U.S. equities were mostly higher in July, marked by heightened volatility and rotational trading. The S&P 500 netted a 1.22% return in July. The techheavy Nasdaq Composite ended slightly negative, down 0.73% while the Nasdaq 100 (the 100 largest stocks in the Nasdaq Composite) fell more than twice as much, off 1.59%. July was a tale of two halves with widely diverging performance amid contrasting economic data and prospects for easing interest rates. The S&P 500 added 3.78% in the first half of the month while falling 2.56% during the second half of the month. The S&P 500 set seven new record highs in July, with its 38th record high in 2024.