economic data fueled a market pullback and a sharp spike in
volatility. For the full month of July, the Dow Jones Industrial Average increased 4.4%,
the S&P 500® index was up 1.1%, and the smaller cap weighted Russell 2000® increased
by 10.1%.