July 2023 Monthly Market Update

Global equity markets rallied in July, with emerging markets leading the way. The MSCI EM Index gained 6.2%, propelled by an 11% gain in Chinese stocks. Both the S&P 500 and MSCI EAFE indexes gained around 3.2%. In a sign of a broadening market rally – i.e., beyond the Magnificent Seven mega-cap U.S. tech/AI stock...