Monthly Download: July 2025

US equity markets were buoyed by strong 2nd quarter earnings reports in July, which helped push markets higher in the face of increasing tariff rhetoric and mixed economic data. Corporate earnings, especially within the Technology, Communications, and Financials sectors, have far exceeded reduced expectations for earnings growth. The July jobs report and significant revisions to May and June for US job creation refocused investors on the likelihood of Fed rate cuts as soon as September.