US Equity Rally Extends Into July

Despite ongoing tariff uncertainties and hawkish post FOMC meeting commentary towards the end of the month, US equities extended their rally into July amid resilient Q2 earnings, progress on trade negotiations, and improving consumer sentiment. The S&P 500 Index notched 10 all-time highs during the month alone. US growth (+3.4%) was the best performer, followed by US large-caps (+2.3%) and US mid-caps (+1.6%). Bonds were mixed as high yield credits and Treasury Inflation Protected Notes were up (+0.2% and +0.1%, respectively) while 7-10 year US Treasuries and municipal bonds fell (-0.6% and -0.3%, respectively). Likewise, commodity performance varied as crude oil and silver gained 8.9% and 1.6%, respectively, while broad based commodities and gold each decreased 0.6%.