Brad McMillan, Commonwealth’s CIO, recaps July’s market and economic news. U.S. indices were up by low single digits in July, with the Nasdaq doing best as tech stocks continued to rally. International markets also did well, but fixed income was weaker. This market performance reflected the underlying economy. Strong job creation pushed consumer confidence up significantly, supporting income and spending growth. Inflation continued its decline, although the Fed raised rates again as expected. Will this improvement continue? Stay tuned to find out.
Market Thoughts for August 2023