The S&P 500 has continued to churn through familiar waters as market participants are focused on the timing of the initial Fed rate hike. The S&P 500 was up +2.10% in July. Small cap strength has started to fade (Russell 2000 -1.16%).

One interesting development in the U.S. markets has been the dominance of growth (Russell 1000 Growth +7.49%) over value (Russell 1000 Value -0.18%).

The emerging markets got crushed this month (MSCI EM -7.26%) with China leading the way.

The high yield sector was the clear loser in the fixed income markets last month as the decline in energy has weighed on the sector. The Barclays U.S. Corporate High Yield index was down -0.58% compared to the Barclay’s U.S. Aggregate (+0.70%).

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