July 2026 Market Update

Markets have climbed to fresh highs despite an energy shock, a hawkish new Fed chair, and persistent noise around tariffs and the deficit. The natural question is whether we're nearing the end of the cycle or living through another pause in a longer expansion.

This month, we scored seven independent lenses on the economy. Growth got cloudier, labor softened, and market breadth improved, with small caps posting their best first half since 1991. Meanwhile, the AI trade is repricing, corporate margins hit a record 13.4%, and a newly hawkish Kevin Warsh made clear the Fed is prioritizing inflation over cuts.

Our July 2026 Market & Economic Review breaks it all down, including our full cycle scorecard and the three key takeaways from our Centralized Investment Committee.

Read the full report below.

The commentary, data, and visuals provided are not intended to be investment advice. Please seek the advice of an independent financial advisor for your personal financial decisions.