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U.S. equity markets ended July in positive territory despite early and late month turbulence, driven by uncertainty in Europe and China, respectively. The S&P 500® and the Dow Jones Industrial Average® ended the month up 2% and 1%, respectively. Volatility decreased, and VIX ended the month down 34%.
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Following a strong first half, mid- and small-cap U.S. equities underperformed large caps in July. The S&P MidCap 400® ended flat, while the S&P SmallCap 600® declined 1% on the month. Growth continued to outperform value, as the S&P 500 Growth gained 4%, while the S&P 500 Value was up slightly.
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Outside the U.S., developed markets were up 1%, while emerging markets declined 7%, feeling the sting of a stronger U.S. dollar. Europe was a bright spot, gaining 3% on the month following a weak performance in June.
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Commodities declined significantly in July, as the Dow Jones Commodity Index ended the month down 11%, while the S&P GSCI finished down 14%. The Energy sector saw the biggest drop, as the price of oil continued to fall. |
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