Monthly Download: July 2026

Markets delivered mixed performance for the second straight month as investors rotated away from 2026 winners into more defensive areas of the market. 2nd quarter earnings reports provided a strong underpinning for the market but elevated investor expectations created choppy market reactions to company outlook and guidance. Markets were also pressured by higher interest rates and a greater likelihood the Federal Reserve will need to increase the Fed Funds rate before the end of 2026.