July was a month of new highs for stocks, as the S&P 500, Dow Jones Industrial Average, Russell 1000 and Russell 3000 all posted record highs during the month. The S&P 500 increased by 3.69% for the month. Small cap stocks, as measured by the Russell 2000, increased by 5.97%. Growth and value stocks increased, with growth leading for the month. International markets rallied during July, with developed international markets increasing by 4.95% and emerging markets increasing by 4.55%.

The U.S. fixed income markets once again provided positive returns. The yield curve flattened during the month, with rates for shorter maturities increasing and rates for longer maturities decreasing. The 10-year Treasury constant maturity hit an all-time low of 1.37% during the month, and intraday the on-the-run 10-year Treasury hit 1.34%. In line with the strength in equities, credit outperformed duration during the month. The Barclays Aggregate Bond Index increased by 0.63% for the month. The Barclays U.S. Corporate High Yield Index increased by 2.70%, the Barclays Investment Grade Corporate Index increased by 1.46%, and the Barclays U.S. Treasury Index increased by 0.41%.

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