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Market Leadership Takes a Turn

Listen to a quick 3-minute summary featuring what happened in the market and how it affects your finances.

Highlights include:

  • In July, the S&P 500 Index return was essentially flat, while the technology-heavy Nasdaq Composite, small-cap stocks, and mid-cap stocks declined modestly.
  • A sector rotation in market leadership took hold as investors moved away from semiconductor stocks and favored other sectors. Information Technology declined 3% in the month, while Energy led the S&P 500 sectors with a 12.6% gain as Middle East tensions and oil-supply concerns pushed crude prices higher.
  • Despite declining in July, small- and mid-cap stocks continued to lead the broader U.S. market for the year. Through July 31, the S&P SmallCap 600 Index gained over 20% and the S&P MidCap 400 Index advanced nearly 15%, compared with 10% for the S&P 500 Index.
  • The Federal Reserve held interest rates steady in July, although 3 out of 12 officials favored a quarter-point increase as inflation remained elevated.
  • The economy grew at a modest 1.5% annualized rate during the second quarter, although stronger consumer spending and business investment pointed to continued underlying resilience.1

1 Bureau of Economic Analysis, 7/30/26

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Katharine E.W. Dudley, AIF®
Senior Vice President, Client Advisor

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You are now leaving the Jemma Investment Advisors, LLC Website and will be entering the Charles Schwab & Co., Inc. ("Schwab") Website. Schwab is a registered broker-dealer, and is not affiliated with Jemma Investment Advisors, LLC, or any advisor(s) whose name(s) appears on this Website. Jemma Investment Advisors, LLC is independently owned and operated. Schwab neither endorses nor recommends Jemma Investment Advisors, LLC. Regardless of any referral or recommendation, Schwab does not endorse or recommend the investment strategy of any advisor. Schwab has agreements with Jemma Investment Advisors, LLC under which Schwab provides Jemma Investment Advisors, LLC with services related to your account. Schwab does not review the Jemma Investment Advisors, LLC Website, and makes no representation regarding the content of the Website. The information contained in the Jemma Investment Advisors, LLC Website should not be considered to be either a recommendation by Schwab or a solicitation of any offer to purchase or sell any securities.

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